The global market for heart valve devices is driven by several factors such as the prevalence of heart valve diseases, implementation of minimally invasive procedures, rise in geriatric population, and the growing use of transcatheter valve replacement technology. On the other hand, lack of skilled professionals, risk of potential complications, stringent regulatory framework, and expensive heart valve replacement procedures are some of the factors challenging the market from attaining its true potential.
As per the estimations of a recent report by Transparency Market Research (TMR), the demand in the global heart valve devices market will increment at a robust CAGR of 12.4% during the forecast period of 2017 to 2025, reaching a valuation of US$14.4 bn by the end of 2025, significantly up from its evaluated worth of US$5.0 bn in 2016. The vendors in this market are focusing on the U.S. market, which has robust healthcare infrastructure and high adoption rate of new technology, as well as gaining from trends such as increased investment for research and development, use of stentless tissue valves, and development of novel heart valves.
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Which are the most lucrative segments?
Based on product type, the global heart valve devices market has been segmented into biological heart valve, mechanical heart valve, and transcatheter aortic value. In 2016, the mechanical heart valve device segment had the maximum demand, as these valves minimize blood cell damage and minimally resist the blood flow. In addition to that, mechanical heart valves have longer sustainability and rarely require second surgery, unlike biological heart valves. Going forward, the TMR report expected transcatheter aortic valve segment to increment the demand at most prominent rate, which is a reflection of growing preference of minimally invasive procedures.
On the basis of distribution channel, the market for heart valve devices has been categorized into hospitals, ambulatory surgical centers, and others such as research centers and cardiac centers. Although the hospitals segment will continue to serve the maximum demand in the near future, ambulatory surgical centers segment is projected to gain demand at most robust CAGR, as they are easily accessible and are cost-effective too.
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How stiff is the competition in the global heart valve devices market?
According to the TMR report, the global market for heart valve devices is moderately consolidated in nature, with top three companies, Medtronic plc, Edward Lifesciences Corporation, and St. Jude Medical Inc., accounting for nearly 80% of the market shares in 2016. Cost of production and time consumption is restricting the entrance of new players, while the leading players are expected to continue on strengthening their position in the near future.
By the end of 2050, there will be 1.5 billion people aged over 65 years in the world, according to the National Institute of Aging (NIA). This escalating population is expected to sustain a strong demand for heart valve devices and the companies are expected to use innovation to cater to the demand.