Global Prosthetic Heart Valves Market to Reach $8.8 Billion by 2026

Prosthetic Heart Valves (PHVs) are used for the replacement of pathologic native valves in patients suffering from either valvular incompetence or stenosis, or both. Factors such as aging population and increasing number of patients diagnosed with heart valve disorders are driving demand for heart valve replacement therapies worldwide. The prosthetic heart valve space has been witnessing significant technological advances over the past several years, which are enabling manufacturers to develop highly effective, durable devices with better hemodynamics, contributing to growth in their demand. Development of durable tissue heart valves, and suture-less valves as well as anti-calcification technologies are expected to push revenues in the coming years. Regulatory approvals for advanced and new prosthetic valve development, increased government funding for research on heart valves, growing awareness about heart valve disease, and favorable reimbursement policies and wider availability of individual insurance policies are also expected to boost market growth.

Amid the COVID-19 crisis, the global market for Prosthetic Heart Valves estimated at US$6.1 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Transcatheter Heart Valves, one of the segments analyzed in the report, is projected to grow at a 9.3% CAGR to reach US$5.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Tissue Heart Valves segment is readjusted to a revised 6.3% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Prosthetic Heart Valves market. Transcatheter heart valves (THVs) which are implanted through a minimally invasive surgery, would benefit from the ongoing trend towards minimally invasive surgeries worldwide. Biological/Tissue valves are mainly composed of material originating in the form of living tissue, such as porcine (pig) aortic valves, bovine (cow) pericardium-based valves, patient`s autografts, and homografts (valves engrafted from other persons).

The U.S. Market is Estimated at $2.6 Billion in 2021, While China is Forecast to Reach $836.1 Million by 2026

The Prosthetic Heart Valves market in the U.S. is estimated at US$2.6 Billion in the year 2021. The country currently accounts for a 41.26% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$836.1 Million in the year 2026 trailing a CAGR of 8.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.3% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$906.1 Million by the end of the analysis period. The developed markets in Europe and the US have been pioneers in heart valve technologies, and have been the epicenter of significant advancements in this area. With high appetite for advanced and new products, along with high prevalence and incidence of targeted patient population, the US and Europe have been at the forefront of prosthetic heart valve usage. Japan, with its significant aging population, also represents a major market. Preference for heart valves in these markets is shifting towards biological valves, and further towards Transcatheter Heart Valves, driven mainly by favorable reimbursement environment and improved patient outcomes. Increasing prevalence of rheumatic heart disease, aging population in some markets, and growing prevalence of heart diseases in general are expected to drive growth in the Asia-Pacific market.

Mechanical Heart Valves Segment to Contract to $708.6 Million by 2026

Mechanical heart valves, the most conventional form of Prosthetic Heart Valves, continue to be used worldwide, although their use is on the decline, particularly in the developed world. Mechanical valves/mechanical prostheses are manufactured completely from man-made/synthetic material and are generally based on carbon, plastic or metal alloys. In the global Mechanical Heart Valves segment, USA, Canada, Japan, China and Europe will drive the -6.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$811.2 Million in the year 2020 will reach a projected size of US$498.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$69.2 Million by the year 2026, while Latin America will expand at a 0.5% CAGR through the analysis period.