HealthcareApril 28, 2023

Global Transcatheter Aortic Valve Replacement Market

As stated in our extensive report, the Global Transcatheter Aortic Valve Replacement Market accounted for USD 5.5 Billion in the year 2022 and is projected to reach a value of USD 8.8 Billion by 2030.

The medical device market’s Transcatheter Aortic Valve Replacement market is expanding quickly. Instead of performing open-heart surgery, Transcatheter Aortic Valve Replacement is a minimally invasive procedure that uses a catheter to implant a replacement heart valve. Patients with severe aortic stenosis, a condition in which the aortic valve narrows and limits blood flow from the heart, are often treated with surgery. An aging population, an increase in the prevalence of aortic stenosis, and the creation of novel and cutting-edge Transcatheter Aortic Valve Replacement technologies have all contributed to the market’s tremendous expansion in recent years.

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Key Factors Influencing Transcatheter Aortic Valve Replacement Market Growth

The growth of the global Transcatheter Aortic Valve Replacement market can be attributable to the following:

  1. Population aging: As the world’s population ages quickly, aortic stenosis cases increase. The demand for Transcatheter Aortic Valve Replacement treatments is driven by the World Health Organization’s (WHO) prediction that by 2050, the population of adults 60 and older will have doubled.
  2. Technical developments: Transcatheter Aortic Valve Replacement procedures are now safer, less intrusive, and more efficient because of technological developments. The availability of newer generation devices has raised the success rate of Transcatheter Aortic Valve Replacement treatments and widened its use in patients previously deemed too high risk for surgery. These devices include improved characteristics like improved distribution systems and greater imaging capabilities.
  3. Aortic stenosis is a valve heart condition that is becoming more prevalent, impacting millions worldwide. The increasing prevalence of this ailment is driving the need for Transcatheter Aortic Valve Replacement operations.
  4. Minimally invasive techniques are becoming more widely used. Transcatheter Aortic Valve Replacement is one such procedure that doesn’t require open heart surgery. Patients favor this strategy since, compared to standard surgery, it produces a quicker recovery, shorter stays in the hospital, and fewer complications.
  5. Reimbursement processes: Patients now have more access to Transcatheter Aortic Valve Replacement procedures thanks to the availability of reimbursement in several nations. Because of the improved patient accessibility and decreased out-of-pocket costs this has helped the Transcatheter Aortic Valve Replacement market expand.

North America Region to Lead the Market

North America Transcatheter Aortic Valve Replacement is expected to grow in terms of revenue and market share. The North America held the largest market share globally due to contributions from the United States and Canada. It can be ascribed to favorable reimbursement regulations, mergers and acquisitions, and the widespread use of technologically improved products. For instance, the Centres for Medicare and Medicaid Services (CMS) reimburse patients who choose to have a Transcatheter Aortic Valve Replacement operation.

Conclusion

In conclusion, the market for Transcatheter Aortic Valve Replacement is steadily expanding due to many factors, such as an aging population, technological advancements, an increase in the prevalence of aortic stenosis, a rise in the use of minimally invasive procedures, and strategic alliances and partnerships. In addition, key market participants are spending on R&D to increase device efficacy and broaden patient access as the demand for Transcatheter Aortic Valve Replacement treatments rises steadily. Also, the availability of payment schemes in several nations has increased the accessibility of Transcatheter Aortic Valve Replacement operations and decreased patients’ out-of-pocket costs. Nevertheless, it is anticipated that the Transcatheter Aortic Valve Replacement market will continue to grow in the years to come, offering patients with severe aortic stenosis a different therapeutic choice.

Some of the key players in the Global Transcatheter Aortic Valve Replacement Market include Medtronic PLC (U.S.), Abbott Laboratories Inc. (U.S.), Boston Scientific Corp. (U.S.), Meril Life Sciences Pvt. Ltd. Inc. (India), Edwards Lifesciences Corp. (U.S.), St. Jude Medical Inc. (U.S.) and others.