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Transcatheter Valve Repair System Market Size, Share Analysis And Forecast 2033
Transcatheter Valve Repair System Market Size
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According to The Business Research Company's, The transcatheter valve repair system market size has grown strongly in recent years. It will grow from $4.79 billion in 2023 to $5.22 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growing cardiovascular disease rates, surgical limitations, initial transcatheter valve success, research and development investments, physician adoption and training.
The transcatheter valve repair system market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to expanded indications, aging population, value-based healthcare initiatives, patient-centric care models, next-generation device development. Major trends in the forecast period include long-term durability focus, healthcare system integration, data-driven precision medicine, remote and robotic-assisted interventions, hybrid procedures.
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Market Drivers and Trends:
The rise in the incidence of heart diseases is expected to propel the growth of the transcatheter valve repair system market going forward. Heart disease refers to a condition that affects the blood vessels or the heart. Transcatheter devices are used to replace a defective aortic valve with an artificial valve in the treatment of valvular heart disease, specifically aortic valve disease. For instance, in December 2022, according to data published by New York government, in the United States, heart disease claims the lives of about 697,000 people annually, or 1 in every 5 fatalities where around 805,000 Americans experience a heart attack each year among which 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Therefore, the rise in the incidence of heart disease is driving the growth of the transcatheter valve repair system market.
Product innovation has emerged as a key trend gaining popularity in the transcatheter valve repair system market. Prominent market participants actively direct their endeavors toward developing innovative products to fortify their market position. For instance, in December 2022, Abbott Laboratories Inc, a US-based healthcare company that discovers, develops, manufactures, and sells a diversified range of healthcare products, launched the newest generation transcatheter aortic valve implantation (TAVI) system, Navitor, making the minimally invasive technology accessible to those in India who have severe aortic stenosis and are at high or extreme risk for surgery. By using advances, including a design to stop blood from leaking around the valve, the business is advancing TAVI (also known as TAVR or transcatheter aortic valve replacement) therapies using the Navitor valve.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Edwards Lifesciences Corporation, Bracco Group, LivaNova Plc., Meril Life Sciences Pvt. Ltd., Sorin Group, Cordis Corporation, MicroPort Scientific Corporation., Biotronik Pvt. Ltd, AtriCure Inc., OrbusNeich Medical Group Holdings Limited, Endologix LLC, Venus Medtech (Hangzhou) Inc., Dura LLC, HLT Medical Inc., Symetis SA, JenaValve Technology Inc., 4C Medical Technologies Inc., Cardiac Dimensions Inc., Valve Solutions Inc., Transcatheter Technologies GmbH, Evalve Corporation, Colibri Heart Valve LLC, Aegis Surgical Limited, Medtentia International Ltd., Coramaze Technologies Ltd., Neovasc Inc., Anteris Technologies Ltd.
Transcatheter Valve Repair System Market 2024 Key Insights:
• The transcatheter valve repair system market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Increasing Incidence Of Heart Diseases Fuels Growth In The Transcatheter Valve Repair System Market
• Product Innovation Drives Momentum In The Transcatheter Valve Repair System Market
• North America was the largest region in the transcatheter valve repair systems market in 2023
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