North America Prosthetic Heart Valve Market By Product (Tissue Heart Valve, Mechanical Heart Valve, Transcatheter Heart Valve) , : Opportunity Analysis and Industry Forecast, 2024-2033
North America Prosthetic Heart Valve Market
The North America prosthetic heart valve market was valued at $3.5 billion in 2023 and is projected to reach $9.8 billion by 2033, growing at a CAGR of 10.7% from 2024 to 2033.
A prosthetic heart valve is a man-made equipment used to replace the damaged native valves of the human heart. It opens and reopens with each heartbeat, similar to the natural valves, allowing the blood to flow throughout the body efficiently. It is majorly of two types, bioprosthetic and mechanical. A bioprosthetic valve is developed using natural tissues taken from humans or animals. Alternatively, a mechanical valve is made of sturdy materials such as carbon or titanium. The longevity of the device guarantees 20–30 years of operation and lowers the risk of blood clotting close to the valve surface.
The U.S. Census Bureau indicates the geriatric population to grow exponentially by 2030. Since the elderly population remains highly susceptible to heart disorders, the North America prosthetic heart valve market is anticipated to grow significantly in the future. Furthermore, the availability of advanced medical and imaging technologies enables the development of customized valves as per the requirement of each patient. This acts as a key driver of the market. A notable trend gaining prominence in the market for elevating the efficacy of the device is the integration of wireless smart sensors into it. These sensors facilitate real-time monitoring of pressure gradient and blood flow through the heart, which enables early detection of issues after the surgery.
However, the introduction of new surgical methods and valve-associated technologies is a time-consuming process due to the stringent regulatory framework established by governing bodies such as the U.S. Food and Drug Administration. This delays the advent of innovative technologies and hampers the growth of the North America prosthetic heart valve market. On the contrary, expansion of the medical tourism industry in the country is poised to present remunerative opportunities for the market. For instance, a report by Patient Beyond Borders—an advocate of affordable, high-quality medical care for healthcare consumers globally—states that the U.S. is a prime location for inbound medical tourism as the country hosts more than 1.4 million patients annually, generating a revenue of over $14 billion. Moreover, cardiology is one of the popular procedures for which foreign patients visit the region. Therefore, the future of the North America prosthetic heart valve market looks promising.
Segment ReviewThe North America prosthetic heart valve market is segmented on the basis of product, and country. On the basis of product, it is divided into tissue heart valve, mechanical heart valve, and transcatheter heart valve. Country wise, it is analyzed across the U.S., Canada, and Mexico.
Key FindingsOn the basis of product, the transcatheter heart valve segment held a high share of the market in 2023.
Competition AnalysisThe major players in the global North America prosthetic heart valve market include Abbott Laboratories, Artivion, Inc., Anteris Technologies Ltd., Boston Scientific Corporation, Edward Lifesciences Corporation, JenaValve Technology, Inc., Colibri Heart Valve, Medtronic plc, Meril Life Sciences Pvt. Ltd., and ShockWave Medical, Inc. 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
By CountryU.S.
Canada
Mexico
Key Market PlayersAbbott Laboratories
Artivion, Inc.
Anteris Technologies Ltd
Boston Scientific Corporation
Edward Lifesciences Corporation
JenaValve Technology, Inc.
Colibri Heart Valve
Medtronic plc
Meril Life Sciences Pvt. Ltd.
ShockWave Medical, Inc.