The Cardiac Valve Market is expected to reach USD 12.7 Billion by 2032 at 6.50% CAGR during the forecast period 2023-2032.
The growing prevalence of cardiovascular conditions in North America and Europe is likely to be the major driver for the global cardiac valve market over the forecast period. Growing adoption of smoking and drinking has led to growing prevalence of cardiovascular conditions in the developed economies in Europe and North America. Other factors such as the widespread adoption of sedentary lifestyles and desk jobs have also led to a growing prevalence of cardiac diseases. This has driven the demand for both alternative heart valves as well as heart valve repair procedures. Cardiac valves perform the crucial function of ensuring the smooth flow of blood in the heart and are thus vital to proper functioning of the cardiovascular system. The growing incidence of valve damage has led to a growing demand from the global cardiac valve market.
Growing technological innovation to produce cardiac valve replacements with materials that can easily blend into the surrounding cardiac muscle without disturbing the biological balance is likely to be a major driver for the global cardiac valves market over the forecast period. Due to the vital importance of cardiac valves in the functioning of the cardiovascular system and thus the sustenance of the whole body, no expenses have been spared in attempting to come up with the best options for cardiac valve replacement. Cardiac valve repair procedures have also become significantly more precise and effective over the years thanks to the use of modern, advanced machinery and increasing training. This is likely to remain a major driver for the cardiac valve market over the forecast period, as the market is home to significant innovation channels that could decide the market’s trajectory over the forecast period.
Major Key Players:
Leading Cardiac Valve Market Players are Medtronic, Boston Scientific Corporation, LivaNova plc, Jenavalve Technology Inc., TTK HealthCare, Lepu Medical Technology Co. Ltd., Braile Biomedica, Colibri Heart Valve LLC, CryoLife Inc., Symetis SA, St. Jude Medical Inc., and Edwards Lifesciences Corporation.
Segment Analysis
The global cardiac valve market is segmented on the basis of type, disease, treatment, end user, and region.
On the basis of type, the global cardiac valve market is segmented into trans-catheter heart valve, tissue heart valve, mechanical heart valve, and others.
On the basis of disease, the market is segmented into aortic valve replacement, heart valve disease, mitral valve stenosis, and others.
On the basis of treatment, the cardiac valve market is segmented into valve replacement, valve repair, and others. The valve repair segment holds the dominant share in the global cardiac valve market in 2017 of 45% and is likely to remain the leading revenue generator for the global cardiac valve market over the forecast period.
On the basis of end use, the cardiac valve market is segmented into cardiac research institutes, hospital & clinics, and others.
Regional Analysis
The global cardiac valve market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas segment dominates the global cardiac valve market and is led by the North America regional market due to the strong presence of advanced medical research efforts in the U.S. and Canada. The high disposable income of geriatric consumers in North America is also likely to be a major driver for the global cardiac valve market over the forecast period thanks to the higher need among geriatrics for cardiac valve repair and replacement procedures than in other demographics.
The increasing healthcare expenditure in Europe and the presence of advanced medical infrastructure are the key drivers for the cardiac valve market in Europe. The market in Asia Pacific is likely to be driven by the growing prevalence of cardiac diseases and increasing adoption of Western lifestyles, while the Middle East and Africa market is expected to exhibit the lowest growth prospects over the forecast period due to the low income of families in the region and the absence of advanced medical facilities.
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