WILMINGTON, DE / ACCESSWIRE / March 28, 2023 / Transparency Market Research Inc. - The pulmonary valve replacement market was valued at USD 1.0 Bn in 2022 and is projected to surpass USD 1.6 Bn by 2031 with CAGR of 4.9%.
Rise in number of transcatheter heart valve replacement procedures in developed countries in the past few years has helped augment the pulmonary valve replacement market size. Advancements in diagnosis of pulmonary valve disorders are likely to bolster the market development.
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Surge in prevalence of congenital heart diseases (CHD) in adults in several countries is likely to bolster the demand for pulmonary valve replacement procedures. Rapid increase in number of adults with CHD is driving the need for revised guidelines on the management of adult CHD. These guidelines should focus on risk assessment and the type of interventions that would prove effective in the treatment of the disease. An example is 2020 ESC Guidelines for the management of acute coronary syndromes in patients. High prevalence of congenital pulmonary stenosis and rise in demand for valve replacement to treat pulmonary atresia are likely to fuel the pulmonary valve replacement market development.
Key Findings of Study
- High Demand for Durable Pulmonary Prosthetic Valve to Treat CHD: Prevalence of CHD in adults has driven the number of pulmonary valve replacement procedures worldwide. Transcatheter heart valve replacement procedures have become popular among patients, as they are minimally invasive. Technological advancements in mechanical pulmonary valve replacement have broadened the market outlook. Recent analysis of the pulmonary valve replacement market indicates that mechanical valve accounted for leading market share in 2022, among all types of valves. Durability of mechanical valves is a key advantage over biological valve. These are likely to gain traction in multiple valve replacement procedures.
- Prevalence of Pulmonary Regurgitation and Pulmonary Stenosis to Drive Demand for Valve Replacement Procedures: High prevalence of pulmonary regurgitation and congenital pulmonary stenosis is likely to boost the adoption of pulmonary valve replacement procedures. These procedures are preferred in hospital settings than in ambulatory surgical centers. The analysis by TMR indicates that the hospitals segment held major share in 2022.
Key Drivers
- Increase in prevalence of pulmonary stenosis in patients with CHD (or defect) is a key factor likely to propel the industry growth. Surge in incidence of congenital cardiac defects is therefore likely to bolster the demand for procedures to treat moderate-to-severe pulmonary stenosis.
- Rise in awareness about complications of CHD in adults, such as risks of stroke and arrhythmias, is likely to augment the demand for pulmonary valve replacement procedures. Advancements in minimally invasive interventions to treat valvular heart disease are poised to broaden the pulmonary valve replacement industry outlook.
- Adoption of improved valves in transcatheter pulmonary valve replacement (TPVR) is a key market trend anticipated to bolster the pulmonary valve replacement market growth. Growth in R&D of mechanical valves is likely to enhance clinical outcomes of these procedures in CHD.
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Regional Growth Dynamics
North America held the leading share of the global market in 2022. The market in the region is anticipated to expand at a significant CAGR from 2023 to 2031. Rise in incidence of structural heart diseases and advancements in heart surgery techniques are expected to offer lucrative opportunities for companies in the near future. High health burden of heart valve diseases in the U.S. presents significant opportunities for companies to commercialize pulmonary valve replacement products.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Rise in awareness about the incidence of CHDs and high prevalence of pulmonary valve disorders in adults are likely to accelerate market development in the region.
Competition Landscape
The landscape is fragmented, with prominent presence of several local and international players. Key players are expanding their product portfolio and adopting merger and acquisition strategies to increase market share.
Prominent companies in the pulmonary valve replacement market are Boston Scientific, Edwards Lifesciences, Medtronic, Abbott Laboratories, Cryolife Inc., LivaNova, and 4C Medical Group.
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Pulmonary Valve Replacement Market Segmentation
By Valve Type
- Mechanical Valve
- Biological Valve
- Donor Valve
- Tissue Valve
By Application
- Pulmonary Valve Stenosis
- Pulmonary Atresia
- Others
By End-user
- Hospitals
- Ambulatory Surgical Centers
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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