Prosthetic Heart Valve Market| Asia Pacific registering a CAGR of 13.1% during the forecast period

Posted by supriya on August 9th, 2022

According to a new report published by Allied Market Research, titled, “Prosthetic Heart Valve Market," The prosthetic heart valve market size was valued at .9 billion in 2021, and is estimated to reach .7 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.

An artificial heart valve, also known as a prosthetic heart valve, is inserted in the heart of someone who has cardiac vascular disease (valvular heart disease). A strong material such as carbon or titanium is used to construct the prosthetic valve. Mechanical heart valves, transcatheter heart valves, and tissue or bio-prosthetic heart valves are the three forms of prosthetic heart valves. Individuals have the option of picking a prosthesis based on their health state and the advice of their surgeon. The heart valve replacement method allows the diseased valve to be removed and replaced with an artificial valve.

The major factors that impact the growth of prosthetic heart valve market include high prevalence of valvular heart disease (VHD). For instance, according to the estimations of the U.S. Department of Health & Human Services, around 2.5% of the U.S. population is suffering from valvular heart disease (VHD) and large proportion of these patients are older adults. Regulatory approval for heart valves, incorporation of technology improvements, and increase in the number of heart valve implantation procedures are further driving the demand for prosthetic heart valves. One of the key reasons for a global preference for prosthetic heart valves is that they are an effective alternative to invasive open heart surgery. However, high costs associated with transcatheter heart valve devices, procedure-related risks & problems, and product recalls are some of the limitations that are projected to hamper the global prosthetic heart valve market growth.

In addition, technological advancements in prosthetic heart valves leading to production of compatible, long-lasting, cost-effective invasive devices to drive the market growth. This along with emerging trend of 3D printed personalized heart valves and increasing initiatives by governments and market players to promote awareness about treatment of valvular heart disease (VHD) significantly contribute toward the growth of the industry.

However, high cost of prosthetic heart valves, increase in incidence of post-surgery complications such as internal bleeding, stroke, and presence of inadequate reimbursement policies in developing countries are expected to hamper the market growth. On the contrary, increase in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing countries of Asia-Pacific are anticipated to open new avenues for the expansion of the global prosthetic heart valve market during the forecast period.

Coronavirus is a large family of severely acute respiratory syndrome (SARS) viruses that causes diseases ranging from common cold to severe respiratory diseases. The implementation of lockdown delayed the surgical procedure needed for installing prosthetic heart valve and manufacturing of prosthetic heart valve up to six months, thereby having a minimal negative impact on the market. However, the demand of prosthetic heart valve arose as the population that suffered with virus experienced asthma and cardiovascular disorders as an after effect of the contamination that led to gradual growth of the market, and is a major factor that still drives the growth of the prosthetic heart valve market.