Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – A surge in demand for TAVR procedures, especially in patients with severe aortic stenosis, is anticipated to propel the Aortic Valve Replacement Devices Market growth. These procedures are likely to become popular in high-risk patients, notably the elderly, where invasive surgery is not usually indicated to treat heart diseases. The aortic valve replacement devices market value is projected to expand at a CAGR of 9.8% from 2022 to 2031 to reach US$ 18.2 Bn by 2031.
Recent trends indicate that considerable R&D in bioprosthetic heart valves have broadened the market outlook. Significant adoption of novel treatment modalities in valvular heart disease is expected to accelerate the aortic valve replacement devices industry growth. Rise in the number of people who seek heart valve replacement surgeries annually is expected to lead to attractive business opportunities in the market during the forecast period.
Rise in incidence of aortic stenosis among the elderly patient population is likely to increase the indications of aortic valve replacement (in patients). Minimally invasive approaches, especially which include new approaches in implantation of bioprosthetic heart valves, are likely to bolster the aortic valve replacement devices market development in the next few years.
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Key Findings of Market Study
- Increase in Preference for Hospitals for Aortic Valve Replacement Procedures: Hospitals are preferred over ambulatory surgical centers as these offer comprehensive services, including diagnostic facilities and pre- and post-operative care, to patients who need aortic valve replacement procedures. High penetration of advanced valves, such as bioprosthetic heart valves, in aortic valve replacement surgeries in hospitals is likely to bolster aortic valve replacement devices industry expansion. The hospitals segment accounted for significant market share in 2021. Rapid rise in number of hospitals that offer minimally invasive aortic valve replacement procedures is expected to fuel the segment.
- High Demand for TAVR Devices: Advancements in TAVI are expected to boost the market in the next few years. Adoption of modern transcatheter technology, especially TAVI techniques, to treat aortic valve disease is poised to bolster aortic valve replacement devices market outlook. Preference for TAVI techniques to treat patients with severe stenosis is a recent market trend. Rise in demand for transcatheter techniques is likely to offer attractive opportunities to companies in the market. Demand for advanced TAVI techniques, such as right minithoracotomy and hemisternotomy, for valve replacement is expected to create significant opportunities in the market.
Key Drivers
- Surge in prevalence of aortic stenosis globally is expected to drive demand for aortic valve replacement. Severe aortic stenosis poses high mortality rate in the elderly in developed countries of North America and Europe.
- Advancements in diagnostic technologies is likely to increase treatment of patients with valvular heart disease. Rapidly increasing awareness about diagnosis and minimally invasive treatment options among the patients is expected to propel the aortic valve replacement devices market size in the next few years.
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Regional Growth Dynamics
- The aortic valve replacement devices market in North America is expected to witness robust growth during the forecast period. High prevalence of heart diseases in the region and rapid pace of adoption of advanced aortic valve repair techniques and procedures are anticipated to bolster product demand. Surge in incidence of severe aortic stenosis among the elderly population is poised to drive the utilization of TAVR devices.
- Europe is a lucrative market. The market in the region is fueled by high demand for minimally invasive surgeries to treat aortic valve pathologies. Presence of favorable reimbursement coverage for patients is likely to bolster aortic valve replacement devices market growth in the next few years.
- The market in Asia Pacific is expected to be grow at a rapid pace during the forecast period. Increase in access to treatments for valvular heart disease and rise in healthcare spending on reducing prevalence of cardiovascular diseases are anticipated to augment market size in Asia Pacific.
Competition Landscape
The landscape is significantly fragmented, with the presence of large number of manufacturers. Key players operating in the market are
- LivaNova plc,
- Abbott,
- Boston Scientific,
- Edwards Lifesciences,
- Medtronic,
- Biomedical Braille, and CryoLife, Inc
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Aortic Valve Replacement Devices Market Segmentation
Type
- Transcatheter Aortic Valve
- Sutureless Valve
- Surgery Type
- Open Surgery
- Minimally Invasive Surgery
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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