Prosthetic heart valves are medical devices implanted into the heart of patients suffering from various heart valve disorders such as stenosis and regurgitation. These valves help restore the normal functioning of the defective heart valves. Mechanical and biological prosthetic heart valves are available in the market. Mechanical valves have a longer lifespan and require less frequent replacement compared to biological valves. However, patients with mechanical valves have to take blood-thinning medications lifelong to prevent blood clots. The global Prosthetic Heart Valve Market is estimated to be valued at US$ 109.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increased prevalence of heart valve disorders presents a lucrative market opportunity. According to the American Heart Association estimates, over 5 million Americans suffer from heart valve disease. Heart valve disorders are more prevalent among the rising geriatric population globally. Valvular heart disease has overtaken rheumatic fever as the major cause of heart valve disorders. With the aging population and improved healthcare infrastructure for diagnosis and treatment of valve disorders, the demand for prosthetic heart valves is expected to witness significant growth over the forecast period. Moreover, the development of transcatheter aortic valve replacement (TAVR) technology has enabled heart valve replacement through minimally invasive procedures, reducing risks, hospital stays and recovery times for older patients or those otherwise unfit for open-heart surgery. The non-invasive nature and perceived benefits of TAVR over open-heart surgery are expected to drive the adoption of prosthetic heart valves.

Porter's Analysis

Threat of new entrants: The threat is moderate as it requires significant investment and regulatory approvals to enter the market. However, established brands have an advantage due to brand loyalty.

Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the availability of substitutes. However, customized valves designed for individual patients reduce substitutability.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the specialized nature of inputs and technologies required. Suppliers of raw materials include medical device firms.

Threat of new substitutes: The threat is low to moderate as alternative treatments try to mimic the functionalities of heart valves but fall short.
Competitive rivalry: The rivalry is high among players like ATCOR, Millar, OMRON HEALTHCARE Co.,Ltd. due to significant R&D investments and focus on new product developments.

SWOT Analysis

Strengths: Growing geriatric population prone to valve diseases and technological advancements in valve design.

Weaknesses: High costs of transcatheter procedures and recalls limiting market growth.

Opportunities: Untapped potential in developing nations and tissue engineering approaches for next-gen valves.

Threats: Stringent regulations delaying new entrants and reimbursement issues limiting product adoption.

Key Takeaways

The global Prosthetic Heart Valve Market is expected to witness high growth over the forecast period of 2023 to 2030.

Regionally, North America dominates due to advanced healthcare infrastructure and raising awareness. The Asia Pacific region is expected to grow at the fastest pace due to improving access to healthcare and a large patient pool.

Key players like ATCOR, Millar are focusing on mergers and acquisitions to expand their product portfolios. Transcatheter valves are gaining popularity over surgical ones due to being minimally invasive. Tissue engineering approaches for developing bioprosthetic and living valves could further drive the market. However, high product costs and stringent regulatory approvals remain challenges to be addressed. Overall, with rising cardiac illnesses, the demand for prosthetic heart valves is projected to increase significantly in the coming years.