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The aortic stenosis market has been witnessing significant growth over the past few years owing to the increasing prevalence of the aortic valve disease among elderly population. Aortic stenosis occurs when the aortic valve between the heart and the main artery from the heart (aorta) becomes narrowed. This restricts the blood flow from the heart to the rest of the body. Devices utilized in the aortic stenosis market include transcatheter heart valves, surgical heart valves and accessories and repair devices. Aortic stenosis devices help in mitigating the narrowing of the aortic valve and improving the blood flow and patient outcomes. The worldwide prevalence of aortic stenosis is increasing with rising aging population, which is generating higher demand for treatment procedures and devices.
The Global aortic stenosis market is estimated to be valued at US$ 8.33 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the aortic stenosis market are Edwards Lifesciences Corporation, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, CryoLife, Inc., Braile Biomédica, JenaValve Technology, Inc., Meril Life Sciences Pvt. Ltd., Micro Interventional Devices, Inc., and egnite, Inc. These players are focusing on new product launches and expansion of their geographical presence to strengthen their market position.
The key opportunities in the aortic stenosis market include increasing reimbursements and government support for treatment procedures. Also, growing awareness and adoption of transcatheter aortic valves in developing nations will support the market growth.
Globally expanding geriatric population suffering from aortic valve disease is another factor supporting the growth of aortic stenosis market. Rising life expectancy especially in Asia and Latin America has increased the risk of various heart conditions requiring aortic stenosis interventions.
Market drivers
The major market driver is the rapidly aging global population susceptible to age-related aortic valve diseases. According to the UN, the population aged over 60 years will nearly double from 12% to 22% between 2015 and 2050 globally. With aging, the risk of aortic stenosis increases significantly. This widening geriatric demographic presents a growing need for aortic stenosis treatment procedures driving the market growth.
PEST Analysis
Political: Regulations by medical agencies like FDA regarding approval of new devices / design / technologies. Laws and guidelines for reimbursements and insurance coverage related to procedure and devices.
Economic: Healthcare spending and budget of governments and insurance providers. Cost of procedure and devices. Impact of inflation and currency fluctuations.
Social: Growing geriatric population and lifestyle diseases leading to increased prevalence of aortic stenosis. Awareness levels regarding valve diseases and available treatments. Acceptance of new procedures and technologies.
Technological: Advancements in catheter-based valve replacement techniques. Development of minimally invasive procedures, bioprosthetic valves with longer durability, valve-in-valve techniques. Use of robotics, artificial intelligence, 3D printing.
The geographical regions where the aortic stenosis market in terms of value is concentrated currently include North America, Western Europe, and Japan. This can be attributed to advanced healthcare infrastructure, availability of skilled professionals, higher healthcare spending, and presence of major manufacturers in these regions.
The Asia Pacific region is expected to witness the fastest growth over the forecast period. This growth can be attributed to factors like increasing prevalence of cardiovascular diseases, rising healthcare expenditure, growing medical tourism, and expansion activities by key market players looking to tap the large patient population in developing Asian countries. The rising disposable incomes and improving access to healthcare in nations such as China and India will further support the market growth in Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
