"Designing Growth Strategies is in our DNA"
The global Heart Valves Market size was valued at USD 6.58 billion in 2018 and is projected to reach USD 15.98 billion by 2026, exhibiting a CAGR of 11.7% during the forecast period.
Heart valve ensures that the blood flows in the correct direction and at an appropriate pressure. Valve regurgitation is the backward flow of blood through the valve rather than the normal unidirectional flow. According to the American Heart Association, bicuspid aortic valve defects occur in 13.7 per 1000 people in the U.S. This rising prevalence of cardiac valve disorder has surged the demand for prosthetic heart valves. According to the article “The Year in Cardiology 2017 - Valvular Heart Disease” published in the European Heart Journal, the total number of aortic valve replacement procedures are projected to reach 850,000 by 2020. Furthermore, the demand for minimally invasive procedures and technological advancement are compelling the major manufactures to introduce innovative products in the market, which, in turn, is positively impacting the industry.
Customized Heart Valves to Improve the Clinical Outcomes
One of the major challenges with cardiac valve surgery is that every patient has different heart valves anatomy, especially in the case of the mitral valve. Research and development of 3D printed personalized heart is emerging as the most important Heart Valves Market trend. Strait Access Technologies, a company in South Africa and scientists at ETH Zurich are developing customized cardiac valve made of silicone trough 3D printing technology. When compared to the conventional ones, the customized heart valves can be easily tailored as per to the patient’s anatomy within an hour and a half. This will also help to improve clinical outcomes. Thus, the development of these similar customized valves is likely to aid in the expansion of the market during the forecast period.
Request a Free sample to learn more about this report.
Increase in Number of Heart Valves Surgery to Drive Market
The increasing number of replacement and repair heart surgeries, especially minimally invasive surgeries, are the key factors boosting the cardiac valve market growth. The increasing prevalence of aortic stenosis, cardiac valve vegetation, and other valvular stenosis diseases is multiplying the number of surgeries being performed worldwide. According to the German Heart Surgery Report, a total of 34,394 heart valve procedures were conducted in Germany in 2017. This is expected to drive the global Market growth during the forecast period. Furthermore, the gradual shift towards minimally invasive surgery, including transcatheter heart valve replacement, is poised to surge the market.
Launch of Innovative Products to Boost the Market
The cardiac valve market is anticipated to expand during the projected horizon owing to the introduction of new products in the market. Already, the introduction of tissue valves has revolutionized the prosthetic Heart Valves Market. Now, with the launch of products that are minimally invasive and sutureless, the market is expected to gain significant momentum. For example, in September 2019, Medtronic announced the launch of Evolut PRO+, a transcatheter aortic valve replacement (TAVR) system in the U.S. Apart from this, many manufacturers are carrying dedicated research and clinical trial for the development of innovative heart valves. For example, in September 2019, Abbott initiated the TRILUMINATE pivotal trial for the evaluation of TriClip, a transcatheter tricuspid valve repair for treating tricuspid regurgitation. Similar research by key manufacturers is likely to attract more Heart Valves Market revenue in the forthcoming years.
Complications Associated with Heart Valve Replacement may Hamper Market
Heart valve replacement, being an invasive procedure, is associated with potential risk and stands as a major factor limiting the cardiac valve market growth. The complications associated with this replacement surgery include excessive bleeding, arrhythmia, kidney problems, stroke, heart failure, blood clots, infection, and others. Although, minimally invasive procedures are available with less risk and complications; the cost of the surgery is very high when compared to invasive surgery. These complications can significantly affect the patient pool undergoing surgery, thereby, hampering the market size.
Favorable Health Reimbursement to Favor the Replacement Segment
Based on product type, the market is segmented into replacement and repair. The replacement segment can be further classified into aortic, mitral, and others. The replacement segment is estimated to hold the major portion of this market share in 2018, owing to the significant increase in the number of valve replacement surgeries and favorable health reimbursement. Rising prevalence of valve disease and technological advancement in cardiac valve replacement procedures are anticipated to favor the expansion of the replacement segment. Among the replacement segment, the mitral sub-segment is estimated to witness remarkable business opportunities. This is owing to the huge unmet patient’s needs due to under treatment. A report by Edwards Lifesciences states that less than 2% of the patients with mitral valve disease receive interventions, leaving millions of patients in need of treatment. This highlights the growth opportunities present in the mitral sub-segment.
The repair segment is expected to grow during the forecast period owing to the increasing prevalence of mitral regurgitation and rise in research for the development of transcatheter repair products.
