The transcatheter aortic valve replacement market size is expected to grow from US$ 6.34 billion in 2023 to US$ 19.63 billion by 2031; it is estimated to register a CAGR of 15.2% from 2023 to 2031.
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.
Factors Affecting Transcatheter Aortic Valve Replacement Market Growth
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:
- In April 2023, Medtronic Australasia recalled its EvolutTM PRO+34mm transcatheter aortic valve due to the serious risk of valve infolding. As a result of this issue, Medtronic discontinued this product via the Special Access Scheme (SAS).
- In June 2023, Abiomed, Inc. recalled Impella Left Sided Blood Pumps indicated to provide short-term support to the heart's pumping chambers during percutaneous coronary interventions (PCI). According to the FDA, the recall was triggered by inadequate instructions for the pump’s use that did not provide enough guidance to clinicians on managing patients who have undergone transcatheter aortic valve replacement.
- In January 2021, Boston Scientific Corporation initiated a global, voluntary recall of all unused LOTUS Edge Aortic Valve System inventory owing to complexities associated with the product delivery system. The voluntary recall is related only to the delivery system.
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Transcatheter Aortic Valve Replacement Market: Strategic Insights
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Transcatheter Aortic Valve Replacement Market: Strategic Insights
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Report Segmentation and Scope
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).
Procedure-Based Insights
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.
Material-Based Insights
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.
Mechanism-Based Insights
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.
End User-Based Insights
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.
Transcatheter Aortic Valve Replacement Market Report Scope
Regional Analysis
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:
- In December 2022, Abbott launched the Navitor TAVI system to treat aortic stenosis cases in India. This latest-generation TAVI system offers best-in-class deliverability and access through small vessels. The system, with its advanced features, helps reduce or eliminate the risk of blood leakage around the valve implant, ultimately expanding treatment options for patients with severe aortic stenosis.
- In September 2022, Medtronic the launch of Evolut FX next-generation TAVR system in the US for the treatment of symptomatic severe aortic stenosis. This self-expanding system significantly improved commissure alignment during TAVR procedures compared to earlier-generation Evolut systems.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Transcatheter Aortic Valve Replacement Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Transcatheter Aortic Valve Replacement Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Transcatheter Aortic Valve Replacement Market - Global Market Analysis
6.1 Transcatheter Aortic Valve Replacement - Global Market Overview
6.2 Transcatheter Aortic Valve Replacement - Global Market and Forecast to 2031
7. Transcatheter Aortic Valve Replacement Market – Revenue Analysis (USD Million) – By Procedure, 2021-2031
7.1 Overview
7.2 Transfemoral Implantation
7.3 Transapical Implantation
7.4 Transaortic Implantation
8. Transcatheter Aortic Valve Replacement Market – Revenue Analysis (USD Million) – By Material, 2021-2031
8.1 Overview
8.2 Stainless Steel
8.3 Nitinol
8.4 Cobalt Chromium
8.5 Others
9. Transcatheter Aortic Valve Replacement Market – Revenue Analysis (USD Million) – By Mechanism, 2021-2031
9.1 Overview
9.2 Balloon-Expanding Valve
9.3 Self-Expanding Valve
10. Transcatheter Aortic Valve Replacement Market – Revenue Analysis (USD Million) – By End User, 2021-2031
10.1 Overview
10.2 Hospitals
10.3 Ambulatory Surgical Centers
10.4 Others
11. Transcatheter Aortic Valve Replacement Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
11.1 North America
11.1.1 North America Transcatheter Aortic Valve Replacement Market Overview
11.1.2 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts to 2031
11.1.3 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts and Analysis - By Procedure
11.1.4 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts and Analysis - By Material
11.1.5 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts and Analysis - By Mechanism
11.1.6 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Transcatheter Aortic Valve Replacement Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Transcatheter Aortic Valve Replacement Market
11.1.7.1.1 United States Transcatheter Aortic Valve Replacement Market, by Procedure
11.1.7.1.2 United States Transcatheter Aortic Valve Replacement Market, by Material
11.1.7.1.3 United States Transcatheter Aortic Valve Replacement Market, by Mechanism
11.1.7.1.4 United States Transcatheter Aortic Valve Replacement Market, by End User
11.1.7.2 Canada Transcatheter Aortic Valve Replacement Market
11.1.7.2.1 Canada Transcatheter Aortic Valve Replacement Market, by Procedure
11.1.7.2.2 Canada Transcatheter Aortic Valve Replacement Market, by Material
11.1.7.2.3 Canada Transcatheter Aortic Valve Replacement Market, by Mechanism
11.1.7.2.4 Canada Transcatheter Aortic Valve Replacement Market, by End User
11.1.7.3 Mexico Transcatheter Aortic Valve Replacement Market
11.1.7.3.1 Mexico Transcatheter Aortic Valve Replacement Market, by Procedure
11.1.7.3.2 Mexico Transcatheter Aortic Valve Replacement Market, by Material
11.1.7.3.3 Mexico Transcatheter Aortic Valve Replacement Market, by Mechanism
11.1.7.3.4 Mexico Transcatheter Aortic Valve Replacement Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Transcatheter Aortic Valve Replacement Market - Key Company Profiles
14.1 Abbott Laboratories
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Medtronic Plc
14.3 Artivion Inc
14.4 Boston Scientific Corp
14.5 Edwards Lifesciences Corp
14.6 JenaValve Technology, Inc
14.7 Blue Sail Medical Co Ltd
14.8 JC Medical, Inc
14.9 Venus Medtech HangZhou Inc
14.10 Anteris Technologies Ltd
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Transcatheter Aortic Valve Replacement Market
- 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
- Anteris Technologies Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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