PUBLISHER: The Business Research Company | PRODUCT CODE: 1428049
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428049
A transcatheter valve repair system constitutes a minimally invasive procedure wherein a catheter is inserted through a small incision in the leg or chest and guided to the heart with the aid of imaging guidance. This approach is employed for treating patients with severe mitral regurgitation (grade 3+ or above) resulting from abnormal mitral valve leaflets and the surrounding region, especially when open-heart surgery is deemed excessively risky.
The primary products associated with the transcatheter valve repair system include transcatheter aortic valve replacement (TAVR), transcatheter mitral valve replacement (TMVR), transcatheter pulmonary valve replacement (TPVR), and transcatheter tricuspid valve replacement (TTVR). Transcatheter Aortic Valve Replacement (TAVR) specifically pertains to the replacement of an aortic valve afflicted with stenosis through a minimally invasive cardiac procedure. This method is applied to enhance blood flow and alleviate symptoms associated with aortic valve stenosis, such as fatigue, shortness of breath, fainting, and chest pain. The applications of transcatheter valve repair systems extend to aortic stenosis, mitral stenosis, tricuspid stenosis, and pulmonary stenosis, with utilization in hospitals, specialty clinics, ambulatory surgical centers, and other medical facilities.
The transcatheter valve repair system treatment market research report is one of a series of new reports from The Business Research Company that provides transcatheter valve repair system treatment market statistics, including the transcatheter valve repair system treatment industry's global market size, regional shares, competitors with an transcatheter valve repair system treatment market share, detailed transcatheter valve repair system treatment market segments, market trends, and opportunities, and any further data you may need to thrive in the transcatheter valve repair system treatment industry. This transcatheter valve repair system treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The transcatheter valve repair system market size has grown strongly in recent years. It will grow from $4.79 billion in 2023 to $5.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The expansion observed in the historical period can be ascribed to the increasing rates of cardiovascular diseases, limitations in surgical options, the initial success of transcatheter valve procedures, investments in research and development, as well as the adoption and training of physicians.
The transcatheter valve repair system market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be linked to expanded indications, an aging population, initiatives promoting value-based healthcare, patient-centric care models, and the development of next-generation devices. Prominent trends expected during the forecast period encompass a focus on long-term durability, the integration of healthcare systems, the adoption of data-driven precision medicine, advancements in remote and robotic-assisted interventions, and the emergence of hybrid procedures.
The anticipated increase in the occurrence of heart diseases is set to drive the growth of the transcatheter valve repair system market in the foreseeable future. Heart disease, affecting either the blood vessels or the heart itself, can be addressed using transcatheter devices, which replace a faulty aortic valve with an artificial one, particularly in the treatment of aortic valve disease. As of December 2022, data released by the New York government reveals that heart disease claims the lives of approximately 697,000 people annually in the United States, accounting for 1 in 5 fatalities. Moreover, around 805,000 Americans experience a heart attack each year, with 605,000 being first-time occurrences and 200,000 resulting from previous heart attacks. Consequently, the increasing incidence of heart disease is a driving factor in the transcatheter valve repair system market's growth.
The global rise in the elderly population is expected to contribute significantly to the growth of the transcatheter valve repair system market. The geriatric population, typically defined as individuals aged 65 years or older, is set to benefit from less invasive treatment options provided by transcatheter valve repair systems, especially advantageous for those at higher surgical risk due to age. According to the World Health Organization's October 2022 report, the global population of individuals aged 60 and older is projected to reach 1.4 billion by 2022, compared to 1 billion in 2020. Additionally, by 2030, 1 in 6 people worldwide will be aged 60 or older. Therefore, the increasing global geriatric population is poised to drive the growth of the transcatheter valve repair system market.
Product innovation is a prominent trend gaining traction in the transcatheter valve repair system market, with key market players actively pursuing the development of innovative products to solidify their market positions. An example of this trend is evident in December 2022 when Abbott Laboratories Inc., a US-based healthcare company, launched the Navitor transcatheter aortic valve implantation (TAVI) system. This latest-generation system, designed to prevent blood leakage around the valve, brings minimally invasive technology to individuals in India suffering from severe aortic stenosis and at high or extreme risk for surgery. This advancement represents Abbott's commitment to progressing TAVI therapies through innovative valve designs.
Major market participants are directing their efforts towards developing advanced technologies, such as the next-generation transcatheter heart valve, to provide improved heart valve replacement options. The next-generation transcatheter heart valve, exemplified by Edwards Lifesciences' SAPIEN 3 Ultra RESILIIA launched in September 2022, incorporates RESILIA tissue technology to address the primary cause of reintervention following heart valve replacement-calcification. This innovation marks a significant step forward in minimally invasive heart valve replacement procedures.
In January 2022, Sahajanand Medical Technologies Limited, an India-based medical device company, acquired Vascular Concepts for an undisclosed amount. This strategic acquisition positions Sahajanand Medical Technologies Limited to enhance its advanced medical technologies by adding aortic valves and transcatheter valve repair systems to its product portfolio. Vascular Concepts, an India-based clinical medical device company, specializes in designing, developing, and manufacturing hydra transcatheter aortic valve systems.
Major companies operating in the transcatheter valve repair system market report are Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Edwards Lifesciences Corporation, Bracco Group, LivaNova Plc., Meril Life Sciences Pvt. Ltd., Sorin Group, Cordis Corporation, MicroPort Scientific Corporation., Biotronik Pvt. Ltd., AtriCure Inc., OrbusNeich Medical Group Holdings Limited, Endologix LLC, Venus Medtech (Hangzhou) Inc., Dura LLC, HLT Medical Inc., Symetis SA, JenaValve Technology Inc., 4C Medical Technologies Inc., Cardiac Dimensions Inc., Valve Solutions Inc., Transcatheter Technologies GmbH, Evalve Corporation, Colibri Heart Valve LLC, Aegis Surgical Limited, Medtentia International Ltd., Coramaze Technologies Ltd., Neovasc Inc., Anteris Technologies Ltd.
North America was the largest region in the transcatheter valve repair systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transcatheter valve repair system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the transcatheter valve repair system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The transcatheter valve repair systems market includes revenues earned by entities by providing mitraClip G4 system, NeoChord, harpon, and PaScal precision transcatheter. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Transcatheter Valve Repair System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transcatheter valve repair system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transcatheter valve repair system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transcatheter valve repair system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.