Market Research Future (MRFR) has published a Half cooked research report on the “Global Heart Valves Market” that contains information from 2018 to 2032.
The global heart valves market is accounted to register a CAGR of 12.20% during the forecast period and is estimated to reach USD 20.3 Billion by 2032.
The industry that creates and distributes medical equipment used to replace or repair damaged heart valves is known as the "heart valves market." The aging population, improved surgical methods, and increased cardiovascular disease prevalence are the main drivers of this expanding market. It provides a variety of cutting-edge valve choices to enhance cardiac health and lengthen patients' lives.
MRFR recognizes the following companies as the key players in the global Heart Valves market— Edwards Lifesciences Corporation, Abbott, Medtronic, LivaNova PLC, Boston Scientific Corporation, CryoLife, Inc., and Micro Interventional Devices, Inc.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Heart Valves Market Research Report
The global heart valves market has been segmented based product type, valve type, procedure, and end user.
On the basis of product type, the market is segmented into replacement and repair. Replacement segment dominated the global market in 2022. The reason for this is outstanding health reimbursement rates, which have caused a large rise in the number of valve replacement surgeries.
Based on valve type, the global heart valves market has been segmented into tissue valve and mechanical valve. Tissue valve segment dominated the global market in 2022. The development of bioprosthetic valves, which offer advantages including flexibility, strength, and a decreased need for anticoagulants, has resulted in a sizable market share for tissue valves.
Based on procedure, the global heart valves market has been segmented into surgical and transcatheter. Transcatheter segment dominated the global Heart Valves market in 2022. As patients become more informed of their alternatives, there is a gradual shift toward minimally invasive procedures, which is increasing demand for transcatheter heart valves.
Based on end user, the global heart valves market has been segmented into hospitals, specialty clinics, and others. Hospitals segment dominated the global Heart Valves market in 2022. An increase in hospital procedures, appealing health reimbursement, and enhanced government criteria for the treatment of vulvar disorders are the main factors contributing to the hospital segment's growth.
The global Heart Valves market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Heart Valves market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Heart Valves market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Heart Valves market comprises of Middle East, Africa, and Latin America.
The North America heart valves market dominated this market in 2022 (45.80%). This is because of advances in medical understanding, the launch of new products, and regulatory rules that simplify the manufacture and upkeep of heart valve devices. Additionally, a big factor in the region's dominance is the increase in lifestyle disorders like diabetes and obesity. Additionally, the North American heart valves market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
Moreover, in 2022, the Europe heart valves market held a sizable market share. The market's expansion is primarily being driven by the high frequency of heart valve issues, product advancements, the quantity of heart valve replacement procedures, and the well-established healthcare infrastructure.
Additionally, from 2023 to 2032, the Asia Pacific heart valves market is anticipated to grow significantly. This is due to the rise in aortic stenosis and other cardiac conditions, the expansion of healthcare facilities in nations like China and India, and the continual search by industry players for new markets to enter. For instance, according to data from Hope for Hearts, 1 in 8 elderly Australians are likely to have aortic stenosis. Aortic stenosis (AS) is another condition that is estimated to affect at least 97,000 Australians over the age of 55.
Furthermore, the rest of the world's heart valves market is divided into the Middle East, Africa, and Latin America. The need for medical equipment used in heart valve replacement and repair procedures is met by the Latin America Heart Valves Market. In order to promote heart health and suit the patients' healthcare needs in Latin America, the market offers upgraded valve alternatives due to the rising frequency of cardiovascular diseases and the aging population.
Key Findings of the Study
- The global heart valves market is expected to reach USD 20.3 Billion by 2032, at a CAGR of 12.20% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the aortic stenosis and other cardiac illnesses are becoming more common, healthcare infrastructure is increasing in places like China and India, and industry participants are constantly looking for opportunities to invest in new markets.
- Based on end user, the hospitals segment was attributed to holding the largest market in 2022.
- MRFR recognizes the following companies as the key players in the global Heart Valves market— Edwards Lifesciences Corporation, Abbott, Medtronic, LivaNova PLC, Boston Scientific Corporation, CryoLife, Inc., and Micro Interventional Devices, Inc.