Prosthetic Heart Valve Market Expected to Reach $30.3 Billion by 2035

According to a new report published by Allied Market Research, titled, “Prosthetic Heart Valve Market," The prosthetic heart valve market was valued at $8.6 billion in 2023, and is estimated to reach $30.3 billion by 2035, growing at a CAGR of 11.1% from 2024 to 2035. The transcatheter heart valve segment is expected to register the highest CAGR of 11.5% during the forecast period. In addition, Asia-Pacific is expected to register the highest CAGR of 11.9% during the forecast period.

A prosthetic heart valve serves as an artificial device surgically implanted into the heart to replace a damaged or diseased heart valve. When a heart valve is compromised, it can lead to various cardiovascular complications. Prosthetic heart valves step in to address these issues by mimicking the functionality of a healthy heart valve, ensuring proper blood flow through the heart and efficient circulation throughout the body. 

The prosthetic heart valve market trends include surge in demand for prosthetic heart valves, rise in demand for minimally invasive procedures, and rise in availability of advanced prosthetic heart valves. The demand for prosthetic heart valves has increased owing to a rise in the number of patients suffering from structural heart disease, such as heart valve stenosis and regurgitation. Structural heart diseases are conditions that affect the structure and function of the heart, including the valves, and can cause serious complications if left untreated. Thus, prosthetic heart valves are used to replace damaged or diseased heart valves, thereby driving the prosthetic heart valve market size. 

In addition, rise in prevalence of heart valve diseases, which includes conditions such as aortic stenosis, mitral valve regurgitation, and mitral valve stenosis, results in demand for heart valve and propels the prosthetic heart valve market size. These conditions are often caused by age-related wear and tear, as well as other underlying health conditions such as rheumatic fever, heart attacks, or congenital defects. As the population ages and the incidence of these underlying health conditions rises, the number of people affected by heart valve disease is expected to increase, which results in surge in demand for prosthetic heart valves. 

Furthermore, rise in technological advancements have led to development of transcatheter heart valve, biological valve, and suture less valve, which is anticipated to propel the market expansion. For instance, suture less valves are designed to be implanted without the need for sutures, and reduce the risk of post-operative complications such as bleeding and infection. They also result in shorter surgical times and are associated with faster recovery times and reduced hospital stays. The development of transcatheter heart valves, biological valves, and suture less valves has improved the safety, efficacy, and durability of prosthetic heart valves, leading to increased demand for these devices. 

Moreover, rise in awareness of heart valve diseases and its risk factors augments the growth of the prosthetic heart valve market. As more people become aware of the risks associated with heart valve disease, they may seek out preventative measures or treatments to reduce their risk. This increased demand for preventative measures and treatments thereby boosts the growth of prosthetic heart valve market. Further, the surge in prevalence of comorbidities such as diabetes, obesity, and hypertension fosters the growth of the prosthetic heart valve market. These conditions can increase the risk of heart valve diseases and may contribute to the development of valve disease. As the incidence of these conditions continues to rise, demand for advanced heart valve increases and propels the market growth. 

However, factors such as high costs of prosthetic heart valve and associated risks with prosthetic heart valve procedures are expected to hinder the growth of market. Prosthetic heart valve procedures are expensive, and the costs can vary depending on several factors, such as the type of prosthetic heart valve used, the hospital where the procedure is performed, and the patient's insurance coverage. In addition to the costs, there are also risks associated with prosthetic heart valve procedures such as bleeding, infection, and complications related to anesthesia, which restrain the market growth. 

On the contrary, rise in prevalence of cardiovascular diseases, technological advancements in surgical techniques, adoption of minimally invasive procedures, and rise in regulatory approvals are the factors offering lucrative opportunities to the key players of prosthetic heart valve market. Furthermore, availability of reimbursement schemes for heart valve replacement has made these procedures more affordable for patients, which has led to increased demand for prosthetic heart valves. 

The prosthetic heart valve market analysis is segmented into product and region. On the basis of the product, the market is categorized into mechanical heart valve, tissue heart valve, and transcatheter heart valve. The transcatheter segment accounted for largest prosthetic heart valve market share in 2023 and is expected to remain dominant during forecast period, owing to surge in demand for minimally invasive surgical procedures and availability of advanced transcatheter heart valve. In addition, transcatheter heart valve offers several advantages over other heart valves such as shorter hospital stays, faster recovery times, and a lower risk of complications. 

Region wise, North America accounted for largest prosthetic heart valve market share in terms of revenue in 2023. This growth is attributed to rise in prevalence of heart valve diseases and early diagnosis of valvular heart diseases. In addition, the increase in the geriatric population in North America has led to a higher prevalence of heart diseases, leading to increased demand for prosthetic heart valves. Furthermore, availability of skilled professionals and advancements in heart valve technologies have made it possible to perform more complex heart valve procedures with higher success rates, leading to increased demand for these treatments in North America. 

However, Asia-Pacific expected to witness highest growth during the prosthetic heart valve market forecast period, owing to rise in prevalence of heart valve disease, surge in healthcare expenditure, and upsurge in awareness about the importance of early detection and treatment of heart valve diseases. In addition, the development of healthcare infrastructure, rise in healthcare reforms, and upsurge in healthcare expenditure in emerging economies are anticipated to contribute toward the growth of the prosthetic heart valve market in Asia-Pacific. 

Key Findings of the Study    

• On the basis of product, the transcatheter heart valve segment dominated the prosthetic heart valve industry in terms of revenue in 2023 and is also expected to register the highest CAGR during the forecast period. 

• On the basis of region, North America dominated the prosthetic heart valve industry in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

• On the basis of country, the U.S. dominated the market share in terms of revenue in 2023. However, china is anticipated to grow at the highest CAGR during the forecast period.