Transcatheter Aortic Valve Replacement Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, UK, Germany, China, France - Size and Forecast 2024-2028

Transcatheter Aortic Valve Replacement Market Size 2024-2028

The Transcatheter Aortic Valve Replacement Market size is estimated to grow by USD 2.40 billion at a CAGR of 6.78% between 2023 and 2028.  There is an increase in demand for minimally invasive procedures, which is significantly contributing to the global transcatheter aortic valve replacement market. TAVR is essentially performed through small incisions, often in the groin or chest, or even using percutaneous access, unlike traditional SAVR, which requires a large chest incision and sternotomy. In addition, there are numerous advantages to a minimally invasive approach. One of the main advantages is the reduction of the physical trauma associated with open-heart surgery, resulting in shorter hospital stays and quicker recovery times. Hence, such advantages will fuel the adoption of this procedure which is positively impacting the market growth.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

End-user Analysis

The hospitals segment is estimated to witness significant growth during the forecast period. The hospital segment is the primary end-user of minimally invasive cardiac procedures and thus it significantly contributes to the market. This segment comprises several healthcare facilities ranging from large academic medical centers to community hospitals providing specialized infrastructure and a highly skilled medical workforce to perform TAVR safely and effectively.

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The hospitals segment was the largest and was valued at USD 4.09 billion in 2018. The main advantage of the hospital segment in terms of TAVR is its comprehensive cardiac care services, as this segment is equipped with state-of-the-art cardiac catheterization labs and operating rooms specifically designed for interventional cardiology procedures. In addition, this segment also offers a broad range of supporting services, including advanced imaging technologies (like echocardiography and fluoroscopy), intensive care units, and experienced cardiac surgery and anesthesia teams. The hospital segment has essentially contributed to the advancements in the field of TAVR. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the transcatheter aortic valve replacement (TAVR) market in North America include the high prevalence of heart-related disorders such as heart valve diseases, stenosis, and atresia and the increasing adoption of suture-less valves, tissue valves, and MI procedures and rapid growth in the older adult population.

Moreover, the main countries in North America which is fuelling the growth of the market in the region include the US and Canada. There is a significant presence of highly developed infrastructure and an increase in the aging population which is positively impacting the market growth in the region. Some of the prominent hospitals and medical centers in the US that are at the forefront of TAVR adoption and clinical research include Cleveland Clinic, Mayo Clinic, and Massachusetts General Hospital. Hence, such factors are expected to drive the market growth in the region during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Abbott Laboratories: The company offers transcatheter aortic valve replacement namely Navitor designed to treat aortic stenosis.

• 4C Medical Technologies Inc.
• Anteris Technologies Ltd.
• Artivion Inc.
• Biosensors International Group Ltd.
• Boston Scientific Corp.
• Colibri Heart Valve LLC
• Edwards Lifesciences Corp.
• Genesis Medtech International Pvt. Ltd.
• HighLife SAS
• JenaValve Technology Inc.
• LifeNet Health Inc.
• LivaNova Plc
• Medinol Ltd.
• Medtronic Plc
• Meril Life Sciences Pvt. Ltd.
• MicroPort Scientific Corp.
• Shockwave Medical Inc.
• Siemens AG
• Venus Medtech Hangzhou Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

Transcatheter Aortic Valve Replacement (TAVR) is a minimally invasive procedure used to replace a damaged or diseased aortic valve without the need for open-heart surgery. In this procedure, a stent-mounted valve is delivered through a catheter and positioned in the heart using imaging techniques such as cardiac catheterization and magnetic resonance imaging. TAVR is an alternative to traditional valve replacement surgery for patients with aortic stenosis, a condition characterized by calcium buildup or narrowing of the aortic valve. TAVR can be performed using transfemoral or transapical approaches. Transfemoral approach involves accessing the heart through a blood vessel in the leg, while transapical approach involves making an incision in the chest. TAVR carries risks such as valve leaks, blood clots, and anesthesia complications. Conditions such as rheumatic heart disease, bicuspid aortic valve, and heart failure can lead to the need for aortic valve replacement. TAVR is gaining popularity due to its minimally invasive nature and the ability to reduce the risks associated with open-heart surgery, such as sternotomy and long recovery time. An interventional cardiologist performs the procedure, and it can be done under local anesthesia.

