Market for transcatheter heart valve replacement could top $19B in 10 years
Buoyed by multiple U.S. Food and Drug Administration (FDA) approvals and consistent innovation, the transcatheter heart valve replacement market is expected to continue gaining significant momentum in the years ahead.
In fact, one international group expects the market could be worth more than $19 billion by the end of 2034.
Fact.MR, a research firm with offices in Maryland and Dublin, Ireland, has issued a new report exploring the health and long-term potential of the transcatheter heart valve replacement market. Global revenue for this industry is expected to hit approximately $5.31 billion in 2024 with a compound annual growth rate (CAGR) of 13.9%. Revenue is estimated to hit $19.43 billion by the end of 2034.
In North America alone, this market is estimated to increase at a CAGR of 14.1% over the next decade. In East Asia and Japan, meanwhile, the CAGR for this market is expected to be 14.5 and 14.1%, respectively, during the same time period.
As one may expect, advances in transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve replacement (TMVR) are seen as key drivers of this market’s success. Fact.MR noted that demand for minimally invasive heart treatments is on the rise, causing interested parties to pay close attention and ramp up investments as a way to ‘stay competitive and survive in the market.”
The research firm also noted that TAVR, TMVR and other transcatheter therapies are still associated with high healthcare costs that could be holding the market back from growing even more.
“Industry players are facing this challenge as they strive to survive in the market over the long term,” according to the report.
Another key takeaway from the analysis was the importance of mergers and acquisitions as larger healthcare companies such as Medtronic and Edwards Lifesciences work to establish themselves as leaders of the pack.
“Companies are also investing in strategic relationships with rivals in other areas,” according to the report. “They are adapting themselves to the evolving transcatheter heart valve replacement market trends such as heart attack diagnostics and heart monitoring devices.”
Click here for additional details about the new report.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.