Demand for Tricuspid Valve Repair Rising as Congenital & Rheumatoid Heart Disease Cases Increase: Fact.MR
Advancement in healthcare technologies and increasing spending on minimal invasive heart procedures are accelerating the demand for tricuspid valve repair devices
Fact.MR, New York: Fact.MR’s recent study on global tricuspid valve repair market has projected substantial growth over the market for the period starting from 2019 to 2029. Rising incidence of cardiovascular diseases and growing geriatric population are increasing the demand for tricuspid valve repair devices. Also, rising preference for minimal invasive surgeries among patients aged above 60 years will offer immense growth prospects.
Robust growth in the heart valves devices market and technological advancement in biodegradable devices will provide lucrative opportunities for tricuspid valve repair manufacturers. Also, the demand for annuloplasty procedure for tricuspid valve repaid among the patients with tricuspid valve defects and rheumatic heart diseases are spurring the adoption of tricuspid valve repair devices and systems.
For instance, according to World Health Organization, every year 288,348 people succumb to death due to the rheumatoid heart disease across the globe and around 2 million people in U.S are recorded with congenital heart defects. Hence, innovation for the technological advanced medical devices with less side effects and higher precision is spurring the adoption of tricuspid valve repair systems.
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Fact.MR estimates, the global tricuspid valve repair market is expected to surpass a value of US$ 183.8 Mb by 2029-end.
“Key players are proliferating research & development funding and adopting acquisition strategies to expand their product portfolios to maintain their position in the market,” says the Fact.MR analyst.
- Global tricuspid valve repair market is poised to expand at an impressive rate of 10% CAGR through 2021 & beyond
- Germany with 18% total market share is expected to dominate the European tricuspid valve repair market through 2021
- UK and France collectively are expected to witness notable growth on the back of availability of approved products for treating tricuspid valve defects
- Absence of other medical devices in treating the tricuspid valve defects is pushing the sales of annuloplasty rings
- Hospitals will remain dominant throughout the forecast period backed by the presence of state-of-the-art, advanced technologies used to treat tricuspid valve defect
- Cardiac catheterization laboratories are expected to emerge as a potential segment
- Technological advancements in the heart valve devices will improve the tricuspid valve repair market demand
- Preference for minimally invasive surgeries over the conventional and increasing number of cardiovascular diseases are key drivers for the growth of tricuspid valve repair market
- Growing geriatric population with structural heart diseases and congenital heart defects is expected to propel the demand
- Complex regulatory procedures associated with tricuspid valve repair is likely to limit the growth
- High cost of the devices and procedure might hamper the demand of tricuspid valve repair devices
Discover more about the tricuspid valve repair market with figures, data tables and the table of contents.
Fact.MR has listed some of the prominent players operating in the tricuspid valve repair market that includes Medtronic and Edwards Life Sciences Corporation. According to Fact.MR analysis, manufacturers are focusing on strategic mergers and acquisitions to upsurge product portfolio and expand their regional presence in the industry. These aforementioned players are investing heavily on the development of innovative medical devices which is providing them new growth opportunities in the market.
In April 2020, Abbott announced its ABBOTTS TRICLIP, to become the very first device of its kind to receive an approval for minimally invasive tricuspid valve repair.
Also, Medtronic announced that its transcatheter tricuspid valve replacement system for patients with severe, tricuspid regurgitation received a nod from the U.S. Food and Drugs Administration (FDA) on September 20th 2020.
Likewise in May 2020, Edwards Life Sciences received a breakthrough for its Pascal transcatheter valve repair system to treat tricuspid regurgitation.
More Insights on the Tricuspid valve repair Market
In its latest study, Fact.MR offers an exhaustive analysis on global tricuspid valve repair market for the forecast period of 2019 to 2029. The study divulges in deeper aspects of major market trends, growth and opportunities that the market is expected to witness in the upcoming decade. To gain a better perspective on the shortcomings and forthcomings of tricuspid valve repair market, it is segregated on the basis of product type (annuloplasty rings), indication (tricuspid valve regurgitation, and tricuspid valve stenosis), end-user (hospitals, ambulatory surgical centers and cardiac catheterization laboratories), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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