Transcatheter Aortic Valve Replacement Market - Forecast(2024 - 2030)
Overview
Transcatheter Aortic Valve Replacement Market is forecast to reach $6.60 billion by 2024, growing at a CAGR of 13.40% during the forecast period 2019-2024. Growing number of patients with cardiovascular ailments such as coronary artery diseases, heart failures, and hypertension and increasing occurrence of aortic disorders among geriatric population are the factors driving the growth of the market. Increasing demand for minimally invasive procedures and new product approvals by the regulatory bodies will further enhance the overall market demand of transcatheter aortic valve during the forecast period.
Key Takeaways
- Europe dominates the Transcatheter Aortic Valve Replacement Market owing to presence of good healthcare infrastructure and high adoption rate of advanced transcatheter aortic valves.
- The growing geriatric population for cardiovascular diseases and increasing demand of minimally invasive based procedures is likely to aid in the market growth of Transcatheter Aortic Valve Replacement Market.
- Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Transcatheter Aortic Valve Replacement Market Report.
- High cost associated with the procedures and lack of skilled professionals will create hurdles for the Transcatheter Aortic Valve Replacement Market.
Procedure - Segment Analysis
Transfemoral implantation held the
largest share in the Transcatheter Aortic Valve Replacement market in 2018 and
will grow at a CAGR of 6.4% during the forecast period 2019-2024.This is mainly
owing to the factors such as advantage of minimally invasive procedure, less
recovery time and hospitalization costs. Transfemoral implantation s the
standardized TAVI procedure, whereas artificial valve is implanted through the
femoral artery with minimal anesthesia. The procedure has been accepted by
majority of doctors due to its positive outcomes. Transcatheter aortic valve
replacement includes aortic valve stenosis, arrhythmias, biological tissue
valve, aortic valve, sternotomy. Transapical implantation is estimated to be
the fastest growing segment during the forecast period 2019-2024, owing to its
ease of use and fewer complications than other surgical procedures. This
procedure enables better passage for device entry with any diameter which
provides better tissue longevity.
End Users - Segment Analysis
Hospitals holds a major share in
the transcatheter aortic valve replacement market in 2018 and is estimated to
grow at a CAGR of 4.8% during the forecast period 2019-2024. Growing patient
pool and rising demand for efficient and effective surgery with shorter
recovery time and reduced hospital stay are key factors driving hospital market
shares in the global transcatheter aortic valve replacement market. Recently,
ambulatory surgical centers are also gaining popularity in the transcatheter
aortic valve replacement.
Geography - Segment Analysis
Europe dominated the transcatheter aortic valve
replacement market with a share
of more than 37.5%, followed by North America. Rising prevalence of aortic
stenosis and presence of good healthcare infrastructure are some major factors
which are likely to foster the growth of Europe transcatheter aortic valve
replacement system market over the forecast period. High adoption rate of advanced
transcatheter aortic valves among the geriatric population will also help in
the growth of this region. In
the U.S. rising incidence of aortic stenosis along with favorable reimbursement
policies are expected to drive the growth of the market over the forecast
period.
However, Asia-Pacific is estimated to grow at a higher
CAGR during the forecast period. This is so because of the growing geriatric
populations in countries such as Japan, China and increasing awareness among
physicians and healthcare professionals about transcatheter aortic valve
replacement. The sudden rise in prevalence of
cardiovascular diseases and better healthcare infrastructure will support the
development of this region and will grow the transcatheter aortic valve
replacement market size in this region.
Drivers – Transcatheter Aortic Valve Replacement Market
- Rising prevalence for cardiovascular disorders
The growing pool of patients
who are suffering from cardiovascular disease is one of the key factors
augmenting the growth of transcatheter aortic valve replacement market.
Cardiovascular diseases cause improper functioning of aortic valves, hereby
stoking the demand for efficient valve replacement procedure. The need of transcatheter
aortic valve implantation is on the rise due to the increase in prevalence of
aortic stenosis.
- Growing adoption of minimally invasive therapies and rising geriatric population
Rising
technological, advancements and increased demand for minimally invasive
catheter based procedures as compared to conventional open heart therapies and
patients opting for an effective and efficient therapy with quick recovery is
propelling the growth of the market. The older population is likely to undergo
this kind of procedure as the open-heart procedure is too risky for them and
they are inoperable and cannot undergo surgical aortic valve replacement (SAVR)
procedure.
- ChallHigh cost of devices
High cost associated with transcatheter heart valve
devices in developing and under-developed countries has resulted in inadequate
installation of heart valves in healthcare facilities. Lack of skilled
professionals in certain regions of developing countries and lack of awareness about the latest
technological innovations among individuals will restrain the growth of the
market.
Transcatheter Aortic Valve Replacement Industry Outlook
Product launches, acquisitions and R&D activities are
key strategies adopted by players in the Transcatheter Aortic Valve Replacement
industry. In 2018, the market ,transcatheter aortic valve replacement market
share is fragmented by the top ten players. Transcatheter Aortic Valve
Replacement top 10 companies are Boston Scientific Corp., Direct Flow Medical,
Inc., Edward Lifesciences Corp., Bracco Spa, Jenavalve Technology, Inc.,
Medtronic Plc, St. Jude Medical Inc., Meril Life Sciences Pvt. Ltd., and
Transcatheter Technologies Gmbh among others.
Acquisitions/Product Launches
Ø In
April 2019, Boston Scientific Corp. received FDA Approval for LOTUS Edge™
Aortic Valve System. The LOTUS Edge valve system is the only FDA-approved
aortic valve that gives physicians the option to reposition and completely
recapture the valve once it has been fully deployed.