Cardiac Valve Market

Market Overview

The global cardiac valve market size was valued at USD 7,188.01 million in 2022. It is estimated to reach USD 11,328.19 million by 2031, growing at a CAGR of 6.4% during the forecast period (2023–2031).

The cardiac valve, an integral element of the cardiovascular system, performs a critical function in preserving ideal blood flow dynamics within the heart chambers. The specialized aperture is a meticulous regulatory mechanism that facilitates precise blood flow management. In cases where the natural heart valve experiences impairment or injury, a cardiac valve replacement procedure is deemed necessary to reinstate the heart's normal physiological function. The implanted device functions as a unidirectional valve, possessing intricate design features that efficiently control blood circulation's direction and optimal pressure.

The cardiovascular system plays a pivotal function in maintaining the continuous and effective transportation of blood throughout the heart, thus enabling optimal circulation to various anatomical regions that necessitate oxygen and vital nutrients. The cardiac valve assumes a pivotal role in upholding the overall health and functionality of the cardiovascular system by diligently safeguarding the integrity of blood flow.

Highlights

• Cardiac wall repairdominates the treatment segment
• The mitral valvedominates the type segment
• Tissue/bioprosthetic valves dominate the valve position segment
• Hospitals and clinicsdominate the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Market Drivers

Rising Geriatric Population

In the coming years, the cardiac valve market is expected to grow substantially from 2022 to 2029, propelled by various key factors. One notable driver is the alarming surge in individuals worldwide suffering from cardiovascular diseases. This escalating prevalence of heart-related conditions, including valvular disorders and coronary artery disease, has heightened the need for cardiac valve replacements. These implants play a vital role in restoring proper cardiac function and enhancing patient outcomes.

Additionally, the number of elderly people worldwide is rising noticeably, making them more susceptible to cardiovascular diseases. The need for cardiac valves is increasing as more elderly people seek efficient treatment options for heart-related ailments. This shift has had a significant impact on driving the market forward.

Increasing Popularity of Minimally Invasive Surgeries

The contemporary period is characterized by a prevalence of sedentary behaviors, erratic dietary routines, and an increasing inclination towards easily accessible, pre-packaged food choices. Regrettably, the confluence of these factors has yielded a disconcerting surge in global cholesterol levels and obesity prevalence. The observed trend has led to a notable upswing in the request for cardiac valves, thereby creating a noteworthy prospect for market expansion.

Additionally, it is important to note that the increasing geriatric population exacerbates the situation above, as older individuals exhibit heightened vulnerability to various cardiovascular ailments. The continuous growth potential of the market can be attributed to the increasing demographic of elderly individuals who are more susceptible to cardiac conditions.

Global Market Restraint

Stringent Government Regulations

The progress of the market is hindered by challenging stringent government regulations that govern the development, manufacturing, and usage of medical products, including cardiac valves. Compliance with these regulations necessitates a multifaceted and labor-intensive procedure involving comprehensive testing and meticulous documentation to guarantee the safety and effectiveness of the subject matter. These regulatory obstacles can slow market advancement and impose additional costs on manufacturers.

Global Market Opportunities

Growing Awareness of Disease Diagnosis among People

The growing recognition among individuals regarding disease detection and the significance of accessing medical care is poised to exert a substantial impact on the healthcare sector, thereby creating novel opportunities for expansion. The increasing awareness and understanding of individuals regarding their health have led to a notable rise in their proactive engagement with medical interventions and therapies. Therefore, this trend has generated a significant upsurge in demand within the medical sector. This growing patient population presents ample opportunities for various healthcare sectors, including the market, to expand and cater to the increasing healthcare needs.

Additionally, governments are proactively enhancing healthcare infrastructure, especially in underdeveloped regions. They are implementing new regulations and allocating more resources to healthcare spending to ensure healthcare services are accessible to all population segments. These government initiatives create favorable circumstances for the market to extend its reach and provide essential treatments to a broader patient base.

Segmental Analysis

The global cardiac valve market is bifurcated into treatment, type, valve position, and end user.

Based on the treatment, the global market is divided into cardiac wall repair, cardiac wall replacement, and others. 

The cardiac wall repair segment is the highest contributor to the market share and is expected to grow significantly during the forecast period. The cardiac wall repair segment is dedicated to addressing the needs related to repairing or reconstructing the heart's damaged or structurally abnormal walls. This segment encompasses a range of devices and procedures specifically designed for this purpose. In addition, the cardiac valve repair segment encompasses exploring and applying cutting-edge methodologies, protocols, and apparatuses to tackle concerns about structural irregularities or impairments within the cardiac walls. The observed anomalies encompass a range of conditions, notably ventricular septal defects, atrial septal defects, and various manifestations of wall damage.

Additionally, the cardiac wall repair segment is paramount in offering efficacious treatment alternatives for patients afflicted with these conditions, facilitating enhanced cardiac function and bolstering overall cardiovascular well-being. The ongoing progress and increasing acceptance of cardiac wall repair techniques are key drivers behind the notable growth observed in the specific segment of the market.

Based on the type, the global market is divided into mechanical valves, tissue/bioprosthetic valves, transcatheter heart valves/percutaneous heart valves, and others.

