Heart Valve Devices Market to Reach US$ 38.2 Billion by 2034, Driven by Rising Cardiovascular Diseases and Innovative Minimally Invasive Procedures | TMR
Increased healthcare spending and improved access to advanced medical treatments in emerging markets support the growth of the heart valve devices market.
WILMINGTON, Del., July 30, 2024 /PRNewswire/ -- The heart valve devices market was projected to attain US$ 10.9 billion in 2023. It is likely to garner an 11.7% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 38.2 billion.
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There is a strong trend towards minimally invasive techniques like transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair (TMVR), which offer reduced recovery times and lower surgical risks. The development of advanced materials, such as biocompatible polymers and tissue-engineered valves, enhances the performance and durability of heart valve devices.
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Customizable and patient-specific valve solutions are gaining traction, driven by advancements in imaging and 3D printing technologies. The use of digital health technologies, including remote monitoring and telemedicine, is becoming more prevalent, improving patient management and outcomes.
Companies can capitalize on opportunities by developing innovative products, such as next-generation valve prosthetics and advanced delivery systems, to address unmet clinical needs. Greater awareness and education about heart valve diseases and treatment options among both healthcare professionals and patients are contributing to higher diagnosis rates and treatment adoption.
Supportive healthcare policies and funding for cardiovascular disease management can improve access to advanced heart valve treatments and technologies. Enhanced imaging technologies, such as echocardiography and MRI, provide better diagnostics and pre-procedure planning, leading to improved outcomes and expanded use of heart valve devices.
Heart Valve Devices Market: Key Players
The competitive landscape of the heart valve devices market is characterized by a dynamic environment with significant involvement from both established players and emerging companies. The following companies are well known participants in the heart valve devices market:
-- Medtronic plc
-- Boston Scientific Corporation
-- Abbott
-- Edwards Lifesciences Corporation
-- Foldax Inc.
-- Novostia SA
-- Meril Life Sciences Pvt. Ltd.
-- Corcym UK Limited
-- JenaValve Technology Inc.
-- Micro Interventional Devices Inc.
-- Others
Key Developments
-- In 2024, Edwards Lifesciences announced the European launch of its
SAPIEN 3 Ultra RESILIA valve. This transcatheter aortic heart valve
features the company's advanced RESILIA tissue technology, designed for
extended durability. Additionally, the device received CE mark approval
for treating patients with heart valve disease caused by native calcific
aortic stenosis.
-- In the same year, Medtronic introduced its next-generation surgical
aortic tissue valve, the Avalus Ultra Bioprosthesis. This device is
designed for easy implantation, provides clear visibility for future
valve-in-valve procedures, and features convenient sizing. Additionally,
the valve incorporates a polyetheretherketone (PEEK) base frame to
ensure consistent circularity.
Heart Valve Devices Market Report Scope:
Report Coverage
Details
Forecast Period
2024-2034
Base Year
2020-2022
Size in 2023
US$ 10.9 Bn
Forecast (Value) in 2034
US$ 38.2 Bn
Growth Rate (CAGR) 11.7 %
No. of Pages
252 Pages
Segments covered By Type of Heart Valve, By Material, By Age Group, By Region,
By End-user
Key Findings of Market Report
-- Exploring innovative technologies, such as bioengineered heart valves
and regenerative medicine approaches, offers potential breakthroughs in
heart valve treatment.
-- Investing in clinical trials and research can lead to the development of
new and improved heart valve devices, establishing market leadership and
differentiation.
-- Broadening the indications for heart valve devices to include conditions
beyond traditional valve diseases can create new market opportunities.
-- The development of more sophisticated diagnostic tools and techniques
for early detection and accurate assessment of heart valve diseases
enhances treatment planning and outcomes.
Market Trends for Heart Valve Devices
-- By type of heart valve, the aortic valve segment is expected to boost
the growth of the heart valve devices market. Aortic stenosis,
particularly among the aging population, is a major driver of demand for
aortic valve replacements. The condition often requires intervention
when symptoms become severe, leading to increased use of aortic valve
devices.
-- The development and growing adoption of minimally invasive TAVR
procedures for aortic valve replacement are driving market growth. TAVR
offers advantages such as shorter recovery times and reduced surgical
risks compared to traditional open-heart surgery.
-- By material, the biological valves segment is anticipated to propel the
market growth. The increasing use of transcatheter aortic valve
implantation (TAVI) procedures, which predominantly use biological
valves, is driving growth.
-- Biological valves are favored in TAVI due to their design and
compatibility with minimally invasive techniques. Continuous
improvements in biological valve materials and technology, such as the
development of more durable and biocompatible biological valves, enhance
their performance and longevity, driving increased adoption.
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Global Market for Heart Valve Devices: Regional Outlook
North America
-- North America is a hub for medical device innovation, with significant
investments in research and development leading to the development of
advanced heart valve devices and technologies.
-- The adoption of minimally invasive procedures, such as Transcatheter
Aortic Valve Replacement (TAVR), is growing due to technological
advancements that improve patient outcomes and reduce recovery times.
Asia Pacific
-- The growth of local manufacturing and partnerships with international
companies enable the production and distribution of advanced heart valve
devices at a lower cost, improving market accessibility.
-- Increased focus on clinical research and development in the region
supports the innovation and introduction of new heart valve
technologies.
Heart Valve Devices Market Segmentation
Type of Heart Valve
-- Aortic Valve
-- Less than 20 mm
-- 20 to 23 mm
-- 23 to 26 mm
-- More than 26 mm
-- Mitral Valve
-- Less than 26 mm
-- 26-28 mm
-- 29-31 mm
-- More than 31 mm
-- Tricuspid Valve
-- Pulmonary Valve
Material
-- Biological Valves
-- TAVI
-- Surgical
-- Others
-- Mechanical Valves
Age Group
-- Pediatric Patients
-- Adults
-- Geriatric Patients
End User
-- Hospitals
-- Ambulatory Surgical Centers
-- Others
Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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