Transcatheter Aortic Valve Replacement (TAVR) Market is expected to grow at a CAGR of 12.3% from 2021 to 2028. TAVR, it is a procedure in which when a narrowed aortic valve fails to open properly, a catheter is inserted inside a human body’s chest and guides it to the heart. The aortic valve is part of heart which helps the blood to keep flowing in the right direction through the heart. It separates the heart’s main pumping chamber and the main artery that supplies blood throughout the body. Transcatheter is bifurcated into Transcatheter Mitral Valve Repair (TMVR) and Transcatheter Aortic Valve Replacement (TAVR). TAVR has largest share in the market as this procedure has been making continuous advancements in the product. The transcatheter aortic valve replacement market is growing due to the increase in cardiovascular diseases and heart failures among human. The number of patients facing such diseases is increasing with time due to unhealthy lifestyle and style of living. COVID-19 pandemic has forced to stay people indoors as a result of which people are lacking physical exercises and as a result people have tend to attain fatigue and be prone to risk of underlying heart diseases.
The major drivers of the Transcatheter Aortic Valve Replacement market are various chronic heart diseases, hypertension, genetical factors, obesity which is helping the market of transcatheter boost. One of the major challenges involved with TAVR is that the treatment and surgery is expensive. Also, in some critical cases, the insertion of catheter inside a heart might cause an allergic reaction leading to infection, bleeding, blood clots which might further trigger an attack, stroke or an even bigger problem. Lack of skilled professionals in some areas of market and certain device related issues is a hindrance to market growth. Recent strict regulations imposed by government to restrict the approval for implementation of transcatheter are a major challenge.
Scope and Segmentation of market
The report has been compiled through extensive research and analysis. It consists of the key players dominating the market. The report covers market dynamics inclusive of its drivers, restraints and opportunities. The Transcatheter Aortic Valve Replacement market research also includes the market segmentation done on basis of by product, by surgery method, by valve frame material, by valve size, by application and by region. By product type, market is divided into TAVR and TMVR. By surgery method the Transcatheter Aortic Valve Replacement can be further segmented as Transfemoral Implementation, Transaortic Implementation, Transcaval Implementation, Transapical Implementation. By valve material, the market is further classified into Nitinol, Cobalt- chromium, Stainless Steel. By valve size, transcatheter market can be further bifurcated into 14mm to 18mm, 18mm to 20mm, 22mm to 29mm sizes. By application, market is categorized as Cardiac Centers and Laboratories, hospitals, surgical centers. Also, by region the transcatheter market has a reach in parts of North America, Europe, Asia Pacific and Rest of the world (RoW).
In Asia, Japan is the only country where the government pays for the treatment of the patients suffering from cardiovascular diseases and those who have to undergo TAVR surgery. However, in rest of the countries all over Asia, other countries have to pay for the surgery from their own wallet. In addition, German and France are the most prominent markets in Europe. Germany is the most preferred country for the implementation of transcatheter aortic valve replacement.
Meril Life Sciences Pvt. Ltd., Bracco S.p.A. (HLT, Inc.), Abbott Laboratories Inc., JenaValve Technology, Inc., Boston Scientific Corporation, NVT AG, Medtronic, plc, Venus Medtech, Inc., JC Medical, Inc., Cook Medical Inc., Edwards Lifesciences Corporation, Braile Biomedica Edwards Lifesciences Corporation; and St. Jude Medical, Inc., Medtronic and Abbott are prominent players operating in the global transcatheter market.
Market Segmentation of Global Transcatheter Aortic Valve Replacement Market
By product type
By surgery method
By valve frame material
By valve size