Transcatheter Aortic Valve Replacement Market to emerge with 13.7% CAGR through 2026
A rise in the number of patients worldwide suffering from cardiovascular disorders such as heart failure, coronary artery disease and hypertension is one of the key trends in boosting Transcatheter Aortic Valve Replacement Market growth
One of the major factors driving market growth include increased incidence of aortic stenosis combined with geriatric population.
Increasing emphasis on clinical trials by diverse retailers and research universities is creating new, creative products to gain market share.
Growing R&D investments by multinational retailers in the treatment of aortic stenosis and the approval of new drugs by the US Food and Drug Administration are expected to fuel substantial growth in the transcatheter aortic valve replacement market.
Further, improper performance of aortic valves results in increase the demand for effective valve replacement and enhances the market value over the forecast period 2020-2026.
In addition, adoption of minimally invasive surgery (MIS) along with technical advancements in the procedure for replacing the transcatheter aortic valve to minimize the overall stay in hospital. This, in turn, is in a position to curb the spending on welfare.
However, risk of potential complications to inhibit the TAVR market growth along with strict regulatory processes for approving such tools and the existence of emerging technologies are impeding market development.
Provincial aspects of transcatheter aortic valve replacement market size
North America holding the largest market shares owing to high acceptance of technologically innovative products, mergers & acquisitions, and reimbursement policies that are favorable.
For example, in 2019 reimbursement from government entities such as Centers for Medicare & Medicaid Services (CMS) lets patients opt for a procedure to fix transcatheter aortic valves.
In addition, geographic expansion, funding, and adoption of advanced technologies & procedural methods to fuel regional market growth over the projected timeframe.
Moreover, owing to more patients diagnosed with endovascular diseases, Europe is expected to hold the second largest share to fuel market growth, increasing the number of endovascular procedures.
Production of new products, such as drug-coated balloons, chronic complete occlusion devices and aortic stents to raise the demand for replacement of transcatheter aortic valves on the European market
Whereas, in Asia Pacific, developing countries such as India, China, Japan, and others with increasing population aging and growing economic growth and improving healthcare facilities provide more patients with affordable access to healthcare facilities.
Contributions by key players and organizations towards the market share
Collaborations, mergers & acquisitions, and increased funding for R&D activities to reduce obstacles and expanding operational treatment to trigger the market share.
For instance, in 2020, Michigan Medicine’s Frankel Cardiovascular Center to offer transcatheter aortic valve replacement with new Medicare rules with lowered procedural volume requirements for hospitals who wish to offer TAVR to their patients.
Further, a renowned Jaipur cardiologist showed a new ray of hope by treating aortic regurgitation without surgery in the year 2020.
In addition, Abbott received the CE Mark for the new FlexNav delivery system for tits Portico transcatheter aortic valve implantation. As well, in 2019, Abbott was pulling the trigger on the acquisition of Cephea Valve Technologies and Highlife pulling in €32m ($36.4m) in a series B.
Moreover, Society of Cardiovascular Computed Tomography issued updated guidelines in the year 2019 for the use of CT imaging in the setting of transcatheter aortic valve replacement.
Key participants in the transcatheter aortic valve replacement market include Medtronic plc, Boston Scientific Corp, Edwards Lifesciences Corporation, St. Jude Medical, Inc., Meril Life Sciences, Bracco (HLT), and JenaValve Technology among others.