LOS ANGELES, Jan. 09, 2020 (GLOBE NEWSWIRE) -- The global transcatheter devices market is expected to grow at a CAGR of around 12% during the forecast period 2019 to 2026 and reach the market value of around US$ 19.4 Bn by 2026.
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North America dominated the global transcatheter devices market in the year 2018. The region has experienced the potential growth owing to the presence of higher adoption of technological advance devices and surgical procedures, availability of skilled healthcare professionals and higher disposable income. Also, high prevalence of cardiovascular disease and cancer patients and increasing need for better treatment option boosts the growth of North America transcatheter market throughout the forecast period. Europe is expected to account for the second largest share in the global transcatheter devices market owing to the favorable reimbursement policies, presence of large patient pool and high awareness regarding minimally invasive surgeries such as transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI). Shifting preference towards transcatheter replacement procedures over conventional surgeries is one of the prime factors responsible for the market growth during the forecast period. However, Asia Pacific is forecasted to have the highest growth rate in the global market during the forecast period and further expected to plan an important role in the development of the market in the region in future owing to increase in awareness for minimally invasive surgeries in the region.
In 2018, transcatheter replacement device shave dominated the product type segment and is projected to maintain its dominance over the forecast period from 2019 to 2026. The growth of this segment is attributed to the availability of wide range of products and high commercialization rate. Within this segment, the transcatheter aortic valve replacement (TAVR) devices and transcatheter mitral valve replacement accounts for the highest share in the market owing to the increasing demand for TAVR surgeries in developed economies and growing research and development activities by conducted by few of the key players in the market. For instance, Abbott received a FDA approval for fourth-generation MitraClip device - MitraClip G4 in 2018, which offers a wide range of clip sizes, and facilitates real time assessment of procedure, which enable doctors to treat mitral valve disease efficiently.
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Cardiovascular application segment dominated the transcatheter devices market on the basis of application in the year 2018. The factors responsible for the growth of this segment includes, growing geriatric population with high risk for cardiac disease and increasing need for advance surgical option for the patients with cardiac disease which offers minimal risk and shorter recovery time. Oncology application segment held second largest share in the global transcatheter market owing to the large patient pool, increasing adoption of embolization technique for cancer such as kidney, pancreatic, breast and liver cancer.
Some of the leading competitors are Abbott, CryoLife, Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, JenaValve Technology, Inc., Meril Lifesciences Pvt. Ltd., Neovasc Inc., and Terumo Corporation. Key strategies followed by the top companies are product launch and marketing authorization. In 2019, companies such as Meril Lifescience, BioVentrix and Edwards Lifesciences received CE approval for their products.
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Some of the key observations regarding transcatheter devices industry include:
- November 2019, MyVal-1 transcatheter heart valve (THV) manufactured by Indian medtech company Meril’s has demonstrated a high procedural success rate in a one-month clinical trial. Myval THV is expected to be the a next-generation TAVR system which is would be minimizing physicians’ learning curve and most of unmet needs
- In November 2019, U.S. Food and Drug Administration (FDA) has granted Breakthrough Device Designation status for BioVentrix's Revivent TC™ Transcatheter Ventricular Enhancement System for heart failure. The goal of the Breakthrough Devices Program is to provide patients and health care providers with timely access to these medical devices by speeding up their development, assessment.
- In November 2019, Edwards Life-sciences received CE Mark approval for expanded use of its Sapien 3 transcatheter aortic valve implantation (TAVI) system.
- In August 2019, U.S. Food and Drug Administration approved the expansion of the indication for several transcatheter heart valves to patients at low risk for death or major complications associated with open-heart surgery. This new approval would significantly expand the number of patients which can be treated with this minimally invasive procedure for aortic valve replacement
- In June 2019, an India based company Meril Life Sciences’s Myval Transcatheter Heart Valve receives CE approval. The CE certification would enable MyvalTM -THV to reach over 60 countries in Europe
- In July 2019, Shanghai MicroPort CardioFlow Medtech Co., Ltd. received the registration certificate for the VitaFlow® Transcatheter Aortic Valve and Delivery System (“VitaFlow®”) from National Medical Products Administration of China (NMPA).
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