Transcatheter Heart Valve Replacement Market
Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 3.38 billion |
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Revenue Forecast in 2031 |
US$ 7.66 billion |
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CAGR |
9.5% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Indication, Procedure, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global transcatheter heart valve replacement market was valued at US$ 3.38 billion in 2021 and is expected to register a revenue CAGR of 9.5% to reach US$ 7.66 billion by 2030.
Transcatheter Heart Valve Replacement Market Fundamentals
Transcatheter aortic valve replacement (THVR) is another term for transcatheter heart valve replacement (PHVR). The replacement of the damaged aortic valve with a bioprosthetic aortic valve is a less intrusive technique. This treatment is used to treat patients with severe aortic stenosis (aortic stenosis), valve-in-valve operations (failed bio-prosthesis), and aortic regurgitation caused by calcium buildup on the valve and inhibits blood flow from the ventricle to the aorta. Transcatheter aortic valves are intended for people for whom open-heart surgery is not a viable alternative.
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Transcatheter Heart Valve Replacement Market Dynamics
The global transcatheter heart valve replacement market is expected to grow steadily due to factors such as an increase in the prevalence of heart valve diseases, technological advancements, and a rise in the geriatric population. Transcatheter heart valve replacement is a minimally invasive alternative to traditional open-heart surgery. There is an increasing demand for such procedures as they offer shorter recovery times and fewer complications. Ongoing advancements in transcatheter heart valve technology, such as developing smaller and more flexible devices, are expected to drive market revenue growth.
The global transcatheter heart valve replacement market is expected to grow significantly during the forecast period. The expansion of market revenue can be attributed to various factors, such as a growing focus on emerging markets, expanding applications, advancements in technology, and growing demand for minimally invasive procedures. A high preference rate for minimally invasive treatment techniques, increasing investment in developing novel technologies, and a growing focus on product enhancements by the market players are further expected to bolster the market revenue growth.
Transcatheter heart valve replacement is highly preferred and used for the treatment of aortic stenosis, but there is a growing interest in its potential for the treatment of other heart valve diseases. Emerging economies such as India, China, South Korea, and Japan have large populations with high incidences of heart disease. There is a growing focus on expanding the availability of transcatheter heart valve replacement procedures in these regions. Thus, the global transcatheter heart valve replacement market will experience continued growth in terms of revenue share during the forecast timeframe, driven by many other factors as well.
However, one of the primary restraints in the THVR market is the high cost of transcatheter aortic valves. Since the costs for such valves are high, this is regarded as a constraining issue for market revenue growth. Although THVR is considered an alternative to open-heart aortic valve replacement, there are potential problems associated with this type of operation. These possible dangers include stroke, problems with heart rhythm, heart attack, infection, significant bleeding, problems with valve location such as valve slipping out of place or regurgitation, and others.
Transcatheter Heart Valve Replacement Market Ecosystem
The global transcatheter heart valve replacement market has been analyzed from five perspectives: product, indication, procedure, end user, and region.
Transcatheter Heart Valve Replacement Market by Product
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Based on the products, the global transcatheter heart valve replacement market is segmented into transcatheter aortic valve replacement (TAVR), transcatheter mitral valve replacement (TMVR), and transcatheter pulmonary valve replacement (TMVR).
The TAVR segment dominates the global market with the largest revenue share. TAVR is a minimally invasive alternative to open-heart surgery for patients with severe aortic stenosis who are considered high or intermediate risk for surgery. Aortic valve replacement is usually covered by private insurance and/or Medicare policies, thus, supporting widespread adoption in the United States and other countries. The development of new TAVR devices and delivery systems has improved the safety and efficacy of the procedure, making it a viable option for more patients. The global aging population is increasing, and with it, the prevalence of aortic stenosis. This is expected to drive the demand for TAVR procedures in the future. The global aging population is increasing, and with it, the prevalence of aortic stenosis. This is expected to drive the demand for TAVR procedures in the future.
Transcatheter Heart Valve Replacement Market by Indication
Based on the indication, the global transcatheter heart valve replacement market is segmented into severe aortic valve stenosis, valve-in-valve procedure, and aortic regurgitation.
Severe aortic valve stenosis is expected to account for a notable revenue share of the global market. Severe aortic valve stenosis is a condition in which the aortic valve becomes narrow and restricts blood flow; thus, this condition can also lead to serious health problems and even death. Transcatheter heart valve replacement (TAVR) is a minimally invasive procedure used to replace the aortic valve without open-heart surgery. It is particularly effective for patients with severe aortic valve stenosis. This type of medical condition is common, particularly in elderly patients, and its prevalence is increasing globally. Thereafter, increasing demand for TAVR procedures to treat this condition. Since TAVR has been shown to be highly effective in treating severe aortic valve stenosis, with comparable outcomes to surgical valve replacement, this has led to a preference for TAVR among both physicians and patients.
