Latest trends in the global transcatheter heart valve replacement market are driven by increasing product development initiatives by key transcatheter heart valve companies.
Latest trends in the global transcatheter heart valve replacement market are driven by increasing product development initiatives by key transcatheter heart valve companies. Citing an instance, in January 2020, JenaValve Technology, Inc., manufacturer and developer of the JenaValve Pericardial TAVR system, secured the U.S. FDA’s “Breakthrough Device” designation.
For the record, this designation is meant for acute AR (aortic regurgitation) and AR-dominant mixed aortic valve disease, which is a serious and life-threatening debilitating condition, in patients having a higher risk of surgery.
Through this program, the Food and Drug Administration supplied JenaValve with the interactive communication and priority review associated with clinical trial protocols, device development, as well as decisions regarding commercialization. Such initiatives are touted to bolster the demand for various TAVR techniques, augmenting industry expansion through the forthcoming years.
According to the latest study by Global Market Insights, Inc., the global transcatheter heart valve replacement market size is anticipated to exceed USD 19.5 billion by 2026.
This upsurge is primarily attributed to a rise in the collaborative efforts of numerous industry players towards enhancing their geographical footprint and product portfolio. Some of these prominent transcatheter heart valve companies comprise Boston Scientific, Medtronic Plc., Edwards Lifesciences, Abbott, 4C Medical Technologies, HighLife Medical, LivaNova, JC Medical, Neovasc, and others.
Few major trends impelling transcatheter heart valve replacement industry growth include:
Higher demand for transcatheter pulmonary valve replacement procedures
The escalated demand for transcatheter pulmonary valves is due to their application in the therapeutics of patients with narrowed or leaky pulmonary valve. These valves are also useful in decreasing the number of heart surgeries that are required by a patient throughout his/her lifetime.
Therefore, these factors add to the increasing demand for transcatheter pulmonary valves, driving segment growth over the assessment span. The transcatheter pulmonary valve replacement segment accounted for a commendable valuation of over USD 537 million in 2019.
To access sample pages of this report titled, “Transcatheter Heart Valve Replacement Market Size By Product (Transcatheter Aortic Valve Replacement, Transcatheter Mitral Valve Repair and Replacement, Transcatheter Pulmonary Valve Replacement), By Surgical Approach (Transfemoral Approach, Transapical Approach), By Application (Aortic Valvular Heart Disease {Aortic Valve Stenosis, Aortic Valve Regurgitation}, Mitral Valvular Heart Disease {Mitral Valve Stenosis, Mitral Valve Regurgitation}, Pulmonary Valvular Heart Disease), By End-use (Hospitals, Cath Labs), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3170
Increasing preference to hospital settings
The rising number of government initiatives towards the management of valvular diseases is an important factor contributing to the growth of the hospitals segment in the transcatheter heart valve replacement market.
The hospitals segment is projected to exhibit an appreciable CAGR of 14.1 per cent through 2026. This augmentation is ascribed to the favorable reimbursement received in hospitals which compel patients to opt for hospitals over other healthcare settings for availing various transcatheter heart valve repairs and therapies.
Escalating requirement for transcatheter heart valves in Brazil
An increase in the geriatric population diagnosed with aortic valvular disease is likely to bolster the Brazil transcatheter heart valve replacement market demand through 2026. The country held a dominating share of over USD 47 million in the Latin America transcatheter heart valve replacement industry in 2019.
In addition, a rise in the number of patients having non-rheumatic calcific aortic disease is expected to cause a spike in the adoption of transcatheter heart valve therapy in Brazil.
On the whole, an escalation in the demand for various transcatheter heart valve systems on account of the increasing cardiac disease burden across various regions is set to propel the transcatheter heart valve replacement market growth, positively influencing the business landscape through the projected span.
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