Prosthetic Heart Valve Market 2023 Future Scope, Trends with Top Companies by 2030Posted by Roger on January 4th, 2024 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. 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. 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. 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. Like it? Share it!More by this author |