TAVR Market

Transcatheter Aortic Valve Replacement Market Size (2022 to 2027)

The global TAVR market size is projected to grow from USD 3.06 billion in 2022 to USD 7.14 billion by 2027, witnessing a CAGR of 18.50% during the forecast period.

Transcatheter aortic valve replacement (TAVR) is a minimally invasive procedure that replaces the improper functioning aortic valves. TAVR offers an efficient valve replacement procedure as compared to open-heart surgery for the benefit of high-risk patients. Transcatheter heart valve replacement systems are referred to as cardiovascular devices that replace the old and damaged valves. TAVR is used to treat aortic valve disorders such as severe aortic stenosis, degeneration, & regurgitation. Transcatheter aortic valve replacement devices are integrated with a valve frame (made of nitinol or stainless steel) and valve leaflets material (made of bovine or cow heart tissue). These aortic valves are available in varied sizes (14mm, 16mm, 18mm, 20mm, 22mm, & 29mm). TAVR is performed during different surgery methods such as transfemoral implantation (through the femoral artery), transapical implantation (through the apex of the heart), transaortic implantation (through the top of the right chest), and transcranial implantation (through the femoral vein).

A few of the key findings of the study:

• An increase in the vulnerability of severe aortic stenosis is observed with a rise in age, which increases the demand for TAVI systems.
• Around 524 million people were above the age of 65 in 2010, which is expected to reach 1.5 billion by 2050, constituting about 16% of the total world population.
• Japan is the largest market in the Asia-Pacific region; it accounts for 76 % of the regional market share in 2017 due to the increasing older population in the area and the approval of new implants.
• By material, Cobalt-chromium has a significant share (65%) in the market in the valve material segment, followed by Nitinol in 2019.
• Transfemoral implantation accounts for the largest share by the method, with a market share of nearly 90%
• Bovine heart tissues have a significant market share of 81% by valve leaflets materials, followed by porcine tissue.

MARKET DRIVERS:

Y-O-Y growth in the prevalence of CVD and aortic stenosis, the growing adoption rate of minimally invasive therapies, and the rising geriatric population worldwide are significant factors driving the global TAVR market growth.

The growing number of patients worldwide suffering from cardiovascular diseases such as heart failure, coronary artery disease, and hypertension is one of the significant trends fueling the market's growth. Cardiovascular disease causes the aortic valve to function improperly, which increases the demand for effective valve replacement procedures. Besides, increased funding for research and development activities, new product launches, and favorable reimbursement policies are some of the factors that are likely to drive the market.

The elevating acquisition of minimally invasive surgery (MIS), along with technological improvement in the transcatheter aortic valve replacement procedure, is anticipated to reduce overall hospital stay. It, in turn, aims to reduce health care spending. Besides, geographic expansion, financing, and adoption of advanced procedural devices and methods are expected to drive market growth during the forecast period.

MARKET RESTRAINTS:

However, the risk associated with TAVR procedures, high costs of transcatheter aortic valves, lack of skilled professionals in some areas of developing markets, and device-related issues (such as device recalls, improper positioning of devices during implantation) are some of the factors restraining the growth of global TAVR Market.

Strict regulations to restrict the approval of transcatheter devices to prevent surgical patient injury may hamper the market growth.

Impact of COVID-19 on the global TAVR market 

The COVID-19 pandemic impact on the treatment of patients with aortic valve stenosis is undisclosed, and there is an unpredictability about the suitable treatment procedure for these patients. The Asia-Pacific Society approves this study for Interventional Cardiology. Due to the incapacity to have face-to-face analysis during the pandemic, an online survey was organized inviting prominent opinion leaders (cardiac surgeon / interventional cardiologist/echocardiologist) in the field of transcatheter aortic valve implantation (TAVI) in Asia to participate. Responses to a series of questions connected to the impact of COVID - 19 on TAVI were assembled and analyzed. It then led to expert consensus guidance on the conduct of TAVI during the pandemic. Results The COVID-19 pandemic resulted in a 27% (15-85) reduction in case volume, and 54% of operators required triage to treat their patients with severe aortic stenosis. The two most important parameters used for classification were symptoms and valve area. Peripheral changes included the introduction of teleconsultation, pre-procedural COVID-19 testing, optimization of protests, and the Cath lab setup. Besides, the length of stay was reduced from an average of 4.5 to 5 days. In conclusion, the COVID-19 pandemic has impacted the provision of TAVI services to patients in Asia. 

REPORT SCOPE:

This research report has segmented and sub-segmented the global TAVR market into the following categories and calculated the market size and forecast for each segment until 2027.

TAVR Market - By Surgery Method:

• Transfemoral Implantation
• Transapical Implantation
• Transaortic Implantation
• Transcaval Implantation

Based on the surgery method, the transfemoral implantation segment is estimated to command the largest share of the global TAVR Market by the surgery method in 2019. It is expected to grow at the highest CAGR during the forecast period due to technological advancements such as vascular closure systems. The transfemoral implementation is minimally invasive surgery, requires a short stay at the hospitals, and provides quick recovery. The doctors and surgeons mostly suggest transfemoral implantation due to the better outcomes associated with it.

