What's driving the Transcatheter Heart Valve Replacement Market Size? Abbott, Medtronic Plc and Edwards Lifesciences, JC Medical, Thubrikar Aortic Valve Inc, and CryoLife, Inc
U.S. transcatheter heart valve replacement market was valued around USD 1,711.4 million in the year 2018 and will witness a substantial growth in the the forecast period. This is due to the continuous development of innovative technology in the field of cardiology. As well as rise in geriatric population in U.S is another reason fueling the market growth during the projection years.
India transcatheter heart valve market will experience a considerable growth at 18.0% in the forecast period.
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Additionally, Rise in venture capital investments for transcatheter Heart Valve devices by major players like Abbott and Medtronic will be one of the major factors responsible for the market growth in the near future. Hence, the aforementioned reasons are major cause of transcatheter heart valve market growth.
Currently, high cost associated with the transcatheter heart valve devices in developing and under-developed countries has resulted in inadequate installation of heart valves in healthcare facilities. During the forecast period, many countries will continue to face this shortcoming; thus, experience negligible market growth. Moreover, lack of awareness about the latest technological innovations among individuals will restrain the growth of the market.
The transaortic surgical approach market was valued around USD 312.7 million in the year 2018. It is estimated that the transaortic surgical approaches will witness substantial demand as it involves minimally invasive procedures compared to complicated open heart surgeries in the treatment of aortic valve stenosis. Hence, above mentioned factors will drive the demand for the product in the upcoming years.
Transcatheter aortic valve market is forecasted to grow at a lucrative CAGR of 9.6% over the estimation period. Transcatheter aortic valves are most widely used across geographies; the need of using these system in severe aortic stenosis fuels market growth of the same. Moreover, increasing prevalence of aortic stenosis in the developing countries have resulted in higher market share.
The application of transcatheter heart valve in aortic valvular diseases is estimated to grow at 9.9% over the forecast timer period. Aortic valvular disease is estimated to rise in the coming years due increasing prevalence of health issues such as high blood pressure, cardiac arrest etc. Another reason for the growth of aortic valvular disease is the growing trend of tobacco intake. Hence, the increasing prevalence of cardiac issues coupled with increasing habit tobacco intake will assist in the growth of the transcatheter heart valve replacement market at significant CAGR over the forecast period.
The sale and use of transcatheter heart valve in hospitals was valued around USD 2,513.8 million in the year 2018. Hospitals are emerging as one of the preferred healthcare settings for transcatheter heart valve replacement procedures in many countries across the globe. Increasing popularity of this setting in developed countries will strongly drive demand of transcatheter heart valves. Thus, augmenting the growth of the market.
The region offers lucrative growth opportunity owing to the unmet needs in large addressable geographical market. Countrys improving healthcare indicators and high prevalence of cardiac diseases among the population should propel industry growth over the forecast period.
Industry players having a strong hold in the market include Abbott, Medtronic Plc and Edwards Lifesciences. Other notable participants include JC Medical, Thubrikar Aortic Valve Inc, and CryoLife, Inc etc. Their market expansion strategies include strategic alliance and introduction of devices in emerging economies, that enables them to cater to unmet needs and expand revenue sources.
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Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Transcatheter Heart Valve Replacement Industry Insights
Chapter 4. Transcatheter Heart Valve Replacement Market, By Product
Chapter 5. Transcatheter Heart Valve Replacement Market, By Surgical approach
Chapter 6. Transcatheter Heart Valve Replacement Market, By Application
Chapter 7. Transcatheter Heart Valve Replacement Market, By End-use
Chapter 8. Transcatheter Heart Valve Replacement Market, By Region
Chapter 9. Company Profiles
9.1. 4C Medical Technologies
9.3. Boston Scientific
9.5. HighLife Medical
9.9. Meril Life Sciences
9.10. Micro Interventional Devices
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