Heart Valve Devices Market - By Product Type (Mechanical Heart Valves, Transcatheter Heart Valves, Biological Heart Valves), By Procedure (Replacement Procedures, Repair Procedures), By End-use – Global Forecast 2024 – 2032

Heart Valve Devices Market - By Product Type (Mechanical Heart Valves, Transcatheter Heart Valves, Biological Heart Valves), By Procedure (Replacement Procedures, Repair Procedures), By End-use – Global Forecast 2024 – 2032

Heart Valve Devices Market Size

Heart Valve Devices Market size was valued at around USD 6.1 billion in 2023 and is anticipated to register a CAGR of over 8.6% between 2024 and 2032. This robust market growth can be attributed to factors such as the increasing prevalence of cardiovascular diseases, government initiatives and funding support, and rising preference for minimally invasive procedures.
 

Heart valve devices refer to medical implants or prosthetic devices designed to replace, repair, or support the proper functioning of heart valves. These devices are utilized in the treatment of various heart conditions, including valvular diseases or malfunctions that impede the normal flow of blood within the heart.
 

Cardiovascular diseases such as valvular disorders have become a leading cause of morbidity and mortality worldwide.  For instance, according to an article published by the World Heart Federation, in 2023, deaths from cardiovascular disease (CVD) jumped globally from 12.1 million in 1990 to 20.5 million in 2021. The increasing prevalence of these diseases contributes substantially to the growth of the market.
 

As the global population ages, there is a parallel increase in the prevalence of coronary heart disease (CHD). According to the Centers for Disease Prevention and Control, in 2019, 7.1% of adults aged 45 to 64 years reported having CHD compared with 17% of adults aged 65 years and older. These statistics indicate a notable increase in the demand for heart valve devices for individuals suffering from various cardiovascular disorders.
 

Heart Valve Devices Market Trends

Technological advancements have led to the development of high-efficiency heart valve devices. These innovations enable more effective replacement and repair of procedural devices.
 

• The evolution of transcatheter heart valve (THV) systems, such as transcatheter aortic valve repair (TAVR), has been marked by significant enhancements in procedural safety and efficacy. These minimally invasive procedures reduce the need for open-heart surgery, offering quicker recovery times and lower procedural risks.
   
• For instance, in January 2023, the U.S. Food and Drug Administration (FDA) provided approval to market The Edwards Lifesciences PASCAL Precision Transcatheter Valve Repair System. Transcatheter mitral valve repair (TMVR) procedures have been shown to reduce mitral regurgitation (MR), improve symptoms, and lower hospitalization rates in patients with moderate to severe MR that are at prohibitive or high risk for surgery.
   
• Moreover, bioengineering techniques and tissue-engineered heart valves represent a promising area of technological advancement. The development of valves using biological materials and tissue engineering methods aims to mimic the natural functionality of native heart valves. These innovations hold the potential to improve the long-term performance and biocompatibility of heart valve devices, influencing the market positively.
   
• Furthermore, advancements in material science have led to the development of biocompatible and durable materials for heart valve devices. These materials enhance the longevity and performance of the devices, contributing to their effectiveness and reducing the need for frequent replacements. This innovation positively impacts patient outcomes and drives market growth.
   

Heart Valve Devices Market Analysis

Based on product type, the market is categorized into mechanical heart valves, transcatheter heart valves, and biological heart valves. The mechanical heart valves segment accounted for the majority share and was valued at over USD 3 billion in revenue in 2023.
 

• Mechanical heart valves are known for their robust construction and durability, offering a longer lifespan compared to bioprosthetic valves. The extended longevity of mechanical valves reduces the frequency of replacement surgeries, making them a preferred choice for patients seeking a more durable solution. This characteristic contributes significantly to the growth of the mechanical heart valve segment within the market.
   
• Additionally, mechanical valves exhibit lower rates of structural degeneration compared to bioprosthetic valves. This reduced likelihood of degeneration over time makes mechanical valves a reliable choice, particularly for patients who may face complications associated with structural wear and tear. The lower incidence of valve deterioration contributes to the growth of the mechanical heart valve segment.
   

Based on procedure, the heart valve devices market is segmented into replacement procedures and repair procedures. The replacement procedures segment held the leading revenue share in 2023 and is anticipated to reach USD 7.5 billion by 2032.

• The replacement procedures segment has been significantly impacted by the increasing adoption of minimally invasive techniques, such as transcatheter heart valve replacement. Patients are increasingly opting for these less invasive procedures, driven by the appeal of shorter recovery times, and decreased postoperative complications.
   
• Moreover, the integration of robotics in cardiac surgeries has brought about a revolutionary change in replacement procedures. The utilization of robotic-assisted surgery provides surgeons with precise control over surgical tools, transforming the landscape of replacement treatments by enhancing precision and maneuverability.
   
