Transcatheter Aortic Valve Replacement Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
- Transparency Market Research
Transcatheter aortic valve replacement is an innovative technology primarily utilized for treating aortic stenosis. One of the most common and most serious valve disease problems, Aortic stenosis is narrowing of the aortic valve, decreasing blood flow from the heart. Possible signs and symptoms of aortic stenosis include chest pain, fainting, and heart failure though most people do not develop symptoms unless the disease is advanced. Severe aortic stenosis limits the amount of blood that reaches the brain and the rest of the body. Transcatheter aortic valve replacement (TAVR) has been developed for those patients who are at high risk for surgery. Aortic stents are used for the treatment of abdominal aortic aneurysm (AAA) which is a weak area in the wall of abdominal aorta. To create new walls to the affected blood vessel interventional radiologist inserts a catheter and a graft in the patient’s artery with minimal incision. Through catheter the surgeon passes compressed stent to the aneurysm, which then opened up creating new walls in the blood vessel.
Rising patient awareness about the benefits of minimally invasive procedures such as less traumatic surgical experience, reduced hospital stay and faster recovery would meet the patients demand. Factors such as increasing number of minimally invasive surgeries, growing patient awareness and increase in screening and detection of AAA would boost the demand for transcatheter aortic valve replacement. Moreover, technological advancement in surgical procedures would also significantly raise the demand of transcatheter aortic valve replacement procedures. The global population is aging and increasing, especially in developed countries such as the U.S., Europe and Japan. It is expected that the global aged population would rise from 11% (760 million) in 2011 to 22% (2 billion) by 2050. Aging induces the minimally invasive surgical procedures which necessitates in the growing of endovascular procedures. Therefore, the fact that the world is aging acts as a driver for the growth of transcatheter aortic valve replacement market. However, high cost is considered as a constraint for the development of this market to some extent during the study period.
North America dominates the global market for transcatheter aortic valve replacement and is expected to grow at a moderate rate during the forecast period. The growth of the market in North America would be primarily attributed to introduction of technologically advanced and innovative products in the market. Europe held the second largest market share of the total transcatheter aortic valve replacement market. Factors such as more number of patients diagnosed with endovascular diseases, increasing number of endovascular procedures and launch of innovative products such as drug-coated balloons, chronic total occlusion devices and aortic stents would boost the demand for transcatheter aortic valve replacement in the European market. Asia-Pacific comprises countries such as Japan, India, China, New Zealand, South Korea, Australia and other Asia-Pacific countries. With increase in aging population there is an increase in procedure volumes in densely populated countries such as India and China. Increasing economic growth and improving healthcare facilities provides more number of patients access to healthcare facilities at an affordable rate. Growing number of elderly and obese population lead to an increase in the number of minimally invasive procedures performed, as these patients are more susceptible to transcatheter aortic valve replacement. Increasing awareness and demand for minimally invasive surgery and rising medical tourism in the Asian countries would also boost the demand for transcatheter aortic valve replacement in the Asia-Pacific market.
Transcatheter Aortic Valve Replacement Market Key Players
Major market players operating in the global transcatheter aortic valve replacement market includes Abbott Laboratories, Cook Group, Inc., Cordis Corporation, St. Jude Medical among others.
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