Heart Valve Repair and Replacement Devices Market - Global Outlook and Forecast 2018-2023

INDUSTRY INSIGHTS

The rising incidence of valvular heart diseases is augmenting the growth of the global heart valve repair and replacement market. According to the research analyst at Arizton, around 40%-60% of patients with severe cardiac conditions do not undergo treatment and surgeries due to lack of awareness about the disease condition, the high cost of treatment, and lack of skilled surgeons in the heart valve repair market. The leading vendors and healthcare professionals are engaged in various awareness initiatives and campaigns to create awareness among public and patients about the benefits of these procedures and availability of various advanced  minimally invasive techniques for treating valvular diseases. Furthermore, the increasing prevalence of valvular disorders such as aortic stenosis, mitral regurgitation, pulmonary stenosis, tricuspid regurgitation, and congenital heart defects will boost the demand for cardio valve repair and replacement surgeries. The increasing initiatives to create disease awareness and the growing availability of various treatment options that are best for these types of patients will contribute to the revenues in the heart valve replacement market. The global heart valve repair and replacement market is one of the fastest growing segments in the global  cardiovascular devices industry.

The government organizations and leading manufacturers involved in spreading awareness, education, and support about various types of cardiac diseases will have a positive impact on the global heart valve repair market. Top vendors in the transcatheter space, startups, and small medtech investigational companies are actively engaged in developing next-generation medical devices creating lucrative opportunities in the industry.  

INDUSTRY TRENDS & DRIVERS

The leading players are focusing on pursuing inorganic growth strategies such as acquisitions, investments in startups, and emerging companies, to gain a larger global heart valve repair and replacement market share. These strategic alliances and acquisitions will help vendors expand their presence, enhance product portfolio, and improve expertise in the industry. The M&A activities will provide significant opportunities to companies and enable quicker business expansion and penetration in existing and newer regions. Such initiatives will lead to the launch of new product portfolios in the global heart valve repair and replacement market. For instance, in January 2017, Abbott was part of one of the biggest acquisitions in the medical device industry when it acquired St. Jude Medical. This acquisition has helped Abbott to become the second leading player in the global industry.

HEART VALVE REPAIR AND REPLACEMENT MARKET SHARE & SEGMENTATION

This research report includes a detailed segmentation and analysis by product, surgery type, end-users, and geography. 

INSIGHTS BY PRODUCT

TAVR to gain immense popularity in the heart valve repair and replacement market during the forecast period

Replacement devices segment dominated more the 3/4th of industry share in 2017, growing at a CAGR of approximately 18% during the forecast period. The growing demand for transcatheter replacement procedures especially TAVR and the availability of next-generation prosthetic tissue heart valves are two of the major factors augmenting the replacement devices industry growth. The growing prevalence of aortic stenosis, mitral stenosis, and pulmonary valve stenosis is driving the demand for these replacement services. TAVR is becoming an established therapeutic alternative to SAVR for high-risk patients suffering from aortic stenosis in the industry. The companies are investing in R&D activities to launch various innovative and technologically advanced cardiac prosthetics devices to gain a larger global heart valve repair and replacement market share. The R&D activities ensure more safe and effective patient care and the introduction of robotic-assisted surgical techniques.

INSIGHTS BY SURGERY TYPE

Development of next-generation transcatheter devices to boost demand in the heart valve repair and replacement market

The surgery type segment is classified into transcatheter surgery, open heart surgery, and MI surgery. Transcatheter heart surgery segment occupied more than half of the share in 2017, growing at a CAGR of over 20% during the forecast period. The superior safety and efficacy of this procedure are driving the growth of transcatheter surgery. The US, Germany, Japan, France, the UK, Italy, and Spain are the largest market for transcatheter procedures. The rising awareness among patients regarding the benefits of transcatheter-based procedures such as less traumatic surgical experience, faster recovery, high success rate, and reduced hospital stay are factors that will attribute to the revenues in the heart valve repair market segment. The significant growth in technological advancements in surgical procedures and development of next-generation transcatheter devices will revolutionize the global heart valve repair and replacement market. The growing demand for procedures such as TAVR and TMVR will create new avenues of top players operating in the industry.

INSIGHTS BY END-USERS

MI robotic-assisted surgeries to gain traction in hospitals in the heart valve repair and replacement market

The global heart valve repair and replacement market by end-users is divided into hospitals and ASCs. Hospital end-user segment dominated the largest market share in 2017, growing at a CAGR of around 18% during the forecast period. The availability of various procedure such as transcatheter-based, MI robotic-assisted, and video-assisted techniques for treating a broad range of high-risk and complicated heart valve diseases is propelling the growth of this end-user segment in the global heart valve repair market. The emergence of valve-in-valve procedures and other MI invasive surgical techniques will create opportunities for advanced prosthetic vendors operating in the global heart valve repair and replacement market. The hospitals are involved in developing and using superior designs and usage of advanced materials that help offer low-cost devices that offer safe and efficient patient care to patients. The growing adoption of technologically advanced medical devices in hospitals will revolutionize the healthcare industry over the next few years.

INSIGHTS BY GEOGRAPHY

Adoption of technologically advanced devices in North America to revolutionize the heart valve repair and replacement market

The geographical segment in the global heart valve repair and replacement market is categorized into APAC, Europe, North America, Latin America, and MEA. North America occupied more than half of the market share in 2017, growing at a CAGR of approximately 19% during the forecast period. The advent of technologically advanced devices and increasing adoption of transcatheter and other MI procedures is contributing to the growth of North American region. The rising availability of advanced healthcare infrastructure and constant technological innovations will help vendors generate higher revenues in the North American region. The surgeons are adopting less invasive procedures over invasive or open-heart procedures to treat valvular diseases in this region. The US and Canada are the largest revenues generators in the North American region.

KEY VENDOR ANALYSIS

The global heart valve repair and replacement market is highly consolidated and top players occupy a significant portion of the industry share. The top vendors are investing in innovative products and technologies to sustain the intense competition in the global market. The leading companies are implementing various strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to gain a larger share. The increasing focus on business expansion in existing and newer regions to cater to the needs of growing customer base, widen their product portfolios and boost their production capabilities will gain traction from end-users. The launch of a diversified product portfolio will help players boost their revenues in the global heart valve repair and replacement market.

The global heart valve repair and replacement market research report provide market size and forecast in revenues for the following segments:

By Product

• Repair Devices
• Surgical Repair Devices
• Non-surgical Repair Devices
• Replacement Devices
• Transcatheter Valves
• Tissue Valves
• Mechanical Valves

By  Surgery

• Transcatheter Surgery
• Open Surgery
• MI Surgery

By End-users

• Hospitals
• ASCs

By  Geography

• North America
• US
• Canada
• Europe
• Germany
• France
• UK
• APAC
• China
• Japan
• Latin America
• MEA