The Transapical implantation segment is forecasted to witness a healthy CAGR during the forecast period due to the rising number of patients opting for efficient therapy with fast recovery. In addition, Braile Biomedical introduced a transapical aortic valve in Brazil in 2012, and the product introduction is to extend its product portfolio and boost market expansion in the Latin American region.

TAVR Market - By Valve Frame Material:

• Nitinol
• Stainless Steel
• Cobalt-Chromium

The nitinol segment is expected to account for the largest share of the global TAVR Market by valve frame material in 2019. In Japan, since 2013, as the TAVR data registry, over 8000 procedures performed. As per the Annals of Cardiothoracic Surgery, transcatheter aortic valve implementation (TAVI) devices are expected to be more efficient in treating high-risk patients.

TAVR Market - By Valve Size:

• 14mm to 18 mm
• 18mm to 22 mm
• 22mm to 29mm

Based on the valve size, the 14mm to 18mm segment is likely to account for the highest market share during the forecast period due to the increased number of minimally invasive surgeries and growth in monitoring and detection of AAA.

TAVR Market - By Valve Leaflets Material:

• Bovine Heart Tissue                            
• Cow Heart Tissue                 
• Other Valve Leaflets Material             

By Valve Leaflets Material, the bovine heart tissue segment is predicted to hold the most considerable market share during the global TAVR market forecast period. The rise in the medical tourism industry and growing awareness regarding the advantages of minimally invasive techniques such as less traumatic surgical experience, technological advancements, and innovative products are expected to accelerate the segment’s growth.     

TAVR Market - By End Users:

• Hospitals                  
• Ambulatory Surgical Centres                           
• Cardiac Catheterization Laboratories       

The hospital segment held the largest share of the global TAVR Market by end-users in 2019. The segment's growth is majorly driven by the growing patient count, sufficient availability of skilled and experienced medical surgeons, and highly advanced equipment. Also, various medical insurance coverage schemes covering cardiac procedures are expected to favor this segment.

The ambulatory surgical centers segment was the second-leading segment in 2020.

TAVR Market -By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East and Africa

Regionally, North America is estimated to command the highest share of 34% of the global TAVR market in 2019. In contrast, Asia-Pacific is estimated to grow at the highest CAGR of 21.20% during the forecast period.

The Americas held the largest market share globally thanks to contributions from the United States and Canada. The United States dominated the market in 2019, accounting for over 45% of the transcatheter aortic valve implant market. It can be attributed to the high adoption of technologically advanced products, mergers and acquisitions, and favorable reimbursement policies. For example, reimbursement from government organizations such as the Centers for Medicare and Medicaid Services (CMS) helps patients opt for a transcatheter aortic valve replacement procedure. The primary payer for almost 92% of TAVR procedures was Medicare in 2019. It reinforced the economic advantage of opting for TAVR over surgical aortic valve replacement (SAVR). Well-established healthcare industry can drive market growth in the region. The presence of several reputable market players who release continuous iterations of existing products can also play a critical role.

Europe has similar growth factors to the Americas due to the increasing diagnosis of endovascular disease and a large geriatric population. The global transcatheter market will thrive in the region due to favorable regulations and many patients with sustainable income levels to pay for high standard treatment. Recently, FEops received a $ 4.1 million fund to promote research and development of structural heart interventions. The Feops HEART Guide is a predictive planning guide that can provide information about the device's size and position during surgery to reduce injury risk.

KEY MARKET PLAYERS:

Notable companies leading the Global TAVR Market profiled in the report are Edwards Lifesciences Corporation (U.S.), Medtronic, Inc. (Ireland), Boston Scientific Corporation (U.S.), Abbott Laboratories (U.S.), St. Jude Medical Inc. (U.S.), JenaValve Technology, Inc. (Germany), Symetis SA (Switzerland), Direct Flow Medical, Inc. (U.S.), Sorin Group (Italy), Meril Life Sciences India Pvt Ltd (India) and Braile Biomedica (Brazil).

RECENT MARKET HAPPENINGS:

• In SEPTEMBER 2020, Sahajanand Medical Technology Pvt. Ltd., Launches TAVR Device Hydra in Central Europe.
• In December 2018, Marvel was introduced by Meril Life Sciences, the first company for manufacturing transcatheter heart valves. It is providing commercial availability global wide.
• In April 2019, FDA approval was received by Boston Scientific Corp. for the LOTUS Edge Aortic valve system. It helps to provide physicians options to reposition and recapture the complete valve once full deployment.
• In August 2019, FDA approval was received by Medtronic Plc for an Evolut Transcatheter Aortic Valve replacement system.