Global Transcatheter Heart Valve Market, by Product Type (TAVR, TMVR), by Delivery Systems (Transfemoral Approach, Transapical Approach, Transaortic Approach), by End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratory), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4.57 Billion in 2023 and is expected to exhibit a CAGR of 13.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players in the market are focusing on the adoption of organic growth strategies, such as product launches to expand their product portfolio, which is expected to drive market growth over the forecast period. For instance, in December 2022, Abbott, a medical products company, announced the launch of its latest-generation Transcatheter Aortic Valve implantation (TAVI) system, Navitor, making the minimally invasive device available for people in India with severe aortic stenosis who are at high or extreme surgical risk.
Global Transcatheter Heart Valve Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global transcatheter heart valve market. For instance, in June 2021, an article published by BMJ Publishing Group Ltd & British Cardiovascular Society, publisher of medical journals, stated that the COVID-19 pandemic created unprecedented challenges to the U.K.’s National Health Service (NHS), resulting in the deferral of all elective work, including transcatheter aortic valve implantation (TAVI) services from March 2020.
Global Transcatheter Heart Valve Market: Key Developments
The key player in the market are focused on acquisition to enhance their product portfolio which is expected to aid in the growth of the global transcatheter heart valve market. For instance, in December 2021, Venus Medtech (Hangzhou) Inc., a leader in transcatheter structural heart valvular therapies in China, announced the acquisition of complete equity interest and corresponding equity in Israel-based Cardiovalve, a medical device company, in a deal valued at US$ 300 million. With this acquisition, Venus Medtech (Hangzhou) Inc. aims to optimize its mitral valve and tricuspid valve replacement products pipeline.
Browse 37 Market Data Tables and 31 Figures spread through 170 Pages and in-depth TOC on “Global Transcatheter Heart Valve Market”- Forecast to 2030, Global Transcatheter Heart Valve Market, by Product Type (TAVR, TMVR), by Delivery Systems (Transfemoral Approach, Transapical Approach, Transaortic Approach), by End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratory), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/transcatheter-heart-valve-market-3380
Key Takeaways of the Global Transcatheter Heart Valve Market:
- The global transcatheter heart valve market is expected to exhibit a CAGR of 13.9% during the forecast period due to the increasing prevalence of aortic stenosis. For instance, in February 2020, according to an article published by European Society of Cardiology, an independent non-profit, non-governmental professional association that works to advance the prevention, diagnosis and management of diseases of the heart and blood vessels, stated that Aortic stenosis is the second most common valvular lesion in the U.S. It is present in about 5% of the population at age 65 with increasing prevalence with advancing age.
- Among product type, TAVR segment is estimated to hold a dominant position in the global transcatheter heart valve market over the forecast period. For instance, in September 2022, OpSens Inc., a company that manufactures pressure, temperature, strain, and displacement sensors, announced that the U.S. FDA had granted 510(k) regulatory clearance for the SavvyWire, its new guidewire for transcatheter aortic valve replacement (TAVR) procedures.
- Among region, North America is expected to be the dominant region in the global transcatheter heart valve market, owing to increasing prevalence of aortic stenosis in this region, which is expected to drive the segment growth over the forecast period. For instance, in January 2022, according to a report published by National Center for Biotechnology Information (NCBI), stated that about 20% of patients diagnosed with incident aortic stenosis underwent aortic valve replacement.
- Major players operating in the global transcatheter heart valve market include Edwards Lifesciences Corporation, Medtronic, Boston Scientific Corporation, Abbott, JenaValve Technology, SYMETIS, Braile Biomedica, CryoLife, Inc., Shockwave Medical Inc., Venus Medtech (Hangzhou) Inc.
