Transcatheter Aortic Valve Replacement Global Market Report 2024

The transcatheter aortic valve replacement market size has grown rapidly in recent years. It will grow from $4.63 billion in 2023 to $5.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The expansion observed in the historical period can be ascribed to the increasing prevalence of aortic regurgitation, a rise in the incidence of cardiovascular diseases, growing patient inclination towards minimally invasive therapies, the global proliferation of TAVR procedures, and favorable reimbursement policies.

The transcatheter aortic valve replacement market size is expected to see rapid growth in the next few years. It will grow to $8.79 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be linked to the increasing prevalence of aortic stenosis, a heightened adoption of minimally invasive procedures, the broadening of indications for TAVR procedures, favorable reimbursement policies, and a growing awareness of TAVR as a viable treatment option. Prominent trends expected during the forecast period comprise the ongoing evolution of device technology, an upward trend in the prevalence of cardiovascular diseases, the global expansion of TAVR procedures, an aging demographic, and a rise in healthcare expenditure.

The upward trend in the prevalence of aortic stenosis stands as a driving force behind the transcatheter aortic valve replacement market's future growth. Aortic stenosis, a medical condition characterized by the narrowing of the aortic valve in the heart, finds treatment in transcatheter aortic valve replacement (TAVR), offering a less invasive alternative to surgical aortic valve replacement (SAVR). This procedure aids in restoring blood flow and alleviating the signs and symptoms of aortic valve stenosis. An illustration of this trend is seen in the report published by the Baker Heart and Diabetes Institute in August 2021, revealing that between 500,000 and 600,000 Australians suffered from heart valve disease in 2021. The cases of aortic stenosis are anticipated to rise to 200,000 in 2031 and 266,000 in 2051. Consequently, the escalating prevalence of aortic stenosis is a key driver of the transcatheter aortic valve replacement market.

The expanding elderly population is anticipated to propel the growth of the transcatheter aortic valve replacement (TAVR) market. The elderly population, commonly defined as individuals aged 65 years or older, is more susceptible to aortic valve diseases and is often considered high-risk for conventional surgeries. This demographic shift favors transcatheter aortic valve replacement (TAVR) as a preferred and less invasive option, addressing the healthcare needs of the elderly and contributing to market growth. Data from a report by the World Health Organization (WHO) in October 2022 indicates that by the year 2030, one in six people globally is expected to be 60 or older, and by 2050, the worldwide population of individuals aged 60 and older will reach 2.1 billion. Consequently, the expanding elderly population is a significant factor driving the growth of the transcatheter aortic valve replacement (TAVR) market.

A noteworthy trend gaining momentum in the transcatheter aortic valve replacement (TAVR) market is product innovation. Companies in this sector are actively focusing on developing technologically advanced and innovative solutions to solidify their market position. For example, in August 2021, Medtronic, a US-based medical device company, obtained approval from the U.S. Food and Drug Administration (FDA) for its Evolut FX TAVR system. This system represents the latest generation of self-expanding transcatheter aortic valve replacement designed to enhance ease of use, provide greater precision and control during the procedure, and utilizes the same supra-annular valve design that has demonstrated superior performance in large-scale, randomized clinical trials compared to surgical aortic valve replacement (SAVR). The system's features include a modified catheter tip for smoother insertion and a flexible delivery system with 360-degree freedom of motion and reliable, predictable deployment.

Major companies in the transcatheter aortic valve replacement (TAVR) market are actively engaged in developing innovative products such as transcatheter aortic valve replacement (TAVR) systems to expand their customer base, increase sales, and boost revenue. Transcatheter aortic valve replacement (TAVR) systems are specialized medical devices designed for the treatment of aortic stenosis. An example of such innovation is seen in September 2021 when Abbott Laboratories, a US-based biopharmaceutical company, announced FDA approval for its Portico with FlexNav transcatheter aortic valve replacement (TAVR) system. Portico is distinguished by its self-expanding valve featuring intra-annular leaflets within the native valve, ensuring optimal blood flow upon implantation. Additionally, its slim design and Abbott's FlexNav delivery system enhance flexibility, ease of tracking, and precise valve placement, accommodating diverse patient anatomies and small vessels.

In February 2022, Genesis MedTech Group, a Singapore-based medical device company, successfully acquired JC Medical for an undisclosed amount. Through this strategic acquisition, Genesis expands its portfolio by incorporating J-Valve, a minimally invasive transcatheter aortic valve replacement (TAVR) device, further strengthening its position in the transcatheter aortic valve replacement market.

Major companies operating in the transcatheter aortic valve replacement market report are Abbott Laboratories Inc., Medtronic PLC, Boston Scientific Corporation, Hilton Worldwide Holdings Inc., Edwards Lifesciences Corporation, Bracco Group, LivaNova PLC, CryoLife Inc., Meril Life Sciences Pvt. Ltd., Venus MedTech HangZhou Inc., Braile Biomedica, Sorin Group USA Inc., Peijia Medical Limited, Direct Flow Medical Inc., Transcatheter Technologies GmbH, Symetis SA, JenaValve Technology Inc., Micro Interventional Devices Inc., Xeltis BV, Tendyne Holdings Inc., MVRx Inc., Keystone Heart Ltd., Colibri Heart Valve LLC, HighLife SAS, Neovasc Inc., St. Jude Medical Inc., Aegis Surgical Limited, Foldax Inc., MValve Technologies Ltd., NaviGate Cardiac Structures Inc.

North America was the largest region in the transcatheter aortic valve replacement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transcatheter aortic valve replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the transcatheter aortic valve replacement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products associated with transcatheter aortic valve replacement include self-expandable transcatheter aortic valves, balloon-expandable transcatheter aortic valves, and mechanically expanded transcatheter aortic valves. Self-expandable transcatheter aortic valves serve as medical devices employed in the minimally invasive procedures known as transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI). These devices consist of materials for the valve frame and valve leaflet. Procedures such as transfemoral implantation, transapical implantation, and transaortic implantation can be conducted for conditions such as aortic stenosis, aortic regurgitation, among others. These procedures are carried out by hospitals, independent cardiac catheterization labs, ambulatory surgical centers, and other medical facilities.

The transcatheter aortic valve replacement market research report is one of a series of new reports that provides transcatheter aortic valve replacement market statistics, including transcatheter aortic valve replacement industry global market size, regional shares, competitors with a transcatheter aortic valve replacement market share, detailed transcatheter aortic valve replacement market segments, market trends and opportunities, and any further data you may need to thrive in the transcatheter aortic valve replacement industry. This transcatheter aortic valve replacement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transcatheter aortic valve replacement market consists of revenues earned by entities by providing services such as repairing the valve without removing the old damaged valve and placement of a heart valve into the body. The market value includes the value of related goods sold by the service provider or included within the service offering. The transcatheter aortic valve replacement market also includes sales of stainless steel stent, skirt and bovine pericardium leaflets, which are used in providing transcatheter aortic valve replacement services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.