India Prosthetic Heart Valve Market By Product (Tissue Heart Valve, Mechanical Heart Valve, Transcatheter Heart Valve) , : Opportunity Analysis and Industry Forecast, 2024-2033
India Prosthetic Heart Valve Market
The India prosthetic heart valve market was valued at $159.9 million in 2023 and is projected to reach $519.7 million by 2033, growing at a CAGR of 12.5% from 2024 to 2033.
A prosthetic heart valve is an artificial instrument designed to substitute the impaired native valves of the human heart. Its efficient opening and closing at every heartbeat promote effective blood circulation throughout the body. Prosthetic valves are majorly of two types: bioprosthetic and mechanical. Bioprosthetic valves are developed using biological tissues derived from animals or humans and mechanical valves are fabricated from durable materials such as titanium or carbon. The longevity of these devices typically ranges from 20 to 30 years, minimizing the risk of blood clot formation on their surfaces.
The exponentially aging population in India is a key driver of the market as elderly individuals remain highly susceptible to cardiovascular diseases. In addition, upsurge in sedentary lifestyles and unhealthy dietary habits has increased the prevalence of heart diseases in middle-aged individuals, thereby propelling the development of the market. Furthermore, the implementation of several initiatives by the government to improve healthcare infrastructure and promote the affordability of treatments & medications is projected to fuel the demand for prosthetic heart valves in coming years. A notable trend gaining prominence in the India prosthetic heart valve market is the use of 3D printing technology for the development of the valves. They are created using specialized biopolymers with high biocompatibility and customization ability, eliminating the risks associated with existing synthetic valves such as thrombotic and thromboembolic complications.
However, shortage of efficient doctors and manpower hinders the effective and timely delivery of healthcare in India. This exhibits an impact on the requirement for prosthetic heart valves and restrains the growth of the market. Moreover, lack of efficient resources and infrastructure in the remote locations of India limits the utility of valves, hampering the market development significantly. On the contrary, rise in medical tourism in the country due to the availability of advanced medical technologies in urban settings is anticipated to present lucrative opportunities for the India prosthetic heart valve market. According to EY, a British accounting firm, the number of medical tourists visiting India crossed the mark of 0.5 million in 2023. This number is further projected to increase in the future and open new avenues for the market.
Segment ReviewThe India prosthetic heart valve market is segmented by product. On the basis of product, the market is divided into tissue heart valve, mechanical heart valve, and transcatheter heart valve.
Key FindingsOn the basis of product, the transcatheter heart valve segment held a high share of the market in 2023.
Competition AnalysisThe leading players operating in the global India prosthetic heart valve market include Edwards Lifesciences Corporation, TTK, SMT, Relisys Medical Devices Limited, Medtronic, Heart Care India Co., Boston Scientific Corporation, Meril Life Sciences Pvt. Ltd., P+F Products + Features GmbH, Abbott Laboratories, and NeoCor CJSC. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ProductTissue Heart Valve
Stented Tissue Heart Valve
Stentless Tissue Heart Valve
Mechanical Heart Valve
Transcatheter Heart Valve
Key Market PlayersEdwards Lifesciences Corporation
TTK
SMT
Relisys Medical Devices Limited.
Medtronic
Heart Care India Co
Boston Scientific Corporation
Meril Life Sciences Pvt. Ltd.
P+F Products + Features GmbH
Abbott Laboratories
NeoCor CJSC