• Furthermore, advancements in device design and procedural techniques have contributed to favourable clinical outcomes within the replacement procedures segment. The emphasis on improving patient safety, reducing hospitalization durations, and enhancing overall quality of life solidifies the continued dominance of the replacement procedures segment.
   

Based on end-use, the heart valve devices market is categorized into hospitals, ambulatory surgical centres, cardiac catheterization labs, and other end-users. The hospital's segment accounted for the majority of revenue share and was valued at around USD 2.7 billion revenue in 2023.
 

• Hospitals play a pivotal role as comprehensive healthcare institutions specializing in advanced interventions like transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair (TMVR), requiring specialized equipment and expertise. Notably, hospitals, especially those housing dedicated cardiac care units and interventional cardiology departments, are well-equipped to perform these sophisticated procedures. The availability of state-of-the-art cardiac prosthetic devices in hospitals empowers healthcare providers to deliver innovative solutions for intricate heart conditions, significantly elevating the standard of patient care.
   
• Additionally, the burgeoning population and the escalating burden of cardiovascular diseases result in a substantial influx of patients seeking treatment. Hospitals, serving as primary centres for cardiovascular care, manage a significant volume of patients dealing with various structural heart diseases. This places hospitals as the primary end-users in the cardiovascular devices market, emphasizing their pivotal role in adopting and implementing these advanced medical technologies to meet the increasing demand and enhance patient outcomes.
   

North America heart valve devices market accounted for USD 2.1 billion in revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline. This substantial market growth is attributed to a combination of factors that contribute to the region's robust market position.
 

• North America possesses an advanced healthcare infrastructure and substantial healthcare spending, creating a favourable environment for the uptake of cutting-edge medical technologies. Additionally, the region's emphasis on research and development actively contributes to ongoing technological advancements in the realm of heart valve devices.
   
• Moreover, government initiatives in North America aim to enhance awareness about structural heart diseases, exemplified by initiatives like the South Asian Heart Health Awareness and Research Act. This governmental effort seeks to raise awareness and understanding of heart diseases, particularly within the South Asian community in the U.S.
   
• The Act encompasses various measures, including heart health promotion grants, the establishment of a clearinghouse and web portal, and support for heart health promotion activities. Such proactive initiatives underscore the region's commitment to advancing healthcare solutions and promoting public health, creating a positive trajectory for business growth in the market.
   

Heart Valve Devices Market Share

The heart valve devices industry is competitive in nature, with various large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products with improved efficiency and cost-effectiveness is among a key market strategy for heart valve device manufacturers. Some of the leading industry players including Abbott Laboratories., Boston Scientific Corporation, Inc., Medtronic plc, and Edwards Lifesciences Corporation., Ltd, among others have a substantial presence in the market.
 

Heart Valve Devices Market Companies 

Some of the eminent market participants operating in the heart valve devices industry include

• Abbott Laboratories
• Artivion, Inc
• Boston Scientific Corporation
• Colibri Heart Valve
• Edwards Lifesciences Corporation
• JenaValve
• LivaNova PLC
• Medtronic plc
• Symetis
• TTK Healthcare Limited
   

Heart Valve Devices Industry News

• In September 2022, Medtronic announced the expanded U.S. market release of its newest-generation, self-expanding transcatheter aortic valve replacement (TAVR) system, the Evolut FX TAVR system.  Evolut FX added new features to the existing Evolut platform to enhance ease-of-use and predictable valve deployment for physicians. This product launch helped the company to increase business revenue and acquiring enhanced customer base.
   
• In September 2020, Boston Scientific Corporation announced it has initiated a controlled launch of the ACURATE neo2 Aortic Valve System in Europe. This transcatheter aortic valve implantation (TAVI) technology is a new platform designed with a number of features to improve upon the clinical performance of the original ACURATE neo platform. This product launch helped the company solidify its heart valve devices portfolio in the Europe.
   

Heart valve devices market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2018 – 2032 for the following segments

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Market, By Product Type

• Mechanical heart valves
  • Aortic valve
  • Mital valve 
• Transcatheter heart valves
  • Aortic valve
  • Mital valve
  • Pulmonary valve
  • Tricuspid valve
• Biological heart valves
  • Aortic valve
  • Mital valve

Market, By Procedure

• Replacement procedures
  • Surgical aortic valve replacement (SAVR)                    
  • Transcatheter aortic valve replacement (TAVR)                       
  • Transcatheter mitral valve replacement (TMVR)                      
  • Other replacement procedures 
• Repair procedures   
  • Transcatheter mitral valve repair (TMVr)                     
  • Transcatheter tricuspid valve repair (TTVr)                             
  • Valvuloplasty                    
  • Other repair procedures

Market, By End-use

• Hospitals
• Ambulatory surgical centers         
• Cardiac catheterization labs
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa