Analysis of Potential Impact of COVID-19 on Tricuspid Valve Repair Market
Global Tricuspid Valve Repair Market: Overview
The growth of the global tricuspid valve repair market is estimated to be influenced by the high demand for minimally invasive heart surgeries in the healthcare sector. The post-operative complications together with the risks attached with invasive open heart surgeries are greater than minimally invasive ones, which is likely to drive development of the global tricuspid valve repair market over the assessment tenure, from 2020 to 2030.
Makers of tricuspid valve repair devices are making a rapid shift toward the development of devices that are needed by minimally invasive surgeries so as to reduce the risk and post-operative complications associated with open heart surgery. Devices such as transcatheter tricuspid valve repair system are developed by companies but are still needs to be approved by the regulatory bodies for use in patients. On the basis of inputs provided by heart surgeons, these products are increasingly preferred in clinical trials, which is likely to foster growth of the global tricuspid valve repair market in the years to come.
Product type, indication, end user, and region are the three important parameters based on which the global tricuspid valve repair market has been classified.
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Global Tricuspid Valve Repair Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global tricuspid valve repair market is mentioned as below:
- In April 2020, US-based Abbott Laboratories announced that European CE mark clearance has been given to its TriClip Transcatheter Tricuspid Valve Repair (TTVR) System. This system is to be used as a non-surgical treatment option for people suffering from a heart condition, tricuspid valve regurgitation (TR). It is the first of its kind clip-based, minimally invasive tricuspid valve repair device that is to be available commercially in the world. This new, innovative system is expected to assist patients aged above 60 years.
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Some of the prominent organizations in the global tricuspid valve repair market comprise the below-mentioned:
- Edwards Lifesciences
- Abbott Laboratories
- Valtech Cardio Ltd
- Sorin S.p.A.
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Global Tricuspid Valve Repair Market: Key Trends
The global tricuspid valve repair market is characterized by the presence of the following restraints, drivers, and opportunities.
Augmented Spending in Research and Development to Boost Demand in the Market
The global tricuspid valve repair market is emphasizing on the development of various innovative products that can be utilized for the treatment of patients suffering from tricuspid valve defects. Many of the medical companies have been investing substantially to encourage development of scientifically and technically advanced devices for facilitating better and more effective treatment of the condition. A case in point is the increased focus and investment of Edwards Lifesciences, a leading American medical technology company, on structural heart therapies have led to the development of several breakthrough therapies. Several of these therapies are in the stage of clinical studies. Such innovations are likely to trigger growth of the global tricuspid valve repair market over the timeframe of analysis, from 2020 to 2030.
Annuloplasty rings are utilized in the treatment of tricuspid regurgitation and are made using substances such as titanium alloy, polyester, and so on. Product innovations such as these are expected to render the device more flexible and durable, thereby sustaining growth of the global tricuspid valve repair market over the assessment timeframe.
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Global Tricuspid Valve Repair Market: Geographical Analysis
In terms of regions, Europe is likely to emerge as the leading segment in the global tricuspid valve repair market and is forecasted to retain its dominance over the period of assessment. Augmented adoption of tricuspid valve repairs in the countries of Europe, particularly Germany, is expected to propel growth of the market in Europe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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