Aortic Valve Replacement Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 18, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 8.26 billion |
|
Market Size Value in 2031 |
US$ 19.80 billion |
|
CAGR |
10.2% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Surgery, Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global aortic valve replacement devices market was valued at US$ 8.26 billion in 2022 and is expected to register a revenue CAGR of 10.2% to reach US$ 19.80 billion by 2031.
Aortic Valve Replacement Devices Market Fundamentals
The only effective treatment for patients with severe aortic stenosis is the implantation of a prosthetic aortic valve. According to current standards for cardiovascular treatment, all symptomatic patients with severe aortic insufficiency are advised to undergo aortic valve surgery. Transcatheter aortic valve replacement has replaced open heart surgical aortic valve replacement in contemporary therapeutic techniques that have undergone modification. Several trials have demonstrated that aortic valve replacement using advanced devices such as transcatheter is a safe option for patients who are considered ineligible for conventional cardiac surgery due to advanced age, low left ventricular ejection fraction, and other comorbidities. Initially, it was considered an escape strategy for these patients. Aortic valve replacement is now considered in patients with lower/intermediate risk due to knowledge acquired and the development of improved devices for these methods. The aortic valve replacement devices market trends include a high acceptance rate due to decreased mortality rates using advanced devices, lower hospital stay, controlled healthcare expenditure, and high-quality patient outcomes.
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Aortic Valve Replacement Devices Market Dynamics
In older adults, aortic stenosis and valvular disorders are more prevalent. As a result, there are more people with these illnesses concerning the rising geriatric population. The prevalence of aortic stenosis and valvular disorders drives the demand for aortic valve replacement devices to replace alveolar valves. According to the European Society of Cardiology in the United States, aortic stenosis is the second most frequent valvular lesion. At 65 years old, it affects 5% of the population and becomes more prevalent as people age. The success of alveolar valve replacement devices in treating aortic stenosis and valvular disorders has increased their use.
Extensive coverage of developing aortic valve replacement is one of the key drivers of the market growth for aortic valve replacement devices. As a result, more clinical trials and research studies are being carried out, which has led to the creation of fresh, cutting-edge items for the market. The rising prevalence of cardiovascular disorders in emerging economies has raised awareness of and acceptance of these devices.
However, development into some markets is constrained because hospitals must balance high aortic valve replacement costs with the capacity to provide a full range of cutting-edge therapy for aortic stenosis. This compromise frequently results in restricted access to treatments for patients receiving care in institutions that cannot afford these services or struggle to comply with procedural standards, find qualified physicians, start and maintain a functional aortic valve replacement program, or both. Patients from low socioeconomic backgrounds are more likely to lack access. Therefore, a major aortic valve replacement devices market challenge is the unavailability of proper reimbursement.
Aortic Valve Replacement Devices Market Ecosystem
The global aortic valve replacement devices market is analyzed from four perspectives: surgery, product, end-user, and region.
Aortic Valve Replacement Devices Market by Surgery
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Based on the surgery, the global aortic valve replacement devices market is segmented into open surgery and minimally invasive surgery.
Minimally invasive surgery accounted for the largest global aortic valve replacement device revenue share in 2022. Compared to conventional open-heart surgeries, minimally invasive techniques are associated with smaller incisions and less scarring. As a result, patients who have minimally invasive surgery recover more quickly and experience fewer difficulties. These procedures are safer for patients with specific medical issues because they require less anesthetic and carry a decreased risk of infection. Overall, minimally invasive procedures have transformed the practice of heart surgery and are gaining popularity among patients and doctors. In numerous instances, these techniques are as effective as open heart surgery regarding patient outcomes. As a result, aortic valve replacement is now a more appealing alternative for patients and healthcare professionals, which has increased adoption. Aortic valve replacement operations are now safer and more effective due to improved surgical methods and devices. Therefore, the rising adoption of minimally invasive procedures is helping to account for a larger aortic valve replacement devices market size.
Aortic Valve Replacement Devices Market by Product
Based on the products, the global aortic valve replacement devices market is segmented into the transcatheter aortic valve, suture-less valve, and others.
