Transcatheter Aortic Valve Replacement Market
Transcatheter Aortic Valve Replacement (TAVR) Market Size, Share & Industry Analysis, By Product (Transfemoral Implantation, Transapical Implantation, Transaortic Implantation), By End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The Transcatheter Aortic Valve Replacement (TAVR) Market is projected to grow at a CAGR of 12.3% from 2024 to 2031. The market value is expected to increase from USD XX billion in 2024 to USD YY billion by 2031.
Europe currently dominates the market, with key metrics indicating a high adoption rate of TAVR procedures in the region. The market is experiencing robust growth due to the increasing prevalence of aortic stenosis in aging populations, advancements in TAVR technology, and growing preference for minimally invasive procedures.
Market Dynamics:
Market Trend: Expansion of TAVR indications to lower-risk patient populations
The TAVR market is showing a notable trend of extending indications to accommodate lower-risk patient populations. TAVR was initially allowed for high-risk or inoperable patients, but recent clinical trials and regulatory approvals have expanded its usage to intermediate and low-risk patients with severe aortic stenosis. This extension is motivated by growing evidence of TAVR's safety and efficacy in these patient populations. For example, the PARTNER 3 trial found that TAVR outperformed surgical aortic valve replacement (SAVR) in low-risk patients. This progress is redefining cardiovascular therapy paradigms, with TAVR becoming the favoured option for a greater spectrum of patients. As a result, the prospective patient pool for TAVR is rapidly expanding, propelling market growth and spurring additional innovation in valve design and delivery systems.
Market Driver: Aging population and increasing prevalence of aortic stenosis
The TAVR market is primarily driven by the world's expanding ageing population. Aortic stenosis is the most common valvular heart condition in developed countries, affecting predominantly elderly persons. According to the American Heart Association, the prevalence of aortic stenosis rises with age, affecting about 2% of persons over 65 and 4% of those over 85. The United Nations predicts that by 2050, one in every six persons worldwide would be beyond the age of 65, up from one in every eleven in 2019. This demographic trend is predicted to greatly increase the number of patients who qualify for TAVR treatments. Furthermore, as life expectancy rises, there is a growing desire for treatments that can improve the quality of life in elderly patients, which is driving the adoption of TAVR as a less invasive alternative to open-heart surgery.
Market Restraint: High procedure costs and limited reimbursement in some regions
The high expense of TAVR operations remains a significant obstacle to widespread use, especially in developing countries. The average cost of a TAVR operation in the United States ranges between $50,000 and $100,000, which is significantly higher than traditional surgical valve replacement. Many patients are denied access to TAVR due to the high cost and limited payment rules in some countries. A study published in the Journal of the American College of Cardiology discovered that in several European nations, TAVR reimbursement rates cover only 70-80% of the overall treatment cost, putting financial hardship on healthcare providers. The procedure's intricate nature, which necessitates specialised facilities and expert workers, adds to its high cost. These economic issues provide barriers to market growth, especially in areas with underdeveloped healthcare facilities and limited healthcare expenditures.
Segment Overview:
Transfemoral implantation dominates the product segment, driven by its minimally invasive approach and faster recovery times.
The transfemoral implantation sector dominates the TAVR market, accounting for over 85% of total revenue. This supremacy is due to its minimally invasive nature, which allows for a less traumatic surgery, shorter hospital stays, and faster recovery times than other techniques. Transfemoral TAVR has become the preferred procedure for the majority of patients due to a decreased risk of complications and better patient outcomes.
Recent advances in transfemoral TAVR technology have strengthened its commercial position. For example, the use of next-generation valves with improved designs has minimised paravalvular leakage, a common problem in previous TAVR treatments. Industry giants such as Edwards Lifesciences and Medtronic have been at the forefront of innovation, introducing novel valve systems that improve deliverability and positioning precision.
The market has also seen a shift towards smaller delivery devices, allowing for a less intrusive approach. Abbott gained FDA approval in 2022 for their Navitor™ TAVR system, which features a new 14 French delivery mechanism, making it one of the smallest on the market. This breakthrough has increased the number of eligible patients, including those with smaller or more convoluted vasculature who were previously ineligible for transfemoral TAVR.
