Wilmington, Delaware, United States, March 22, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, The global transcatheter valve repair system market was estimated to reach a global market valuation of US$ 4.7 billion in the year 2022. With a rapidly expanding CAGR of 7.7% during the forecast period of 2023 to 2031, the market is anticipated to reach US$ 9.1 billion by 2031.
According to the International Journal of Cardiovascular Diseases, worldwide, sudden cardiac arrest causes more than 7 million fatalities per year. As a result, the global market for transcatheter heart valve repair is aided by the rise in heart attacks, heart failure, strokes, and other heart-related disorders.
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Market Snapshot:
| Market Revenue | USD 4.7 billion in 2022 | |
| Estimated Value | USD 9.1 Bn by 2031 | |
| Growth Rate - CAGR | 7.7 | % |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Product, Application, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Format | Electronic (PDF) + Excel | |
Better treatment and increased accessibility to TAVR devices are the consequence of technological developments and new product introductions in the cardiovascular sector. Tissue valves are more common than mechanical prosthetic valves because of their superior biocompatibility and long lifespan.
The affordability of such transplant procedures is further increased by favorable payment programs for Medicaid, Medicare, and insurance claims supported by the regulatory agencies for the patients, which is boosting the rate of treatment for valvular illnesses.
Due to the rising demand for transcatheter aortic valve replacement (TAVR) procedures as well as the availability of cutting-edge devices, the procedure has a sizable market share. In addition, TAVR is utilized to treat a variety of aortic valve problems, including aortic regurgitation, severe aortic stenosis, and others, depending on the application. Such devices combine a mechanical valve (constructed from stainless steel or even nitinol) with biological valve leaflets (developed from cow heart tissue or bovine).
Similar to this, the transcatheter mitral valve replacement segment gains significance during the forecast period. It offers greater hemodynamic effectiveness with minimal transvalvular gradients and rates of residual mitral regurgitation. Mechanical valves as well as bioprosthetic tissue valves are the two categories used in transcatheter mitral valve replacement. Thus, such wide application of these procedures is expected to accelerate the revenues in this market by 2031.
Key Findings of the Market Report
- The global market for transcatheter valve repair systems is expected to garner a 7.7% CAGR from 2023 to 2031.
- In 2022, North America was estimated to occupy a market share of 40%.
- During the forecast period, the aortic stenosis segment is expected to gain prominence.
- By product, transcatheter aortic valve replacement (TAVR) to be most sought after
Global Transcatheter Valve Repair Systems Market Trends
- Due to growing aortic stenosis and more TAVR treatments in 2022, hospitals held a significant market share.
- The American College of Cardiology Foundation reports that in U.S. hospitals in 2019, there were 72,991 TAVR operations carried out.
- Moreover, segment expansion is being fueled by technical developments in TAVR devices and systems, bettering healthcare infrastructure, and advantageous reimbursement scenarios in both developed and developing nations.
- For instance, the Coverage with the Evidence Development program of the Centers for Medicare & Medicaid Services (CMS) supports TAVR for the treatment of severe AS (CED).
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Global Transcatheter Valve Repair System Market Regional Landscape
- Geographically, the transcatheter valve repair system market is dominated by North America, capturing a market share of 40%
- The primary drivers of the rising demand for transcatheter heart valve replacement products are the rapid growth in the aging populations, the availability of government support via product approvals and favorable health reimbursement, as well as the higher incidence of valvular heart diseases. According to the American Heart Association, 90,000 valve replacements are implanted annually in the United States.
- On the other hand, the transcatheter valve repair system market in Asia-Pacific has significantly expanded. This is due to the growing elderly populations in countries like China and Japan as well as the growing knowledge of transcatheter aortic valve replacement among doctors and other healthcare professionals.
Global Transcatheter Valve Repair System Market: Key Players
- Abbott Laboratories
- Biotronik Pvt. Ltd.
- Colibri Heart Valve
- Edwards Lifesciences Corporation
- HLT Medical
- LivaNova PLC
- Medtronic PLC
- Neovasc Inc.
- Coramaze Technologies
Some developments by the key players are:
- SavvyWire, a revolutionary guidewire from OpSens Inc. for TAVR procedures, received FDA 510(k) regulatory clearance in September 2022.
- In 2020, Abbott announced that its next-generation TriClipTM Transcatheter Tricuspid Valve Repair System has obtained CE Mark, making the first ever non-invasive tricuspid heart valve repair device accessible in Europe to treat tricuspid regurgitation (TR).
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Global Transcatheter Valve Repair System Market: Segmentation
By Product
- Transcatheter Aortic Valve Replacement (TAVR)
- Transcatheter Mitral Valve Replacement (TMVR)
- Transcatheter Pulmonary Valve Replacement (TPVR)
- Transcatheter Tricuspid Valve Replacement (TTVR)
By Application
- Aortic Stenosis
- Mitral Stenosis
- Pulmonary Stenosis
- Tricuspid Stenosis
By End-User
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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