To know how our report can help streamline your business, Speak to Analyst
Tissue Valve Segment to Witness Remarkable Growth
In terms of valve type, the market is segmented into tissue valve and mechanical valve. Introduction of bioprosthetic valves with advantages such as flexibility, strength, and less need of anticoagulants has resulted in dominant share of the tissue valves segment. This also hampered the demand for mechanical valves in the market. Moreover, mechanical valves were associated with thromboembolic complications, which rendered higher growth rate to the tissue valve segment.
The mechanical valve segment is poised to surge due to the high cost of tissue valves, increasing prevalence of valve regurgitation, and favorable health reimbursement.
Shift Towards Minimally Invasive Procedures to Forster the Transcatheter Segment
On the basis of procedure, the market is segment into surgical and transcatheter. With the increasing awareness among patients, there is a gradual shift towards minimally invasive procedures, which in turn is increasing the demand for transcatheter heart valve. Furthermore, technological advancement and the launch of new products are likely to augment the growth of the transcatheter segment. For example, in November 2019, Edward Lifesciences received CE mark for Edwards SAPIEN 3 to expand its use for the treatment of patients with aortic stenosis having lower risk for open heart surgery. Strategic collaborations between major manufacturers, rising number of replacement and repair procedures, and increasing geriatric population are factors attributable to the expansion of the surgical segment.
Hospital Segment to Account for Major Portion of the Market
In terms of end user, the market is segmented into hospitals, specialty clinics & others. Increasing number of procedures in hospitals, favorable health reimbursement, improving government guidelines for the management for vulvar diseases are primary reasons contributing to the expansion of the hospital segment. Growth of the specialty clinics & others segment is likely to rise owing to the increasing number of private practitioners and unmet patient needs.
North America Heart Valves Market Size, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The Market size in North America stood at USD 2.64 billion in 2018. Favorable health reimbursement, increasing number of valve repair and replacement procedures, and rising obese population are the primary factors responsible for North America’s dominance. According to the American Heart Association, 90,000 valve substitutes are implanted in the U.S. every year. This is poised to surge the demand for prosthetic heart valves in North America. In Europe, the market is estimated to expand owing to the increasing prevalence of cardiac valve disease and gradual shift towards minimally invasive procedures. According to the European Society of Cardiology, in 2017, the average proportion of male and female with elevated blood pressure in Europe were 28% and 20% respectively. This is expected to foster the prosthetic Heart Valves Market in Europe.
In Asia Pacific, the market is projected to grow, attributed to the rising geriatric and obese population, rapid adoption of tissue valves, and active government support. In Latin America and the Middle East & Africa, the demand for cardiac heart valve is anticipated to increase owing to rising cases of valve regurgitation and improving health infrastructure. According to Innovus, a technology transfer company owned by Stellenbosch University, an approximate of 1,400 aortic valve replacements are performed annually in South Africa. This is likely to favor the market in the Middle East and South Africa.
Edwards Lifesciences and Abbott to have Leading Position Owing to their Diverse Product Portfolio
Edwards Lifesciences held the maximum share, which can be attributed to the diverse product portfolio of the company and increasing demand for their SAPIEN range of valves. The company is focused on developing new products to best suit the requirements of the patients. This is expected to strengthen the company’s position in the overall market. On the other hand, Abbott which entered the market by the acquisition of St. Jude Medical, Inc. and is now ranking second. The market position of Abbott is likely to expand owing to the increasing research investment, thereby increasing the heart valves market revenue.
KEY INDUSTRY DEVELOPMENTS:
An Infographic Representation of Heart Valves Market
To get information on various segments, share your queries with us
The Heart Valves Market report offers an elaborative analysis of numerous factors affecting the market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different categories such as prosthetic heart valve types, procedure, product type, and end user. It analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.
Value (USD billion)
By Product Type
By Valve Type
By End User
The value of the global market was USD 6.58 billion in 2018.
Fortune Business Insights says that the market is projected to reach USD 15.98 billion by 2026.
The value of the market in North America was USD 2.64 billion in 2018.
The market is projected to grow at a CAGR of 11.7% during the forecast period (2019-2026).
The tissue valve segment is the leading segment in this market during the forecast period.
New product launches and increasing number of heart valve surgeries are the key factors driving the market.
Edward Lifesciences and Abbott are the top players in the market.
North America is expected to hold the highest market share.
Development of customized heart valve and strategic acquisitions are the key trends of the market.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry