Transcatheter Aortic Valve Implantation/Replacement (TAVI/TAVR) Market is Expected to Reach $5,962 Million, Globally, by 2022
PORTLAND, Oregon and PUNE, India, November 22, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Transcatheter Aortic Valve Implantation Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", projects that the global transcatheter aortic valve implantation market is expected to reach $5,962 million by 2022 growing at a CAGR of 16.5% during 2016 to 2022. Transfemoral implantation is expected to dominate the overall market (in terms of value and volume) throughout the forecast period. Europe held the leading position in the global market (in terms of value and volume) in 2015, and is expected to maintain its lead throughout the study period.
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Summary of the Transcatheter Aortic Valve Implantation/Replacement (TAVI/TAVR) Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/tavi-market
The TAVI market is in its growth phase, and is mainly driven by rise in prevalence of aortic stenosis and increase in geriatric population. In addition, increase in adoption rate of transcatheter aortic implantation along with new device approvals and improvement of healthcare infrastructure in developing countries are other factors that fuel the market growth. However, high cost of transcatheter aortic valve and its implantation procedures, along with lack of reimbursement and stringent approvals for these devices, hampers the growth of the TAVI market.
According to Hemali Narkhede, Manager, Healthcare Research at AMR, "After the U.S. and Europe, Japan holds the largest share for TAVI devices. The large population of elderly above the age of 65 years with aortic stenosis, high adoption of TAVI devices for the treatment of aortic stenosis, and favorable reimbursement policies in the country are expected to further drive the market growth." "Furthermore, companies have been modifying the TAVR devices according to the needs of patients, for instance, in 2013, Edwards Lifesciences developed smallest-sized version of its SAPIEN XT TAVI valve, which is ideal for Japanese patients." She added.
The report segments the TAVI market on the basis of the approach used for implantation. Mainly, three types of approaches are used to implant the transcatheter aortic valve in patients: transfemoral, transapical, and transaortic implantation. Transfemoral implantation is the standardized TAVI procedure, wherein an artificial valve is implanted through the femoral artery with minimal anesthesia. Patients who have weak and small arteries are unable to undergo this procedure; thus, transapical implantation is preferred, wherein the artificial valve is inserted through the left ventricular apex. Furthermore, transaortic implantation is developed for patients who have weak femoral arteries and poor respiratory function, which makes them unsuitable for transfemoral as well as transapical TAVI procedure as well. In transaortic implantation, the artificial valve is implanted through ministernotomy.
Transfemoral implantation was the highest revenue-generating segment in the global market (in terms of value and volume) in 2015, as it does not require a chest incision. Furthermore, transaortic segment is projected to grow at the highest CAGR of 22.7% (in terms of value) and 23.9% (in terms of volume) by 2022, due to positive outcomes of several clinical trials.
Key findings of the study:
- In the year 2015, transfemoral implantation generated the highest revenue, and is projected to grow at a CAGR of 16.0% (in terms of value) during the forecast period.
- Both in terms of value and volume, the European TAVI market is expected to maintain its leading position over the forecast period.
- Asia-Pacific is expected to be the fastest growing region.
- Germany was leading country market whereas UK is projected to be the fastest growing country market in Europe.
- India is the fastest growing country market in the global TAVI market and expected to grow at a CAGR of 34.7% in terms of revenue.
Europe accounted for a major share in the global TAVI market (in terms of value and volume) in 2015, and is expected to maintain this trend. This is attributed to the increase in prevalence of severe aortic stenosis cases coupled with the rise in population of inoperable patients, and high adoption rate of advanced transcatheter aortic valves. However, Asia-Pacific is estimated to grow at a high CAGR (in terms of value and volume) throughout the analysis period, owing to presence of ample growth opportunities in terms of unmet medical needs for the treatment of aortic stenosis and increase in awareness about TAVI procedures among physicians.
Key players have adopted product development as their key strategy to enhance their product offerings by expanding indication of transcatheter aortic valves. The key players profiled in this report include Boston Scientific Corporation, Direct Flow medical, Inc., Edwards Lifesciences Corporation, HLT, Inc., JenaValve Technology, Inc., Medtronic plc, Meril Life Sciences Pvt. Ltd., St. Jude Medical, Inc., SYMETIS SA, and Transcatheter Technologies GmbH.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
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SOURCE Allied Market Research