Regional Outlook:
Europe leads the global TAVR market, driven by high adoption rates and favorable reimbursement policies.
Europe dominates the TAVR business, with over YY% of the global market share. This strong position is largely owing to the early adoption of TAVR technology, a well-established healthcare infrastructure, and favourable reimbursement regulations in many European nations. Germany, in particular, has been at the forefront of TAVR acceptance, performing the most TAVR treatments per capita worldwide.
Recent market trends in Europe indicate an increasing emphasis on widening TAVR indications to lower-risk patients. For example, the European Society of Cardiology (ESC) recommendations currently offer TAVR as an alternative to surgery in patients with low surgical risk, depending on individual patient characteristics.
Key data highlight Europe's huge commercial potential. According to the European Heart Journal, the frequency of aortic stenosis in Europe is predicted to be 12.4% in persons 75 and older. This high prevalence, combined with an ageing population, results in a significant and increasing need for TAVR treatments.
In the United Kingdom (UK), the National Health Service (NHS) has increased financing for TAVR treatments, recognising its long-term cost effectiveness. The NHS Long Term Plan, issued in 2019, plans to raise the number of TAVR surgeries by 70% by 2025, hence driving market growth in the UK.
Competitive Intelligence:
The TAVR market is characterised by fierce rivalry among a few prominent competitors, with an emphasis on technological innovation and clinical data development. Leading firms such as Edwards Lifesciences, Medtronic, and Boston Scientific have considerable market shares because to their robust product portfolios and global presence. These firms are substantially spending in R&D to create next-generation TAVR devices that are more efficient and easy to use. For example, Edwards Lifesciences' SAPIEN platform has retained its leadership position, with the latest SAPIEN 3 Ultra valve demonstrating exceptional clinical results.
Emerging businesses, such as Abbott and Meril Life Sciences, are challenging traditional firms with revolutionary valve designs and aggressive market expansion tactics. Abbott's recent entry into the TAVR market with the Portico valve system has increased competition, especially in Europe.
M&A activity is altering the competitive landscape, as larger medical device companies acquire TAVR-focused startups to broaden their portfolios. For example, in 2017, Boston Scientific acquired Symetis, which reinforced its position in the European TAVR market.
Financial study shows that the top three players contribute for over YY% of global TAVR market revenue. Regional businesses, on the other hand, are making inroads into developing markets by leveraging local manufacturing skills and distribution networks.
Companies are focussing on producing next-generation valves that are more durable and less prone to problems. The market is also witnessing more investment in real-world evidence development to support new indications and reimbursements. As TAVR technology evolves, we should expect greater industry consolidation and the emergence of new firms with disruptive technologies.
Analyst Opinion:
The TAVR market is expected to continue growing and innovating in the future years. A major trend to keep an eye on is the development of TAVR devices specifically built for bicuspid aortic valves, which affect approximately 2% of the population and have traditionally been more difficult to treat with TAVR. This emphasis on meeting unmet clinical requirements may open up new patient demographics and fuel future market expansion.
Another significant advancement is the growing use of artificial intelligence and machine learning in TAVR planning and operations. These technologies have the potential to improve patient selection, valve sizing and location, and procedure outcomes. As these AI-powered technologies grow more advanced and integrated into clinical practice, we can anticipate increased efficiency and potentially better long-term outcomes for TAVR patients.
The increased emphasis on value-based healthcare is expected to have a substantial impact on the TAVR industry. As healthcare systems throughout the world face rising expenses, the cost-effectiveness of TAVR in comparison to standard surgical procedures will be scrutinised more closely. This trend may spur innovation in valve design and delivery systems, reducing surgery times and hospital stays and ultimately increasing the economic value proposition of TAVR.
Finally, emerging markets in Asia-Pacific and Latin America provide significant growth potential for TAVR. As healthcare infrastructure improves and knowledge of minimally invasive cardiac treatments grows in these locations, we anticipate tailored product offers and strategic collaborations to capture these high-potential markets.
Major Players:
-
Edwards Lifesciences Corporation
-
Medtronic plc
-
Boston Scientific Corporation
-
Abbott Laboratories
-
Meril Life Sciences Pvt. Ltd.
-
Venus Medtech (Hangzhou) Inc.
-
JenaValve Technology, Inc.
-
Bracco S.p.A. (HLT, Inc.)
-
NVT AG
-
Keystone Heart Ltd.
Key Developments:
-
September 2023: Edwards Lifesciences received FDA approval for its SAPIEN 3 Ultra RESILIA valve, combining the latest TAVR technology with advanced tissue preservation techniques.
-
April 2023: Medtronic launched its Evolut FX TAVR system in Europe, featuring enhanced valve design for improved coronary access and future interventions.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Edwards Lifesciences Corporation
5.2. Medtronic plc
5.3. Boston Scientific Corporation
5.4. Abbott Laboratories
5.5. Meril Life Sciences Pvt. Ltd.
5.6. Venus Medtech (Hangzhou) Inc.
5.7. JenaValve Technology, Inc.
5.8. Bracco S.p.A. (HLT, Inc.)
5.9. NVT AG
5.10. Keystone Heart Ltd. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Expansion of TAVR indications to lower-risk patient populations
6.1.2. Development of TAVR systems for bicuspid aortic valves
6.1.3. Integration of AI and machine learning in TAVR planning and procedures
6.2. Market Drivers
6.2.1. Aging population and increasing prevalence of aortic stenosis
6.2.2. Advancements in TAVR technology
6.2.3. Growing preference for minimally invasive procedures
6.3. Market Restraints
6.3.1. High procedure costs and limited reimbursement in some regions
6.3.2. Potential long-term durability concerns of TAVR valves
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Transfemoral Implantation
7.2. Transapical Implantation
7.3. Transaortic Implantation
8. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Hospitals
8.2. Ambulatory Surgical Centers
8.3. Cardiac Catheterization Laboratories
9. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. North America
9.1.1. United States
9.1.2. Canada
9.1.3. Mexico
9.2. South America
9.2.1. Brazil
9.2.2. Argentina
9.2.3. Rest of South America
9.3. Europe
9.3.1. Germany
9.3.2. United Kingdom
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Rest of Europe
9.4. Asia-Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia
9.4.5. South Korea
9.4.6. Rest of Asia-Pacific
9.5. Middle-East
9.5.1. UAE
9.5.2. Saudi Arabia
9.5.3. Turkey
9.5.4. Rest of Middle East
9.6. Africa
9.6.1. South Africa
9.6.2. Egypt
9.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Transcatheter Aortic Valve Replacement (TAVR) Market Segmentation:
By Product:
-
Transfemoral Implantation
-
Transapical Implantation
-
Transaortic Implantation
By End User:
-
Hospitals
-
Ambulatory Surgical Centers
-
Cardiac Catheterization Laboratories
By Region:
-
North America
-
Europe
-
Asia-Pacific
-
Latin America
-
Middle East & Africa
Frequently Asked Questions
We at Aurorawave Intellects Market Report gives total market analysis that suit our customer business need and permit decision maker to run organizations without any problem. We have accomplished greatness in giving start to finish market research arrangements. Our detachment of industry specialists accumulate key data and get ready substance that lines up with our customer's business/specialty.
We at aurorawaveintellects.com offer mainly 3 types of licenses:
• Single User: Research Report copy can be distributed to a single user only
• Multi User: Research Report distribution is restricted up to 5 users.
• Corporate License :Research Report can be distributed across the company.
Based on the nature of the topic or research, the formats vary. The different formats of the report are as following:
• Word Document
• PPT
Following modes are available for making the payment:
• Online Payment (Visa Card, Master Card, Stripe)
• Razorpay
• Net Banking
• Bank Wire Transfer
Our customer service and research specialist team are available by phone and by email. Customer service hours are 24X7 Indian Standard Time (IST). You may reach us at:
• Email: info@aurorawaveintellects.com
• United Kingdom: ++91 7382742511