Additionally, significant technological advancements in TAVR devices and procedures have made the procedure safer, more effective, and easier to perform. These advancements have further boosted the popularity of TAVR for treating severe aortic valve stenosis. Many healthcare systems and insurance companies have started to provide coverage for TAVR procedures, making the procedure more accessible and affordable for patients.
Transcatheter Heart Valve Replacement Market by Procedure
Based on the procedure, the global transcatheter heart valve replacement market is segmented into transfemoral, transapical, and transaortic.
The transfemoral segment dominates the global transcatheter heart valve replacement market revenue as it is considered the least invasive approach to delivering a new valve to the heart. Transfemoral transcatheter aortic valve replacement (TAVR) is performed through a small incision in the groin. A catheter is inserted through the femoral artery and guided to the heart. This approach is highly preferred by physicians, as it eliminates the need for open-heart surgery, which is associated with a higher risk of complications, longer hospital stays, and longer recovery times. Additionally, the transfemoral approach is more accessible than other approaches, such as transapical or transaortic, which require a more invasive surgical incision or access to the heart. Therefore, it is a more feasible option for patients who may not be good candidates for open-heart surgery due to their age, comorbidities, or other factors.
Transcatheter Heart Valve Replacement Market by End-user
Based on the end-user, the global transcatheter heart valve replacement market is segmented into hospitals, ambulatory surgical centers, and others.
The hospital segment dominates the global transcatheter heart valve replacement market in terms of revenue share for several reasons. THVR is a highly specialized procedure that requires a well-equipped facility and experienced healthcare providers. Hospitals, especially large academic medical centers, are more likely to have the necessary infrastructure, including advanced imaging technology and cardiac catheterization laboratories, to perform THVR procedures. THVR is a relatively new procedure requiring ongoing research and development to improve patient outcomes and expand its indications. Moreover, reimbursement policies and healthcare regulations vary between countries and regions, and hospitals are better positioned to navigate these complexities than smaller healthcare facilities. Hospitals are likely to establish relationships with insurance providers, which can facilitate reimbursement for TAVR procedures. Furthermore, patients who require TAVR often have complex medical conditions and may require additional interventions and follow-up care. Hospitals are better equipped to provide comprehensive care, including post-procedure monitoring, rehabilitation, and management of any complications that may arise.
Transcatheter Heart Valve Replacement Market by Region
The global transcatheter heart valve replacement market has been segmented based on regions into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global transcatheter heart valve replacement market for several reasons. North America has a well-established healthcare infrastructure, advanced medical technology, and well-trained healthcare providers. This infrastructure enables hospitals and healthcare systems to provide high-quality care and perform advanced procedures such as transcatheter heart valve replacement. Additionally, the population in North America is aging, and as a result, there is a growing demand for minimally invasive procedures such as THVR. The prevalence of heart disease, which is a leading cause of death in North America, also drives the demand for THVR procedures. North America has a favorable reimbursement environment, with insurance providers covering THVR procedures for eligible patients. This enables hospitals and healthcare providers to offer THVR to a broader patient population. Moreover, North America has a well-developed medical device industry that is driving innovation in the field of transcatheter heart valve replacement. Many of the leading medical device companies in this field are based in North America, providing a competitive advantage in research and development.
Competitive Landscape
These businesses provide a wide range of products, including nutritional, diagnostic, vascular, and pharmaceutical items. Increased operational performance, presence in foreign markets, and a focus on research and development operations are the company's significant strengths, but product faults and infringement issues are the company's main challenges. Fierce rivalry and stringent rules may have a negative impact on the company's financial health. Yet, possibilities may arise as a result of major acquisitions and product approvals.
The prominent players operating in the global transcatheter heart valve replacement market are:
Strategic Development
The market size of the global transcatheter heart valve replacement industry is valued at US$ 3.38 billion in 2022.
The high prevalence of cardiovascular disorders and the growing geriatric population are some of the major factors driving the market revenue growth.
Asia Pacific is expected to be the fastest-growing region in terms of revenue share in the transcatheter heart valve replacement market.
Stringent regulatory policies, high costs for the procedure, and complications related to transcatheter heart valve replacement procedures can create some hurdles in market development.
The key market players operating in the global transcatheter heart valve replacement market are Abbott Laboratories, Edwards Lifesciences Corporation, Medtronic Plc., Boston Scientific Corporation, and other notable players.
*Insights on financial performance are subject to the availability of information in the public domain