What is Global Transcatheter Heart Valve Replacement and Repair Market?
The Global Transcatheter Heart Valve Replacement and Repair Market is a rapidly growing sector in the healthcare industry. This market focuses on the replacement and repair of heart valves using a minimally invasive procedure known as transcatheter heart valve replacement (THVR) and repair. This procedure is a boon for patients who are at high risk or unable to undergo open-heart surgery. The market includes various types of heart valves such as mechanical heart valves, biological/tissue heart valves, and transcatheter heart valves. The growth of this market is driven by the increasing prevalence of heart valve disease, rising geriatric population, and technological advancements in heart valve replacement devices. The market is also witnessing a surge due to the growing preference for minimally invasive surgeries over traditional surgeries.
TAVR, TPVR, TMVR in the Global Transcatheter Heart Valve Replacement and Repair Market:
The Global Transcatheter Heart Valve Replacement and Repair Market is segmented based on the type of procedure, namely TAVR (Transcatheter Aortic Valve Replacement), TPVR (Transcatheter Pulmonary Valve Replacement), and TMVR (Transcatheter Mitral Valve Replacement). TAVR is a minimally invasive surgical procedure that repairs the valve without removing the old, damaged valve. Instead, it wedges a replacement valve into the aortic valve's place. Similarly, TPVR is a less invasive way to replace the pulmonary valve, and TMVR is a procedure to replace the mitral valve in the heart. These procedures have gained popularity due to their less invasive nature, shorter recovery time, and reduced hospital stay. The market for these procedures is growing due to the increasing prevalence of heart valve diseases and the rising geriatric population.
Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratory in the Global Transcatheter Heart Valve Replacement and Repair Market:
The Global Transcatheter Heart Valve Replacement and Repair Market finds its application in various areas such as Hospitals, Ambulatory Surgical Centers, and Cardiac Catheterization Laboratories. Hospitals are the major end-users of these procedures due to the availability of advanced infrastructure and skilled professionals. Ambulatory Surgical Centers are also witnessing growth due to the increasing preference for outpatient surgeries. Cardiac Catheterization Laboratories are specialized facilities where these procedures are performed. The growth in these areas is driven by the increasing prevalence of heart valve diseases, technological advancements, and the growing preference for minimally invasive surgeries.
Global Transcatheter Heart Valve Replacement and Repair Market Outlook:
The market outlook for the Global Transcatheter Heart Valve Replacement and Repair Market is promising. In 2023, the market was valued at US$ 5963.8 million and is projected to reach a staggering US$ 16240 million by 2030. This indicates a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period from 2024 to 2030. The TAVR segment held a significant market share of about 80% in 2019, demonstrating its dominance in the market.
| Report Metric | Details |
| Report Name | Transcatheter Heart Valve Replacement and Repair Market |
| Accounted market size in 2023 | US$ 5963.8 million |
| Forecasted market size in 2030 | US$ 16240 million |
| CAGR | 15.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Edwards Lifesciences, Medtronic, Abbott, Boston Scientific, Venus Medtech, Meril Life Sciences, Braile Biomedica |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
