Transcatheter Aortic Valve Replacement (TAVR) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, France, China - Size and Forecast 2023-2027

Transcatheter Aortic Valve Replacement (TAVR) Market 2023-2027

The Transcatheter Aortic Valve Replacement (TAVR) Market size is estimated to grow by USD 2.35 billion at a CAGR of 7.01% between 2022 and 2027.  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 by End-user, Type, and Geography Analysis

This report provides a detailed analysis of the market by end-user (Hospitals, Ambulatory surgical centers, and Others ), type (Balloon-expanding valve and Self expanding valve ), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021 besides analyzing the current market scenario.

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 3.90 billion in 2017. 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.

Type Analysis

Balloon-expanding valves are an essential component of the TAVR procedure, providing a less invasive alternative to traditional open-heart surgery for patients with aortic valve disease. The main feature of this valve is that it operates on a unique mechanism of deployment that includes the use of a balloon catheter. The construction of balloon-expanding valves is a significant feature of this segment. These valves are manufactured using biological tissue or metal stents chosen for their durability and compatibility with the human body. There are numerous advantages of balloon-expanding valves. This segment mainly caters to patients with specific anatomical characteristics, such as those with heavily calcified or narrow aortic valve openings. Hence, the increasing advantages of this segment will fuel the growth of this segment which in turn will drive the market growth during the forecast period.

The main feature of the self-expanding valves segment is that it expands and deploys itself without the need for a balloon catheter. These are manufactured with materials designed to expand and anchor the valve in the correct position once deployed. These valves are essentially approved by the FDA. A PVL-reducing active outer fabric cuff is a significant innovation of the Navitor THV.  There is increasing adoption of SE-THV Patients with small or severely calcific annuli. TAVR-in-SAVR and both supra- and intra-annular valves are recommended for patients. Hence, such factors are expected to fuel 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 43% 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

In the market, technology advancements drive the adoption of minimally invasive techniques like Transfemoral, Transapical, and Transaortic implantation procedures. Hospitals and Ambulatory Surgical Centers play pivotal roles in expanding access to TAVR procedures. Challenges include high costs and reimbursement issues, limiting affordability and access. Skin tags and acrochordons incidence are addressed through comprehensive patient care approaches. Depth expert analysis of patient epidemiology guides TAVR advancements, catering to diverse age groups within the general population. Medtronic and other industry leaders drive innovation amidst reimbursement challenges and infrastructure requirements, shaping the future of TAVR treatments. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• 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

Market Analyst Overview

The market witnesses significant advancements in technology, particularly in minimally invasive techniques, catering to patients with valvular heart ailments such as aortic valve stenosis (AS). TAVR procedures offer alternatives to traditional surgical methods like Surgical Aortic Valve Replacement (SAVR), with options for transfemoral, transapical, and transaortic implantation routes. The market showcases a diverse array of implants made from materials like Nitinol, Cobalt chromium, Nickel, and Titanium, ensuring radiopacity, resilience, and biocompatibility. Depth expert analysis delves into patient epidemiology and regulatory frameworks, while reimbursement expansion seeks to address affordability challenges and limited access. With a focus on healthcare infrastructure, TAVR advancements aim to meet the needs of the geriatric population, offering improved outcomes and quality of life. Collaboration with organizations like the American Heart Association drives awareness and adoption of TAVR surgeries and devices in addressing valvular heart ailments effectively.

Additionally, in the market, technological advancements drive minimally invasive surgeries like Transfemoral and Transapical Implantation, providing alternatives to Surgical Aortic Valve Replacement (SAVR). Pipeline analysis explores innovative approaches for addressing other indications beyond aortic valve ailments. Challenges such as lack of affordability and reimbursement issues persist, impacting access to TAVR procedures. The Sapien device, designed for TAVI surgery, offers solutions for valve replacement, especially at the left ventricular apex, while sheath diameter considerations enhance procedural efficacy. TAVR procedures cater to diverse age groups within the general population, addressing prevalence rates of valvular heart conditions like aortic valve stenosis. Additionally, TAVR advancements aim to address skin tags and acrochordons incidence through comprehensive patient care.

Market Scope
Report Coverage	Details
Page number	169
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.01%
Market growth 2023-2027	USD 2.35 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	6.23
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 43%
Key countries	US, Germany, UK, France, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	4C Medical Technologies Inc., Abbott Laboratories, 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, and Venus Medtech Hangzhou Inc.
Market dynamics	Parent market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research 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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