According to a recent analysis by Fact.MR, the global market for heart valve devices is anticipated to expand at a CAGR of 13.4% from 2022 to 2032 and reach a market value of US$ 37.5 billion. Cardiovascular problems are more common because of sedentary lifestyles, physical inactivity, and other habits like smoking. The need for minimally invasive methods to treat cardiac abnormalities has consequently grown significantly over the world.
The market for heart valve devices increased at a CAGR of 13.1% from 2015 to 2021, reaching a value of US$ 9.85 billion. The sector is anticipated to generate US$ 11.16 billion by 2022. Prospects improved when cardiac disorders like stroke and blood clots were more widely known and more common.
Important conclusions from the market study
• The market for heart valve devices will grow 2.6 times between 2022 and 2032.
• Transcatheter heart valve devices will dominate sales, accounting for more than 42% of the market and growing at a 17% CAGR through 2032.
• Biological heart valve devices are anticipated to grow at a CAGR of 8%.
• With a 13.7% CAGR, the U.S. market for heart valve devices will have the fastest growth.
• China is anticipated to be the second-most opportunistic market, with a 2032 market value of US$ 18.5 billion.
The existence of several suppliers competing to provide clients with comprehensive consulting and integration services defines the global market for heart valve devices. Businesses are also looking for specialized service providers who can supply them with solutions that are specifically tailored to their needs. Additionally, the suppliers are probably going to use product differentiation and upgrade to their advantage over other market competitors.
• In January 2022, CryoLife, Inc., a leading cardiac and vascular surgery company focused on aortic disease, announced that it would change its name and brand to Artivion, Inc., effective immediately. • In March 2022, Edwards Lifesciences Corporation received FDA approval for the MITRIS RESILIA valve, a tissue valve replacement specifically designed for the heart’s mitral position.