The Transcatheter Aortic Valve Replacement (TAVR) market involves procedures that replace stenosed aortic valves without removing the old, diseased valve through open-heart surgery. TAVR devices are delivered to the aortic valve through a catheter and are deployed via a stent to treat patients with severe aortic stenosis who are at high risk of death from open-heart surgery. TAVR devices have allowed elderly and high-risk patients to receive lifesaving valve replacements by less invasive means.
The global transcatheter aortic valve replacement market is estimated to be valued at USD 6.71 Bn in 2024 and is expected to reach USD 10.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2024 to 2031.
Key Takeaways
Key players operating in the Transcatheter Aortic Valve Replacement are Edwards Lifesciences Corp., Medtronic Plc., Abbott Laboratories., Boston Scientific Corp., MicroPort Scientific Corp., JenaValve Technology GmbH., Cardiovascular Systems, Inc., Symetis SA., Lepu Medical Technology Co., Ltd., Terumo Corporation., St. Jude Medical (now part of Abbott)., AtriCure, Inc., Vascular Solutions, Inc., Biotronik SE & Co. KG., and Cook Medical. The growing elderly population suffering from aortic stenosis presents a huge patient pool for TAVR procedures. Technological advancements including next generation TAVR devices with smaller delivery systems and new access routes have increased eligibility for Transcatheter Aortic Valve Replacement Market Growth in intermediate risk patients.
Market Trends
One of the key trends driving the market is the ongoing trials for TAVR in low risk patients. Major companies are conducting extensive trials to expand the indications of TAVR devices in low risk patients who are currently treated with surgical aortic valve replacements. Another major trend is the introduction of innovative transcatheter heart valves with unique designs and delivery mechanisms. New devices feature repositionability and retrievability which allows physicians to better adjust or recapture the valve for optimal placement.
Market Opportunities
One of the major opportunities for TAVR devices lies in developing economies as aging populations in Asian and Latin American countries grow rapidly. However, awareness and access to TAVR procedures in these regions remains low currently. Companies can focus on collaborating with hospitals and clinicians in developing nations to educate about TAVR and expand the availability of the procedure. Another key opportunity is the use of TAVR for pediatric patients. Ongoing trials are evaluating the safety and efficacy of TAVR for infants and children with congenital heart diseases.
Impact of COVID-19 on Transcatheter Aortic Valve Replacement Market Growth
The COVID-19 pandemic disrupted the delivery of healthcare services, due to decreased resources being assigned to non-COVID cases and suspended elective procedures. This significantly impacted the Transcatheter Aortic Valve Replacement market in the initial months of 2020. However, as the healthcare systems adapted to the pandemic by implementing strict safety protocols and prioritizing urgent cardiac treatments, the market saw a gradual recovery. The adoption of minimally invasive procedures such as TAVI also increased due to the lower risk of virus transmission compared to open-heart surgeries. With the accelerated rollout of vaccination programs globally, it is expected that the deferred procedures will be addressed, driving the market growth in the forecast period. However, future outbreaks might lead to periodic demand fluctuations based on the pandemic's intensity and governments' response. The market players will need to focus on managing supply chains, workforce safety, and ensuring accessibility of life-saving devices. Regional Concentration of Transcatheter Aortic Valve Replacement Market
In terms of value, Europe accounted for the largest share of the global Transcatheter Aortic Valve Replacement market in 2020 due to supportive regulatory approvals and reimbursement policies. The rising elderly demographic susceptible to aortic stenosis has also contributed to the large market size. North America is another highly concentrated region with the availability of advanced healthcare facilities and experienced healthcare professionals trained in performing TAVI procedures.
Fastest Growing Transcatheter Aortic Valve Replacement Market Regional Analysis
Asia Pacific is poised to be the fastest growing region in the Transcatheter Aortic Valve Replacement market during the forecast period. This can be attributed to the increasing investents by market players, growing medical tourism industry and rising healthcare expenditures in emerging economies like China and India. The governments are also working towards improving public healthcare infrastructure and promoting minimally invasive procedures for treating cardiovascular diseases prevalent in the aging population.
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