Key Market Drivers

One of the key factors driving the market is the growing aging population globally. The increasing prevalence of aortic valve disease, especially aortic stenosis, among older individuals is one of the significant factors fuelling the demand for TAVR procedures in the aging population. Due to the advancement of healthcare and improved living conditions, and healthcare infrastructure, the life expectancy of people has significantly increased, which has increased the risk of aortic stenosis in the aging population. Depth expert analysis of patient epidemiology reveals the rising incidence of aortic stenosis, contributing to increased demand for TAVR procedures.

In addition, technology advancements in minimally invasive techniques have made TAVR procedures accessible in various settings, including hospitals and ambulatory surgical centers, addressing limited access concerns. Despite reimbursement challenges and high costs, the demand for TAVR procedures continues to rise due to the aging population and the increasing prevalence of aortic valve disease. 

Significant Market Trends

A key factor shaping the market growth is the growing expansion of indications for TAVR procedures. The increasing expansion of indications for TAVR procedures is a primary trend in the field of interventional cardiology. The main factor fuelling the expansion is the growing body of clinical data demonstrating the safety and efficacy of TAVR.

Moreover, several clinical trials and real-world studies have frequently shown favorable outcomes in terms of mortality reduction, symptom improvement, and quality of life for TAVR patients. Therefore, many healthcare providers and regulatory bodies are confident in the advantages of the procedure. Hence, such factors are positively impacting the transcatheter aortic valve replacement market. Therefore, it is expected to drive the market growth during the forecast period.

Major Market Challenges

High costs associated with TAVR procedures are one of the key challenges hindering market growth.  Even though TAVR offers numerous advantages when compared to traditional SAVR, such as shorter recovery times and reduced hospital stays, there is a significant cost associated with the procedure. For example, in the US, the cost of a TAVR procedure can range from USD30,000 to USD70,000 or more.

Moreover, the cost of the procedure is influenced by various factors, including the choice of TAVR valve brand, the hospital's location, and the patient's overall health. In addition, TAVR procedures need specialized equipment, such as imaging technology and catheterization equipment, as well as a highly skilled medical team trained in interventional cardiology which adds to the overall cost. Hence, such factors are negatively impacting the transcatheter aortic valve replacement market. Therefore, it is expected to hinder the market growth during the forecast period.

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Market Customer Landscape

The market report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Customer Landscape

Segment Overview

The market growth analysis research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user Outlook
  • Hospitals
  • Ambulatory surgical centers
  • Others
• Type Outlook
  • Balloon-expanding valve
  • Self-expanding valve
• Geography Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World  (ROW)
    • Australia
    • Argentina
    • Brazil

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Market Analyst Overview

The market is pivotal in cardiac care, offering a minimally invasive alternative to surgical aortic valve replacement for patients with severe kidney disease or recent stroke. Utilizing cow or pig tissue in a metal frame, TAVR restores blood flow and oxygen-rich blood through the femoral artery to the left ventricle, addressing conditions like mitral regurgitation and congenital heart defects. Diagnostic tests such as echocardiogram, electrocardiogram, and computed tomography ensure precise placement and monitor benefits like reduced bleeding and infection risks compared to traditional procedures. Despite potential risks like stroke or blood vessel injury, TAVR boasts a high success rate and lowers complications such as heart attack or kidney injury. With advancements in heart valve technology and Heart Valve CareLine support, TAVR continues to expand, offering improved outcomes and reduced need for follow-up surgery or reactions to anesthesia.

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What are the Key Data Covered in this Market Forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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