United States, Rockville, MD, May 30, 2022 (GLOBE NEWSWIRE) -- The global transcatheter valve replacement market is estimated at US$ 3.6 billion in 2022 and is projected to expand at an impressive CAGR of 13.4% between 2022 and 2032. As per in-depth analysis by Fact.MR, a market research and competitive intelligence provider, the market registered an annual growth of 10% during the years 2017-2021.
Increasing incidence of aortic valve defects and rising demand for minimally invasive surgeries are prime factors that are expected to drive the growth of the transcatheter valve replacement market.
Owing to rising investments in research and development by key manufacturers, transcatheter mitral valve replacement (TMVR) is emerging as a new frontier in the market. Manufacturers are developing new TMVR products by entering into collaborations with other market players to fulfil the treatment needs of the patients. As these products are under the investigational stage, they are likely to provide lucrative opportunities in the market over the coming years.
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Key Takeaways from Market Study
- The global transcatheter valve replacement market is estimated to surpass US$ 12.8 billion by the end of 2032, registering an impressive growth rate of 13.4%.
- The global market witnessed a CAGR of 10% during 2017 to 2021.
- Transcatheter aortic valve replacement, under replacement type, holds a dominant position in the market with 78.6% share.
- Trans-femoral approach, under surgical approach, holds 78.9% share in the overall market.
- Hospitals account for 65.4% share in the overall market, which is likely to exceed 66.8% by the end of 2032.
- Based on region, demand for transcatheter valve replacement is expected to increase at CAGRs of 14.3% and 14.7% in East Asia and South Asia & Oceania, respectively, over the forecast period.
- Together, North America and Europe are likely to represent 51.6% of overall market share in 2022.
“Rise in the trend amongst patients to undergo less invasive procedures to be done without or with minimal anaesthesia is likely to support transcatheter valve replacement market growth going forward,” says a Fact.MR analyst.
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Market Developments
The market for transcatheter valve replacement is witnessing growth and development with manufacturers looking out for investments in research and development and collaborating with other players. For instance, developments are underway to provide innovative products that are able to meet the needs of patients, while aiding market growth at the same time.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global transcatheter valve replacement market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by replacement type (transcatheter aortic valve replacement (TAVR), transcatheter mitral valve repair (TMVR)), surgical approach (trans-femoral approach, trans-apical approach, trans-aortic approach), end user (hospitals, ambulatory surgical centres, specialty clinics, others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
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