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However, high costs and regulatory hurdles may hinder its expansion.
Technavio said it is expected that the global heart valve repair and replacement equipment market will grow by US$2.58b by 2028, with a compound annual growth rate of 7.08%.
The industry’s expansion is attributed to the increasing prevalence of heart valve disease, technological advancements and an aging population.
“Demand for minimally invasive procedures and increasing awareness of heart valve replacement therapies are also contributing factors,” the report said.
Minimally invasive procedures, such as transcatheter aortic valve replacement and transcatheter mitral valve replacement, are popular for their lower risks compared with traditional open-heart surgery.
However, challenges such as high costs and regulatory hurdles, including the FDA approval process and stringent regulations, may hinder the industry’s growth.
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