The transcatheter aortic valve accounted for the largest revenue share of the global aortic valve replacement devices in 2022. Transcatheter aortic valve replacement devices do not require open heart surgery and are less intrusive than surgical aortic valve replacement devices. These devices are frequently employed for patients deemed to be at high risk for open heart surgery. The safety and effectiveness of transcatheter aortic valve replacement devices have been enhanced due to materials science and device design developments, making them a more appealing alternative for patients. Therefore, with the high acceptance of transcatheter aortic valve replacement devices, the segment accounts for a sizable aortic valve replacement devices market share. Since the first transcatheter aortic valve replacement device was approved in 2011, more than 276,000 patients have undergone a transcatheter aortic valve replacement procedure in the United States.
Aortic Valve Replacement Devices Market by End User
Based on the end user, the global aortic valve replacement devices market is segmented into hospitals, ambulatory surgery centers, and others.
The hospital segment accounted for the largest revenue share of the global aortic valve replacement devices market in 2022. Due to the need for specialized facilities and equipment for aortic valve replacement procedures, hospitals serve as the major healthcare venues for patients with aortic stenosis. Hospitals are the perfect location for aortic valve replacement surgeries since they feature the newest medical equipment and highly skilled medical personnel. Hospitals also have several specialists on staff to handle any problems that might occur during the treatment or the recovery period, ensuring that patients get the finest care possible. Hospitals also offer a comprehensive variety of healthcare services, such as diagnostic testing, preoperative assessments, and postoperative care, along with many support services, including physical therapy and rehabilitation, to aid patients in their recovery and to regain their strength following surgery. Having all the required services in one place makes them a practical and easily accessible choice for individuals who require an aortic valve replacement. Over the past few years, more hospitals have started to provide aortic valve replacement treatments. Patients who require this surgery now have easier access to care and shorter wait times, thanks to the rise in availability. Because of increased competition among hospitals, patient outcomes and prices have improved.
Aortic Valve Replacement Devices Market by Region
Based on the region, the global aortic valve replacement devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global aortic valve replacement devices market in 2022. One of the main drivers of regional market revenue growth is the increased prevalence of valvular illnesses, the aging population, and the growing understanding of the advantages of aortic valve replacement devices over alternative surgical methods. The development of minimally invasive techniques and technological developments are also expected to increase demand for aortic valve replacement devices during the forecast period from 2023 to 2031. The market may potentially profit from rising healthcare costs and advantageous reimbursement rules. Furthermore, it is expected that supportive government efforts and reimbursement rules will contribute significantly to the explosive revenue growth of the market in North America.
Due to emerging economies like China and India, the Asia Pacific region is expected to grow with the fastest revenue CAGR in terms of the aortic valve replacement devices market during the forecast period. Due to the aging population and rising heart disease prevalence, these nations have a significant potential for revenue growth. The market for cardiovascular devices in this region is expanding due to the increased adoption of unhealthy lifestyles and the rising demand for cutting-edge healthcare facilities. Major firms in the sector are concentrating on increasing their presence in these nations due to taking advantage of the expanding market potential. Additionally, a sizable target population, expanding healthcare services and infrastructure, rising disposable income, and increased government financing could promote the expansion of the local market.
Aortic Valve Replacement Devices Market Competitive Landscape
Adopting aortic valve replacement devices has led to increased competition in the aortic valve replacement market, putting pressure on traditional surgical methods. The aortic valve replacement devices market includes key developments in the aortic valve replacement devices market as organic and inorganic growth strategies. Many companies emphasize profitable expansion initiatives, including new launches, product approvals, patents, and events. Acquisitions, partnerships & collaborations were two growth strategies observed in the global aortic valve replacement devices market overview. These actions have allowed market participants to grow their consumer bases and operations. With the increasing demand for aortic valve replacement devices in the global market, it is expected that market players in this sector will have possibilities in the future. Additionally, companies across the globe are investing in raising awareness and reimbursement, which is also expected to improve the aortic valve replacement devices market outlook. Notable market participants holding the largest revenue share of the global aortic valve replacement devices market include,
Aortic Valve Replacement Devices Strategic Developments
Aortic valve replacement devices perform minimally invasive procedures to replace a narrowed aortic valve that fails to open properly.
New treatment strategies and increased cardiovascular disease prevalence are the key driving factors to fuel global aortic valve replacement devices market revenue growth.
High cost and post-surgery complications of aortic valve replacements are potentially restricting the growth of the global market.
Key companies operating the global aortic valve replacement devices market are Boston Scientific Corporation, Medtronic, Abbott, LivoNova, and Edwards Lifesciences Corporation.
The global aortic valve replacement devices market is expected to grow at a revenue CAGR of 10.2% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain