The global heart valve repair and replacement market is experiencing significant growth, driven by the rising prevalence of cardiovascular diseases, an aging population, and advancements in minimally invasive surgical procedures. The market is dominated by key players such as Abbott, Edwards Lifesciences, Medtronic, Biotronik, and Meril Life Sciences, all competing through innovation in transcatheter aortic valve replacement (TAVR), surgical valve replacement, and repair technologies. Increasing patient preference for minimally invasive procedures, coupled with technological advancements like next-generation bio-prosthetic valves and tissue-engineered heart valves, is fueling market expansion. However, challenges such as high procedural costs, stringent regulatory approvals, and reimbursement limitations in some regions may hinder growth. North America and Europe currently lead the market due to well-established healthcare infrastructure, but Asia-Pacific is emerging as a lucrative region due to increasing healthcare investments and a growing patient pool. With ongoing R&D and strategic partnerships among major companies, the market is expected to witness steady growth in the coming years.
Global Heart Valve Repair and Replacement Market is valued at USD 4.97 billion in 2023 and is expected to reach USD 11.58 billion by 2031, with a growing CAGR of 11.3% during the forecast period 2024 to 2031.
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Below are the Top Heart Valve Repair and Replacement Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Abbott
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Abbott Laboratories is a diversified healthcare company with a strong presence in the medical devices sector, including heart valve repair and replacement. The company offers a range of products addressing structural heart conditions, such as transcatheter aortic valve replacement (TAVR) systems and mitral valve repair devices. Abbott continues to invest in research and development to advance minimally invasive cardiac therapies.
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North America, South America, Middle East and Africa, Asia-Pacific, and Europe
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In April 2021, Abbott announced that it had received a CE mark for TriClip Trans catheter tricuspid valve repair system in Europe to treat tricuspid regurgitation. This will help the company in diversifying its business.
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2.
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Edwards Lifesciences Corporation
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Edwards Lifesciences specializes in artificial heart valves and hemodynamic monitoring. Notably, the company developed the SAPIEN transcatheter aortic heart valve, a leading TAVR device. In recent developments, Edwards Lifesciences projected fourth-quarter sales below expectations due to softer demand and increased competition in the artificial heart valve market. Despite these challenges, the company maintains a significant position in the global market.
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North America, South America, Middle East and Africa, Asia-Pacific, and Europe
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In October 2023, Edwards Lifesciences Corporation disclosed positive outcomes from TRISCEND II, a pivotal randomized controlled trial assessing the safety and efficacy of the innovative EVOQUE tricuspid valve replacement system. The trial compared EVOQUE with Optimal Medical Therapy (OMT) to OMT alone, employing a 2:1 randomization. This development marks a significant step in advancing treatment options for tricuspid valve-related conditions.
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3.
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Medtronic
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Medtronic is a global leader in medical technology, offering a comprehensive portfolio of heart valve therapies, including both surgical and transcatheter solutions. The company's recent focus has been on innovative treatments like pulsed-field ablation (PFA) for cardiac arrhythmias. The company reported growth in advanced heart surgery devices, with PFA products contributing significantly.
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North America, South America, Middle East and Africa, Asia-Pacific, and Europe
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In November 2023, Medtronic plc received FDA approval for the Symplicity Spyral renal denervation (RDN) system, allowing immediate commencement of commercialization. The approval marks a significant step for Medtronic in providing an advanced treatment option for hypertension using the Symplicity blood pressure procedure, reinforcing the company's commitment to healthcare technology innovation.
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4.
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Biotronik
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Biotronik is a medical technology company specializing in cardiovascular and endovascular solutions. The company offers a range of products, including heart valves and cardiac rhythm management devices. Biotronik is known for its innovations in implantable devices and commitment to advancing patient care through technology.
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Americas, Middle East and Africa, Asia-Pacific, and Europe
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In February 2024, BIOTRONIK made a strategic decision to exclusively offer their proprietary DX technology for new single-chamber implantable cardioverter-defibrillator (ICD) implants. This move was based on clinical data demonstrating superior diagnostics and reduced complication risks associated with DX technology compared to traditional high-voltage systems.
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5.
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Meril Life Sciences Pvt. Ltd.
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Meril Life Sciences is an Indian multinational medical device company engaged in developing and manufacturing a wide range of medical devices. In December 2018, Meril introduced the Myval Transcatheter Aortic Heart Valve (TAVR), becoming the first Indian company to commercially launch TAVR therapy globally.
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In December 2023, Meril Life Sciences Pvt. Ltd. is excited to participate in COSECSA 2023, a prestigious event bringing together expertise in Cardiology, Diagnostics, Endo Surgery, and Orthopaedics.
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Conclusion
The global heart valve repair and replacement market is poised for continued growth, driven by rising cardiovascular disease prevalence, an aging population, and advancements in minimally invasive procedures such as TAVR and next-generation prosthetic valves. While leading companies like Abbott, Edwards Lifesciences, Medtronic, Biotronik, and Meril Life Sciences drive innovation, challenges such as high costs, stringent regulations, and reimbursement issues may impact market expansion. However, with increasing healthcare investments, particularly in emerging markets like Asia-Pacific, and ongoing technological advancements, the industry is expected to witness sustained growth and wider accessibility in the coming years. Strategic collaborations and R&D efforts will be crucial in addressing existing challenges and unlocking new opportunities in this evolving market.
