Market Overview
The aortic stenosis market comprises medical devices that are used to treat aortic valve stenosis, a condition where the aortic valve between the heart and the main artery from the heart (aorta) becomes narrow and does not open fully. This condition reduces blood flow from the heart to the rest of the body. The primary treatment options for aortic stenosis include balloon aortic valvuloplasty, transcatheter aortic valve replacement (TAVR) and surgical aortic valve replacement (SAVR). Among these, TAVR has gained immense popularity in recent years due to its minimal invasiveness.
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. The rising geriatric population base that is highly susceptible to cardiovascular diseases worldwide presents lucrative growth opportunities. North America dominated the global market in 2021 owing to several technological advancements and availability of advanced healthcare facilities in the region. However, Asia Pacific is expected to witness the highest CAGR during the forecast period supported by growing healthcare expenditures, increasing prevalence of cardiovascular diseases, and improving access to healthcare facilities.
Market Drivers
One of the key drivers propelling the aortic stenosis market growth is the rising prevalence of cardiovascular diseases worldwide. According to the World Health Organization (WHO), cardiovascular diseases are the number one cause of death across the globe, accounting for over 17.9 million deaths annually. Aortic stenosis is one of the most common types of cardiovascular diseases affecting the elderly population. Other major drivers include the growing geriatric demographic, increasing access to transcatheter procedures, and technological advancements in valve replacement devices.
Market Restraints
High costs associated with treatment procedures is a key challenge for the aortic stenosis market. TAVR and SAVR procedures involve deployment of expensive valve replacement devices and require specialized facilities and trained medical professionals, making them unaffordable for many patients. Lack of awareness regarding symptoms of aortic stenosis especially in developing nations also hinders timely diagnosis and treatment, consequently impacting market growth. Stringent regulatory requirements for new product approvals also pose a challenge for market players.
Segment Analysis
The transcatheter aortic valve replacement (TAVR) sub segment dominated the global aortic stenosis market share in 2023. The higher adoption rate of TAVR procedures compared to surgical aortic valve replacement procedures has made TAVR the most preferred treatment option for severe aortic stenosis. TAVR is considered as minimally invasive procedure compared to open-heart surgeries associated with surgical aortic valve replacement. Moreover, better clinical outcomes, fast recovery times, and growing acceptance of TAVR for intermediate-risk patients are expected to continue the dominance of TAVR segment during the forecast period.
The North America region accounted for the highest share of the global aortic stenosis market in 2023. The U.S. being front runner in adopting advanced treatment options has significantly contributed to the regional market growth. Moreover, favorable reimbursement policies and presence of major industry players in the region drives the market. Asia Pacific is projected to witness fastest growth during the forecast period owing to growing patient pool, increasing healthcare expenditure, and rising medical tourism in countries like India, China, and Japan.
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