Valued at $5 billion in 2016, the global heart valve device market is expected to soar to $14.4 billion in 2025, according to a new Transparency Market Research report.

The market is estimated to grow at an annualized rate of 12.4 percent from 2017 to 2025.

The analysts attribute this substantial growth to the rising elderly population and the associated prevalence of cardiac and vascular diseases. In addition, advancements in heart valve technology have contributed to an increase in minimally-invasive procedures.

But the high cost of the valves and stringent regulatory approval processes are the main inhibiting factors.

The overall market comprises three segments — mechanical heart valve, biological heart valve and transcatheter aortic valve. The mechanical heart valve segment made up the largest share of the market last year.

Its popularity is mainly due to its strong durability. Mechanical heart valves have also been shown to have significantly better survival rates compared to biological heart valves.

The major players in the market are Abbott Laboratories, Boston Scientific Corporation, CryoLife, Inc., Edward LifeSciences Corporation, Medtronic plc., Neovasc, Inc., Sorin Group and others.

The distribution channel market for heart valves includes hospitals, ambulatory surgical centers (ASC), cardiac centers and research centers. Hospitals were the largest customer in 2016 due to the fact that they're more widely available than ASCs.

Hospitals are also the first choice for patients who need surgical procedures, but a rapid influx of ASCs that perform surgery is expected to boost the growth of the ASC segment.

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