The tissue/bioprosthetic valves segment owns the largest market share and is anticipated to grow significantly during the forecast period. The tissue/bioprosthetic valve segment in the market refers to a specific type of valve used to replace damaged or diseased heart valves. These valves are crafted from animal tissue, such as cow or pig tissue, which undergoes chemical treatment and processing to ensure it is suitable for implantation. Tissue valves are preferred for patients who cannot tolerate long-term anticoagulation therapy, as they do not necessitate lifelong blood-thinning medications like mechanical valves. They offer favorable hemodynamic performance and have a reduced risk of thromboembolic events. Nonetheless, tissue valves have a limited lifespan compared to mechanical valves and may eventually require replacement.

Based on the valve position, the global market is divided into mitral valve, aortic valve, and other positions.

The mitral valve segment dominates the global market and is predicted to grow substantially over the forecast period. In 2022, the mitral valve segment emerged as the frontrunner in the market. This phenomenon is attributed to the rising in cardiovascular disease, a multifactorial condition influenced by several factors, including smoking, obesity, a sedentary lifestyle, and other stressors that significantly impact the cardiovascular system. The observed escalation in the prevalence of these risk factors has consequently led to an augmented need for mitral valve replacements. In addition, the mitral valve plays a crucial role in ensuring optimal blood circulation within the heart. As a result of its significance, the market for mitral valves has experienced substantial growth, providing patients with cardiovascular conditions access to efficient treatment options.

Based on the end-user, the global market is divided into hospitals and clinics, specialty centers, cardiac research institutes, and others.

The hospital and clinics segment owns the largest market and is predicted to grow substantially during the forecast period. This can be attributed to several factors, including increased government investment, a rise in hospital procedures, and improved management of cardiovascular diseases. Governments allocating more funds has facilitated the expansion of hospitals and clinics, enabling them to provide advanced cardiac valve procedures. The growing number of hospital procedures, such as valve replacements and repairs, has also contributed to the segment's dominance. In addition, the emergence of specialized clinics dedicated to cardiac care has played a crucial role in driving the overall growth and value of the market. These factors and advancements in other market sectors have propelled the hospital and clinics segment to a prominent position within the industry.

Regional Analysis

North America Dominates the Global Market

Based on region, the global cardiac valve market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global cardiac valve market shareholder and is predicted to grow at a significant rate during the forecast period. The North America Market demonstrated its dominance in 2022, securing the highest market share of 45.50%. The achievement can be ascribed to a multitude of factors, encompassing the advancement of medical expertise, the advent of pioneering and revolutionary cardiac valve solutions, and the implementation of regulatory frameworks that streamline the manufacturing and upkeep of heart valve devices. These elements have collectively played a significant role in fostering success, each contributing uniquely.

Furthermore, it is imperative to highlight that the escalating prevalence of lifestyle disorders, including diabetes and obesity, has played a pivotal role in driving the market's growth in the designated geographical area. The matter at hand warrants careful consideration. The dominance of the United States market in terms of market share within the North American region is a significant aspect that warrants emphasis. The data suggests that the United States holds a significant position within the sector. On the other hand, the Canadian market exhibited the highest growth rate, suggesting a promising trajectory for future market expansion.

Europe's position in the market is noteworthy, owing to many factors contributing to its significance. The region is fortunate to possess a resilient and firmly established healthcare system, which ensures that its populace has unfettered access to healthcare services of exceptional quality. Implementing this technology enables the efficient identification, assessment, and control of cardiovascular ailments, encompassing the need for procedures related to cardiac valves. It is also worth noting that Europe exhibits a significant demographic trend, with a considerable portion of its population comprising elderly individuals. This demographic group is particularly susceptible to cardiovascular ailments and frequently requires medical interventions such as cardiac valve procedures. This demographic factor contributes significantly to the market demand for cardiac valve products and procedures, stimulating regional market growth.

The Asia-Pacific region exhibits promising prospects for growth within the Market. The observed phenomenon can be attributed to various factors, including a large population base, increasing healthcare expenditure, and ongoing improvements in healthcare infrastructure. China, India, and Japan have emerged as prominent participants in the market expansion of the region. The region's large population base primarily drives the significant cardiac valve product and procedure market. The upward trend in healthcare expenditure and the substantial investments in healthcare infrastructure have resulted in a notable enhancement in the accessibility of advanced cardiac care facilities. This factor contributes to the expansion of the market as it facilitates improved accessibility to essential treatments and procedures for individuals.

In LAMEA, the market has unique dynamics. In Latin America, the demand for cardiac valve replacements is driven by the increasing prevalence of cardiovascular diseases and a growing elderly population. However, the region faces challenges due to limited healthcare infrastructure and access to advanced treatment options. Similarly, the Middle East also experiences a rising burden of cardiac diseases and a need for valve interventions. The expanding healthcare sector, government initiatives, and collaborations with international organizations support market growth in this region.

In Africa, the market encounters inadequate healthcare facilities, limited awareness, and affordability issues. Nevertheless, investments in healthcare infrastructure, medical tourism, and efforts to improve healthcare access are expected to fuel long-term market growth. The LAMEA region presents a mixed landscape for the market, with varying challenges and opportunities across its diverse economies.

Recent Developments

• December2022- Abbott Launched its latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor, making the minimally invasive device available for people in India with severe aortic stenosis who are at high or extreme surgical risk.