Global Heart Valve Replacement Market Expected to Reach USD 15,139.2 Million by 2027
Research Reports
Jan 12, 2021
According to a recent market study published by Growth Market Reports (GMR), titled, “Global Heart Valve Replacement Market by material, position, end-user, approach and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 4,372.3 Million in 2019 and is expected to grow at a healthy growth rate of 17.5% by the year 2027. The primary function of the heart valve is to ensure unidirectional flow of blood throughout the cardiac cycle with its thin flap made of tissue. Mitral valve, tricuspid valve, pulmonary valve, and aortic valve are four main valves present in the heart. Atresia, regurgitation or valvular inadequacy, prolapse and valvular stenosis are some major diseases associated with the heart valve. These diseases can be treated with the help of the replacement or repair of the heart valve. But some of these diseases are treated only by replacement and not by repairing, for instance, mitral, tricuspid, and pulmonary valves can be repaired and replaced depending upon the condition of the patient but the aortic valve is not repaired but only replaced with the prosthetic heart valve.
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The global heart valve replacement market is fragmented based on by material, position, end-user, approach and Region. In terms of material, the market is divided into mechanical and biological. On the basis of position, the market is segmented into mitral valve, tricuspid valve, pulmonary valve, and aortic valve. On the basis of end-user, the market is segmented into hospitals, ambulatory surgery centers, and others. On the basis of approaches, the market is divide into surgical, trans-catheter. Based on region, the global heart valve replacement market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, South East Asia and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.
In the year 2020, the heart valve replacement market is expected to witness the slight declining of COVID 19 pandemic. Various medical research institute and manufacturer are trying to find the use heart valve replacement string. However, the market is anticipated to witness slight fluctuations in demand and supply for heart valve replacement due to closing of international trades.
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As per GMR industry analyst Akshata Ahire, “The global heart valve replacement market is anticipated to witness significant growth during forecast period 2020-2027 driven by increasing prevalence of heart valve disease in Elderly Population and the growing prevalence of severe aortic stenosis disorder and mitral regurgitation are boosting the market. Currently, the TAVR is used to detect severe and symptomatic aortic stenosis, but the early intervention of patients with moderate or mild aortic stenosis potentially through TAVR would be beneficial for expansion and attain growth for this market, this factor possesses as an opportunity for this market. Key players in the market are actively focusing on R&D activities to develop heart valve replacement products.”
Key Takeaways from the Study:
- US based Abbott, holds approximately 20% of market share of global heart valve replacement market in year 2019.
- North America accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at significant CAGR during the forecast period.
- In terms of value, the hospitals segment is anticipated to expand at a significant CAGR during the forecast period. Several governments’ bodies globally are willing to incorporate heart valve replacement in public immunization programs given assured quality, safety, and affordability of the string in hospitals. This, in turn, creates awareness among the people about the heart valve replacement, thus boosting segment growth.
- The mechanical segment is anticipated to expand at a substantial CAGR during the forecast period as it is made up of mechanical heart valves are made from titanium and carbon which is suitable for human health.
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Report Scope:
|
Report Metric |
Details |
|
Market Value in 2019 |
USD 4,372.3 Million |
|
Market Growth Rate (from 2021 to 2027) |
17.5% |
|
Historical Data |
2017 & 2018 |
|
Base Year |
2019 |
|
Forecast Period |
2020 – 2027 |
|
Units Considered |
Value (USD Million) |
|
Market Segments |
By Material, By Position, By Approach, By End-users |
|
Regional Scope |
North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA) |
|
Country Scope |
U.S., Canada, Germany, France, Italy, U.K, Spain, Russia, Rest of Europe, China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, UAE, Rest of MEA |
|
Key Companies Profiled |
Edwards Lifesciences Corporation, Medtronic |
|
Customization Scope |
Report customization available on request |
|
Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
Target Audience:
- Supply-side: Heart Valve Replacement manufacturers (Pharmaceutical Companies), raw material suppliers, primary respondents, and distributors.
- Demand Side: Hospitals, Specialty Clinics, Cancer Research Institute etc.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: Centers for Disease Control and Prevention (CDC), National Institute of Allergy and Infectious Diseases (NIAID), Food and Drug Administration (FDA), World Health Organization (WHO), Medicines and Healthcare Products Regulatory Agency (MHRA), Therapeutic Goods Administration (TGA), Central Drug Standard Control Organization (CDSCO), Ministry of Health, Labor and Welfare (MHLW), International Federation of Pharmaceutical Manufacturers & Association (IFPMA), World Trade Organization (WTO), Indian Medical Research Council (ICMR).
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