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.
- Europedominates 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 theTranscatheter 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.
Challenges – Transcatheter Aortic Valve Replacement Market
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.
- 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.
- In August, 2019, Medtronic Plc. got the approval by the FDA for the Evolut Transcatheter Aortic Valve Replacement (TAVR) system for patients with symptomatic severe native aortic stenosis who are at a low risk of surgical mortality.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.