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The heart valve repair and replacement devices market share is expected to increase by USD 3.01 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.1%.
This heart valve repair and replacement devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers heart valve repair and replacement devices market by product (heart valve replacement devices and heart valve repair devices) and geography (North America, Europe, Asia, and Rest of World (ROW)). The heart valve repair and replacement devices market report also offers information on several market vendors, including Abbott Laboratories, Artivion Inc., BioStable Science and Engineering Inc., Boston Scientific Corp., Colibri Heart Valve LLC, Edwards Lifesciences Corp., JenaValve Technology Inc., LivaNova Plc, Medtronic Plc, Micro Interventional Devices Inc., Neovasc Inc., Valcare Medical, and Xeltis AG among others.
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The rising competition and innovations in heart valve repair and replacement devices is notably driving the heart valve repair and replacement devices market growth, although factors such as the shortage of cardiologists for treating heart disorders and rheumatic heart disease aortic stenosis may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heart valve repair and replacement devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Heart Valve Repair and Replacement Devices Market Driver
The rising competition and innovations in heart valve repair and replacement devices is one of the key drivers supporting the heart valve repair and replacement devices market growth. Several firms are concentrating their efforts on developing novel transcatheter valves for the repair and replacement devices of heart valves. Only Medtronic's CoreValve and Edwards Lifesciences' Sapien and Sapien XT are used globally. However, several device manufacturers obtained regulatory clearance in Europe and are currently undergoing clinical trials to obtain FDA approval, which is expected to fuel the heart valve repair and replacement devices market. Some devices have shown good clinical performance, such as Boston Scientific's Lotus Valve System, which has gained CE markings in Europe. Thus, the development and innovation of these new devices have the potential to boost rivalry in the heart valve repair and replacement devices market, which is expected to drive market growth during the forecast period.
Key Heart Valve Repair and Replacement Devices Market Trend
Development of heart valves using tissue engineering approach is one of the key trends contributing to the heart valve repair and replacement devices market growth. The currently available mechanical and prosthetic heart valve replacements are associated with limitations such as valve degeneration and calcification, and the requirement of lifelong anticoagulation medication, resulting in an increased risk of hemorrhages. Also, the currently available prosthetic valves, including cryopreserved donor valves, are non-living structures that do not adapt to functional demand changes, thereby limiting durability in comparison with a viable valve replacement. As a result, pediatric patients are at high risk for valve-related morbidity issues. Hence, heart valves developed with tissue engineering technology provide regenerative, self-repairing, and life-long durability advantages. Such developing technologies will propel the market growth during the forecast period.
Key Heart Valve Repair and Replacement Devices Market Challenge
The shortage of cardiologists for treating heart disorders and rheumatic heart disease aortic stenosis is one of the factors hindering the heart valve repair and replacement devices market growth. The market has a shortage of skilled cardiologists for performing heart valve repair and replacement surgical interventions. Factors such as the migration of well-trained specialists from developing countries to developed countries are responsible for this shortage. Furthermore, increasing rates of burned-out professionals leaving the medical profession due to emotional exhaustion with no interest in work, depersonalization, development of a cynical and negative attitude, and reduced appreciation of personal or professional accomplishments also lead to the shortage of skilled professionals. Hence, the shortage of cardiologists can hinder the growth of the global heart valve repair and replacement devices market during the forecast period.
This heart valve repair and replacement devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global heart valve repair and replacement devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heart valve repair and replacement devices market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the heart valve repair and replacement devices market encompasses successful business strategies deployed by the key vendors. The heart valve repair and replacement devices market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand /image, distribution, and marketing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The heart valve repair and replacement devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the heart valve repair and replacement devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the heart valve repair and replacement devices market in North America. Market growth in this region will be slower than the growth of the market in Asia.
The adoption of heart valve repair and replacement devices in hospitals will facilitate the heart valve repair and replacement devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 adversely affected all countries in North America, especially the US. However, the market is expected to grow in the forecast year as formerly postponed surgeries are resumed. Thus, it is expected to boost the demand for heart valve repair and replacement devices market in the forecast period.
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The heart valve repair and replacement devices market share growth by the heart valve replacement devices segment will be significant during the forecast period. Heart valve replacement devices are used to replace one or more damaged heart valves. Based on the valve type, heart valve replacement devices are classified into mechanical, transcatheter, and tissue/bioprosthetic valves. Mechanical heart valves are manufactured from synthetic materials such as plastic, carbon, or metal. They are strong and long-lasting and are used in people below 65 years of age with valve stenosis or regurgitation and a history of atrial fibrillation. Since blood cells stick to mechanical valves and form blood clots, patients should take anticoagulants for a lifetime. These valves are not prone to structural valve degeneration and can be easily implanted in patients with small-sized hearts. Such factors are driving the segment growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the heart valve repair and replacement devices market size and actionable market insights on post COVID-19 impact on each segment.
Structural Heart Disease Treatment Devices - The market share is expected to increase by USD 7.60 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.03%.
Prosthetic Heart Valves- The market share is expected to increase by USD 4.31 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.15%.
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Heart Valve Repair and Replacement Devices Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
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Market growth 2022-2026 |
$ 3.01 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.23 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, Canada, UK, Japan, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Artivion Inc., BioStable Science and Engineering Inc., Boston Scientific Corp., Colibri Heart Valve LLC, Edwards Lifesciences Corp., JenaValve Technology Inc., LivaNova Plc, Medtronic Plc, Micro Interventional Devices Inc., Neovasc Inc., Valcare Medical, and Xeltis AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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