Transcatheter Aortic Valve Replacement Market Growth, Size by 2031

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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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 Regional Insights

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.

Transcatheter Aortic Valve Replacement Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Abbott Laboratories;
2. Medtronic Plc.;
3. Artivion Inc;
4. Boston Scientific Corp;
5. Edwards Lifesciences Corp;
6. JenaValve Technology, Inc.;

Disclaimer: The companies listed above are not ranked in any particular order.

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.