Transcatheter aortic valve replacement (TAVR) is a minimally invasive procedure that involves the insertion of a new valve inside the old aortic valve using a catheter. The procedure is followed by a quicker recovery process compared to traditional open-heart valve replacement surgery, and can be a viable option for patients who have limited choices in treating their aortic stenosis. The report includes growth prospects owing to the current transcatheter aortic valve replacement market trends and their foreseeable impact during the forecast period.
According to data published by the Texas Heart Institute, ~106,000 heart valve procedures are performed annually in the US. The mitral or aortic valves are repaired or replaced in almost all of these procedures. This surge can be attributed to the rising incidences of chronic valve diseases such as aortic stenosis and left ventricular hypertrophy. Additionally, advancements in medical technology, population aging, and improved awareness of heart-related conditions contribute to the rising valve replacement surgeries. Aortic valve replacement is a critical procedure often used to treat aortic valve stenosis or regurgitation, conditions that can lead to serious complications if left untreated. As medical science continues to evolve, these surgeries are expected to become even safer and more accessible, contributing to better patient outcomes and improving the quality of life for those affected by aortic valve diseases. Healthcare systems are adapting to accommodate this growing demand for surgical interventions, emphasizing the importance of preventive measures and early detection in managing cardiovascular health. A significant surge in the number of aortic valve replacement surgeries bolsters the transcatheter aortic valve replacement market.
The increasing number of product recalls due to design flaws, manufacturing defects, or inadequate safety standards has raised concerns among healthcare providers and patients, limiting the aortic valve replacement device market growth. Consequently, product recalls may tarnish the brand image, leading to a potential decline in demand for aortic valve replacement products and services. Patients and medical professionals may become more cautious when considering these devices, resulting in a high possibility of opting for alternatives or delaying procedures.
A few product recalls by the key players in the aortic valve replacement devices market are mentioned below:
The "Global Transcatheter Aortic Valve Replacement Market Analysis to 2031" is an in-depth study of the pharmaceutical industry with a special focus on global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation based on procedure, material, mechanism, end user, and geography. It provides important statistics on the leading market players, and mentions key trends and opportunities prevailing in the market. The geographic scope of the global transcatheter aortic valve replacement market report entails North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Based on procedure, the market is segmented into transfemoral implantation, transapical implantation, and transaortic implantation. The transfemoral implantation segment held the largest transcatheter aortic valve replacement market share in 2023, and it is anticipated to register the highest CAGR from 2023 to 2031.
Based on material, the market is segmented into stainless steel, nitinol, cobalt chromium, and others. The cobalt chromium segment held the largest market share in 2023, and it is anticipated to register the highest CAGR from 2023 to 2031.
Based on mechanism, the market is bifurcated into balloon-expanding valve and self-expanding valve. The balloon-expanding valve segment held the largest market share in 2023 and is further anticipated to record the highest CAGR from 2023 to 2031.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment held the largest market share in 2023. This can be attributed to the availability of better facilities and skilled physicians in hospitals. Further, the ambulatory surgical centers segment is anticipated to record the highest CAGR from 2023 to 2031.
The regional trends and factors influencing the Transcatheter Aortic Valve Replacement Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Transcatheter Aortic Valve Replacement Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.34 Billion |
| Market Size by 2031 | US$ 19.63 Billion |
| Global CAGR (2023 - 2031) | 15.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Procedure
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Transcatheter Aortic Valve Replacement Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Transcatheter Aortic Valve Replacement Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on geography, the market is primarily segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. In terms of revenue, North America held the largest transcatheter aortic valve replacement market share in 2023. The US dominates the market in this region owing to the increasing cases of cardiac diseases and the growing number of product launches by key players.
Industry Developments and Future Opportunities:
The transcatheter aortic valve replacement market forecast can help stakeholders in this marketplace plan their growth strategies. As per company press releases, a few strategic developments by leading players operating in the global market are listed below:
Abbott Laboratories; Medtronic Plc.; Artivion Inc; Boston Scientific Corp; Edwards Lifesciences Corp; JenaValve Technology, Inc.; Blue Sail Medical Co Ltd; JC Medical, Inc; Venus Medtech HangZhou Inc; and Anteris Technologies Ltd are a few of the key companies profiled in the transcatheter aortic valve replacement market report. These leading players focus on expanding and diversifying their market presence and clientele, tapping business opportunities in the market.
The List of Companies - Transcatheter Aortic Valve Replacement Market
The transcatheter aortic valve replacement market is expected to be valued at US$ 19.63 billion in 2031.
The transcatheter aortic valve replacement market, by material, is segmented into stainless steel, nitinol, cobalt chromium, and others. The cobalt chromium segment held a larger market share in 2023.
The transcatheter aortic valve replacement market was valued at US$ 6.34 billion in 2023.
The transcatheter aortic valve replacement market majorly consists of the players, including Abbott Laboratories; Medtronic Plc.; Artivion Inc; Boston Scientific Corp; Edwards Lifesciences Corp; JenaValve Technology, Inc.; Blue Sail Medical Co Ltd; JC Medical, Inc; Venus Medtech Hang Zhou Inc; and Anteris Technologies Ltd.
Key factors driving the transcatheter aortic valve replacement market growth are the rising number of aortic valve replacement surgeries and the adoption of minimally invasive procedures for aortic stenosis (AS) treatments.
Transcatheter aortic valve replacement (TAVR) is a minimally invasive procedure that involves the insertion of a new valve inside the old aortic valve using a catheter. The procedure is followed by a quicker recovery process compared to traditional open-heart valve replacement surgery, and can be a viable option for patients who have limited choices in treating their aortic stenosis.