The increasing prevalence of heart disease is the major driver for the market. Heart disease is the leading cause of death in the world, and it is estimated that over 1 billion people have heart disease. Heart valve disease is a common complication of heart disease, and it can lead to heart failure and death. Newer heart valve devices are more durable and effective than older devices. They are also less invasive, which means that patients have a shorter recovery time and a lower risk of complications. In the United States, the Centers for Medicare and Medicaid Services (CMS) has recently expanded coverage for heart valve devices. This has made it easier for patients to get the treatment they need.
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The Global Heart Valve Devices Market is expected to reach USD 23,665.51 million by 2030 from USD 8,653.89 million in 2021, growing at a lucrative CAGR of 13.4% in the forecast period of 2023 to 2030. Product developments by leading market participants have enhanced market growth by allowing them to reach a bigger patient base and achieve better clinical outcomes. Furthermore, the rising prices of minimally invasive techniques discourage patients from undergoing surgery, limiting the growth of the worldwide heart valve devices market. Several market participants offer the most recent transplant diagnostics, which are technologically advanced products and services.
Growing number of heart diseases is expected to drive the market's growth rate
The introduction of innovative products for minimally invasive procedures is expected to drive the worldwide heart valve devices market. Tissue valves have transformed the heart valve industry. The newest generation of cardiac valve surgery features fewer delivery curves, more controlled placement, improved valve function, decreased valve regurgitation, increased durability, and lower costs. Furthermore, intelligent designs, new technologies, and biomaterials applications are pushing the boundaries of new product development, assuring that these devices will be at the forefront of interventional product innovation for years to come. Design advancements are assisting market participants in capitalizing on attractive growth prospects in heart valve devices. As a result of advances in heart valve devices, the worldwide heart valve devices market is predicted to rise rapidly.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Mechanical Heart Valves, Biological Heart Valves and Transcatheter Valves), Treatment (Open Surgery and Minimally Invasive Surgery (MIS)), End User (Hospitals & Clinics, Ambulatory Surgical Centers, Cardiac Centers, Research Centers and Others), Distribution Channel (Direct Tender, Third Party Distributors)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Abbott (U.S.), Boston Scientific Corporation (U.S.), Artivion, Inc. (U.S.), Edwards Lifesciences Corporation (U.S.), Medtronic (Ireland), NeoVasc (Canada), Micro Interventional Devices Incorporated (U.S.), Foldax, Inc. (U.S.), and Colibri Heart Valve (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The global heart valve devices market is categorized into product type, treatment, end user, and distribution channel.
- On the basis of product type, the global heart valve devices market is segmented into mechanical heart valve, biological heart valve and transcatheter valve. Mechanical heart valve segment is expected to dominate the global heart valve devices market with a market share of 57.20% due to the use of AI technology in heart valves and a surge in chronic diseases.
- On the basis of treatment, the global heart valve devices market is segmented into open surgery and minimal invasive surgery (MIS). Minimal invasive surgery (MIS) segment is expected to dominate the global heart valve devices market with a market share of 59.02% due to technological advancement and a surge in chronic diseases.
- On the basis of end user, the global heart valve devices market is segmented into hospitals & clinics, ambulatory surgical centers, cardiac centers, research centers, and others. Hospitals & clinics segment is expected to dominate the global heart valve devices market with a market share of 45.00% because of the increased healthcare expenditure by hospitals on advanced medical devices.
The hospitals & clinics segment will dominate the end user segment of the heart valve devices market
The hospitals & clinics segment will emerge as the dominating segment under end user. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.
- On the basis of distribution channel, the global heart valve devices market is segmented into direct tender and third party distributors. Direct tender segment is expected to dominate the global heart valve devices market with a market share of 73.09% as it provides quality, easy and accessible healthcare products. Additionally, direct tender provides the most competitive value in the marketplace.
The direct tender segment will dominate the distribution channel segment of the heart valve devices market
The direct tender segment will emerge as the dominating segment distribution channel segment. This is because of the growing number of distribution channels in the market, especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Abbott (U.S.), Boston Scientific Corporation (U.S.), Artivion, Inc. (U.S.), Edwards Lifesciences Corporation (U.S.), Medtronic (Ireland), NeoVasc (Canada), Micro Interventional Devices Incorporated (U.S.), Foldax, Inc. (U.S.), and Colibri Heart Valve (U.S.).
Market Development
- In 2022, Abbott and Laboratories announced a new minimally invasive vascular heart valve repair device. The device, called the MitraClip, is designed to treat mitral regurgitation, a condition in which the mitral valve in the heart does not close properly. The MitraClip is a small clip that is inserted into the heart through a catheter, and it is used to secure the mitral valve in place. Abbott also announced new data on two other products in its market-leading structural heart portfolio: the Amplatzer Amulet and the Amplatzer Piccolo. The Amplatzer Amulet is a small device that is used to close holes in the heart, and the Amplatzer Piccolo is a small balloon that is used to open up narrowed arteries.
- In 2022, Biomerics announced its expansion in Ireland. The company plans to create a new Balloons & Balloon Catheters Centre of Excellence in Galway, which will create over 200 new jobs. The new centre will focus on the development and manufacturing of balloons and balloon catheters for use in a variety of medical procedures, including the treatment of coronary artery disease, peripheral artery disease, and congenital heart defects. The expansion of Biomerics in Ireland is a significant investment in the country's medical device industry. It is also a vote of confidence in the Irish government's commitment to supporting the growth of the industry.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the heart valve devices market during the forecast period 2023-2030
North America is the largest market for heart valve devices, accounting for a market share of over 40% in 2022. The high prevalence of heart disease in the region is the major driver for the market. The United States is the largest market for heart valve devices in North America, followed by Canada.
Asia-Pacific is estimated to be the fastest growing region in the heart valve devices market in the forecast period 2023-2030
Asia-Pacific is the third largest market for heart valve devices, accounting for a market share of over 20% in 2022. The growing middle class and rising awareness about heart disease are the major drivers for the market. China, India, and Japan are the largest markets for heart valve devices in Asia-Pacific.
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