Aortic stenosis is a condition wherein the aortic valve narrows, restricting blood flow from the heart into the main artery of the body. Surgical replacement of the aortic valve with an artificial heart valve is the primary treatment used for severe symptomatic aortic stenosis. Mechanical and bioprosthetic heart valves are commonly used prosthetic heart valves for aortic valve replacement. The global aortic stenosis market is primarily driven by the growing geriatric population and increasing prevalence of aortic stenosis. The increasing adoption of transcatheter aortic valve replacement (TAVR) over surgical aortic valve replacement (SAVR) is also boosting the market growth.

The Global Aortic Stenosis Market is estimated to be valued at US$ 8.33 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the aortic stenosis market are Edwards Lifesciences Corporation, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, CryoLife, Inc., Braile Biomédica, JenaValve Technology, Inc., Meril Life Sciences Pvt. Ltd., Micro Interventional Devices, Inc., and egnite, Inc. Key players are mainly focusing on new product launches and approvals. For instance, in February 2022, Edwards Lifesciences Corporation received CE Mark approval for its PASCAL transcatheter valve repair system.

The growing demand for minimally-invasive procedures and technological advancements in the field of interventional cardiology are fueling the market growth. Transcatheter aortic valve replacement (TAVR) has emerged as a less invasive alternative to open-heart surgical aortic valve replacement for inoperable patients. Advantages such as reduced recovery time, fewer vascular complications, and shorter hospital stay have increased the adoption of TAVR.

Geographically, North America dominates the global aortic stenosis market, followed by Europe. However, Asia Pacific is expected to witness the highest growth over the forecast period owing to improving healthcare infrastructure and increasing medical tourism in the region. The rapidly aging population and changing lifestyle in countries such as China and India are also contributing to market growth.

Market Drivers

Growing geriatric population susceptible to aortic valve diseases is a major factor driving the aortic stenosis market growth. Age is one of the strongest risk factors for aortic stenosis, with the condition becoming more common in people aged 75 years and older. According to WHO, the number of people aged 65 years and older is anticipated to reach 1.6 billion in 2050 from 703 million in 2019. This growing geriatric demographic will significantly increase the patient population diagnosed with aortic stenosis globally.

The current geopolitical situation is impacting the growth of the Aortic Stenosis market in several ways. The ongoing Russia-Ukraine war has disrupted supply chains and increased economic uncertainties across Europe and globally. This has negatively impacted the healthcare budgets and priorities of many countries in 2023. However, the high disease burden of Aortic Stenosis means demand for treatment options will remain steady. Device manufacturers will need to focus on diversifying their supply networks and building redundancies to mitigate geopolitical risks. Partnerships between companies across different regions can help share resources and ensure continuity of supplies. Governments should incentivize local production of key products to enhance self-sufficiency. Over the long run, as economic growth recovers post 2024, the market is projected to resume strong growth trajectories.

Presently, North America accounts for the largest share of the global Aortic Stenosis market in terms of value. This is attributed to factors such as the high prevalence of cardiovascular diseases, growing geriatric population, well developed healthcare infrastructure and availability of advanced treatment options. Within the region, the US dominates due to presence of major players and higher spending power.

Asia Pacific is poised to be the fastest growing regional market for Aortic Stenosis during the forecast period. This is driven by rapidly growing economies, increasing healthcare investments, rising medical tourism and expansion of healthcare facilities in countries such as China, Japan and India. Significant unmet needs due to limited diagnostic and treatment access currently present in Asia represent major opportunities for market players in the region. Partnerships with local hospitals and doctors can help expand penetration into rural and smaller cities.

The geographical regions where the Aortic Stenosis market in terms of value is concentrated are North America currently, while Asia Pacific is projected to become the fastest growing region given economic and healthcare infrastructure developments underway. Near term growth may be impacted by geopolitical uncertainties but long term outlook remains positive across regions as treatments reach more patient populations.