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:
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:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
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Segments Covered |
By Product Type, End-User, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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:
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:
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:
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:
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:
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:
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:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Introduction
5.2 Surgery Method
5.2.1 Introduction
5.2.2 Transfemoral Implantation
5.2.3 Transapical Implantation
5.2.4 Transaortic Implantation
5.2.5 Transcaval Implantation
5.3 Valve Frame Material
5.3.1 Introduction
5.3.2 Nitinol
5.3.3 Stainless Steel
5.3.4 Cobalt-Chromium
5.4 Valve Size
5.4.1 Introduction
5.4.2 14mm to 18 mm
5.4.3 18mm to 22 mm
5.4.4 22mm to 29mm
5.5 Valve Leaflets Material
5.5.1 Introduction
5.5.2 Bovine Heart Tissue
5.5.3 Cow Heart Tissue
5.5.4 Other Valve Leaflets Material
5.6 End Users
5.6.1 Introduction
5.6.2 Hospitals
5.6.3 Ambulatory Surgical Centres
5.6.4 Cardiac Catheterization Laboratories
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 Soth Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle East
6.5.3 South Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Edwards Lifesciences Corporation (U.S.)
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Medtronic, Inc. (Ireland)
8.3 Boston Scientific Corporation (U.S.)
8.4 Abbott Laboratories (U.S.)
8.5 St. Jude Medical Inc. (U.S.)
8.6 JenaValve Technology, Inc. (Germany)
8.7 Symetis SA (Switzerland)
8.8 Direct Flow Medical, Inc. (U.S.)
8.9 Sorin Group (Italy)
8.10 Meril Life Sciences India Pvt Ltd (India)
8.11 Braile Biomedica (Brazil)
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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