Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Prosthetic Heart Valve Market – Insights
Mechanical heart valve is an artificial heart valve implanted in the patient suffering from diseases such as aortic stenosis or mitral regurgitation. Pyrolytic carbon is used to manufacture mechanical heart valve, due to its strong and durable nature. There are two types of mechanical heart valves: mechanical aortic valve and mechanical mitral valve.
The global prosthetic heart valve market is estimated to account for US$ 21,968.6 Mn in terms of value by the end of 2027.
Global Prosthetic Heart Valve Market: Drivers
Increasing prevalence of valvular heart disease (VHD) is expected to boost growth of the global prosthetic heart valve market over the forecast period. For instance, according to the study, ‘Epidemiology and Trends of Aortic Stenosis Mortality in the United States (1999-2016)’, published in Journal of the American College of Cardiology in March 2019, aortic stenosis was associated with a mortality rate of 106.3 per 1 million persons, with highest mortality rate in non-Hispanic whites followed by Hispanics, and non-Hispanic blacks. Moreover, the study noticed increase in age-adjusted mortality between the periods.
Moreover, growing healthcare expenditure is also expected to aid in growth of the market. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5% per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
North America region held dominant position in the global prosthetic heart valve market in 2019, accounting for 41.8% share in terms of value, followed by Europe.
Figure 1. Global Prosthetic Heart Valve Market Share (%), by Region, 2019
Global Prosthetic Heart Valve Market: Restraints
High cost of transcatheter heart valve products is expected to hinder growth of the global prosthetic heart valve market. For instance, the average cost of transcatheter aortic valve replacement (TAVR) devices is around US$ 32,000 as compared to US$ 4,000–US$ 7,000 for surgical valve devices and the average cost of TAVR and surgical procedure is US$ 37,900 and US$ 14,200, respectively.
Moreover, complications related to procedures are also expected to limit growth of the market. TAVR carries a risk of complications that may include, bleeding, stroke, blood vessel complications, kidney disease, heart rhythm abnormalities (arrhythmias), heart attack, and infection.
Global Prosthetic Heart Valve Market: Opportunities
Survival rate is high for mitral valve replacement among geriatric population suffering from valvular heart diseases, which is expected to increase demand for advanced prosthetic mitral valve implantation devices, thereby offering lucrative growth opportunities for players in the market.
Pregnant women treated with prosthetic mechanical heart valve are at high risk of complications such as thromboembolism during anticoagulation therapy. Therefore, manufacturers can focus on developing alternative prosthetic heart valve, which do not require anticoagulation therapy treatment after implantation for pregnant women.
Mechanical Heart Valves segment in the global prosthetic heart valve market was valued at US$ 2,476.9 Mn in 2019 and is expected to reach US$ 5,593.4 Mn by 2027 at a CAGR of 10.7% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing R&D for increasing the durability of prosthetic heart valves. For instance, in October 2019, California Institute of Technology and Foldax reported development of the Tria heart valve that integrates LifePolymer, an advanced biopolymer material, and a patented bio-inspired design in order to offer a heart valve capable of lasting for 15 years without calcification, risk of clotting, or damage to red blood cells.
Increasing geriatric population in both developed and emerging economies is contributing to growth of the market. For instance, according to the U.S. Census Bureau, geriatric population in the U.S. is expected to reach 77 million by 2035.
Value Chain Analysis –
Global Prosthetic Heart Valve Market: Competitive Landscape
Major players operating in the global prosthetic heart valve market include, Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
Global Prosthetic Heart Valve Market: Key Developments
Major players in the market are focused on product approval and launch to expand their product portfolio. For instance, in November 2019, Edwards Lifesciences Corporation received CE Mark for Edwards SAPIEN 3 transcatheter heart valve for the treatment of patients diagnosed with aortic stenosis who are at low risk for open-heart surgery.
In April 2019, Boston Scientific Corporation received U.S. Food and Drug Administration (FDA) approval for the LOTUS Edge Aortic Valve System.