What Is Transcatheter Aortic Valve Replacement And The Market Growth?
Transcatheter aortic valve replacement is a surgical procedure that replaces a defective aortic valve without removing it (aortic valve stenosis). A valve replacement is mainly applicable for open-heart surgery with a sternotomy. Nonetheless, the TAVI is a process that involves surgery through tiny holes, leaving all chest bones in place. It also includes the implantation of transcatheter aortic valves or transaortic valve implantation to restore the circulatory system capabilities of the valve.
The global transcatheter aortic valve replacement market value was worth $4.4 billion in 2021 and is expected to grow to $13.35 billion by 2030, at a CAGR of 13.1% from 2021 to 2030.
It is applicable to treat patients with aortic stenosis. These patients are at high-risk and cannot undergo SAVR procedures. The patients are mostly elderly and over the age of 75. They cannot have open-heart surgery because it is too risky for them. It is most useful for people who have few repair options.
Impact of COVID-19 on the transcatheter aortic valve replacement market
As the percentage of Covid-19 cases declined over time, the number of surgeries increased, allowing the transcatheter aortic valve implantation (TAVI) related devices market to bounce back. The market’s device manufacturers are still introducing new products despite the pandemic. For instance, Boston Scientific claims that the Accurate neo2 aortic valve system was in Europe on September 28. Boston Scientific’s ability to bring this device to European markets during the Covid-19 outbreak demonstrates the market’s resilience. The number of TAVR surgeries rapidly increased before the pandemic, and this trend is unlikely to have slowed due to Covid-19.
The transcatheter aortic valve replacement (TAVR) market is rising by the increase in the prevalence of cardiovascular diseases in the senior population, improved surgical treatments, and rising demand for surgical technologies. Furthermore, healthcare investment has significantly increased, which will support the market’s growth. Additionally, a rise in the acceptance rate of TAVI treatments, the approval of new devices, and more clinical proof of success drive the market.
The growing number of cardiovascular diseases is one of the primary factors driving the market’s growth. Transcatheter aortic valve replacement ICD 10 is caused by cardiovascular disorders, which raises the need for an effective valve replacement procedure. As a result, the market trends for TAVR are spreading as aortic stenosis becomes more common.
Strict government regulations for licensing class III medical devices such as transcatheter aortic valves and the high cost of TAVI are hampering the Tavi industry’s growth. Furthermore, the high cost of transcatheter heart valve devices in developing and underdeveloped countries has resulted in inadequate heart valve installation in healthcare facilities.
The lack of experienced specialists in some areas of emerging countries, as well as a lack of awareness of the most recent technological innovations among individuals, will limit the market’s growth. Furthermore, the market’s growth is hampered by high costs and a lack of reimbursement.
The rising cost of healthcare in emerging countries has led to an increase in TAVI systems. The market analysis indicates that the market will have numerous growth opportunities over the anticipated timespan due to the growing interest of key players in the global industry.
- Transfemoral implants currently hold the largest market share. The share will grow due to factors like the advantages of surgery, quicker recoveries, and less expensive hospital stays. Transfemoral implantation is the standard TAVI procedure in which an artificial valve is inserted through the femoral artery under local anesthesia.
- The hospital sector was having the largest market share, which will grow at a CAGR of 4.8% over the forecast period. An increase in the patient pool and a growing desire for effective treatment with shorter recovery times and hospital stays will drive the market growth.
- Europe dominated the global TAVR market with a market share of more than 37.5 percent, followed by North America. According to projections, the high prevalence of aortic stenosis and the availability of robust healthcare infrastructure are two significant factors that will drive market growth in Europe over the forecast period. Furthermore, the senior population’s high adoption rate of sophisticated transcatheter aortic valves will contribute to the region’s growth.
- Boston Scientific Corporation
- NVT AG
- Medtronic plc
- Edwards Lifesciences Corporation
- JC Medical, Inc.