New York, June 27, 2016 (GLOBE NEWSWIRE) -- According to the latest market report published by Persistence Market Research titled ‘Global Transcatheter Heart Valve Replacement & Repair Market: Global Industry Analysis and Forecast, 2016 - 2026,Transcatheter heart valve replacement & repair market was valued at US$ 1,605.5 Mn in 2015 and the revenue is expected to increase to US$ 6,701.5 Mn by 2026 at a CAGR of 13.9% over the forecast period.
Transcatheter heart valve implantation is a procedure with less invasive approach helps in replacing the heart valve with prosthetic valve for treatment of severe aortic stenosis and mitral regurgitation. It is the effective alternative to cumbersome open heart surgery especially for high risk patients. The procedure helps reduce severe degenerative aortic stenosis and increases survival rate of patients. Increasing percutaneous transcatheter prosthetic valve implantation worldwide is expected to drive demand for transcatheter heart valve devices, as risk of valvular heart disease is higher among geriatric population, owing to increasing prevalence of severe aortic stenosis and asymptomatic severe mitral regurgitation.
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The global transcatheter heart valve replacement & repair market was valued at US$ 1,605.5 Mn in 2015 and is expected to expand at a CAGR of 13.9% over the forecast period (2016–2026).
The prime driver for the transcatheter heart valve replacement & repair market is rising demand for less invasive procedure for high risk patients, growing prevalence of mitral regurgitation and severe aortic stenosis disorder. Moreover, shorter recovery time, less stay in the hospitals, favorable outcomes with transcatheter prosthetic valve implantation and technological advancements are also driving adoption of transcatheter heart valve devices. However, high costs of transcatheter heart valves, risk associated with procedure and certain device related issue such as product recalls by manufacturers, malpositioning during implantation impede growth of the market to a certain extent.
On the basis of product type, the market has been segmented into transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair (TMVR). In terms of value, TAVR segment is expected to account for 79.9% market share in global transcatheter heart valve replacement & repair market by 2026 end.
On the basis of surgical approach, the market has been segmented into transfemoral approach, transapical approach and transaortic approach. Transfemoral segment accounted for highest market share of 82.1% in 2015 and is expected to retain its dominance throughout the forecast period. Increasing focus on investigational products by various vendors boost the market growth of transcatheter valves across the globe.
On the basis of end user, the market has been segmented into hospitals, ambulatory surgical centres and cardiac catheterization laboratory. Hospital segment is expected to exhibit the highest growth over the forecast period, followed by cardiac catheterization laboratory segment. Increasing patient population seeking effective and efficient treatment with shorter recovery time are key factors driving adoption of new medical devices and technologies in hospitals.
The global transcatheter heart valve replacement & repair market has been segmented into five major regions namely North America, Latin America, Western Europe, Eastern Europe, and Asia Pacific excluding Japan, Japan and Middle East & Africa (MEA). In terms of value, the North America market is estimated to dominate the global transcatheter heart valve replacement & repair market in 2016, and is expected to expand at a CAGR of 14.2% over the forecast period. Asia Pacific excluding Japan, MEA, and Latin America are expected to be the fastest growing markets over the forecast period. Asia Pacific excluding Japan market is expected to witness highest CAGR of 13.9 % over the forecast period. In North America, segment is expected to grow at faster rate to reach the value US$ 3,552.4 Mn by 2026 end. Market in Europe is expected to exhibit healthy CAGR owing to growing acceptance of THV products in the region.
Some of the key players in the global transcatheter heart valve replacement & repair market are Edwards Lifesciences Corporation, Medtronic, Inc., Boston Scientific Corporation, Abbott Laboratories, St. Jude Medical, Inc., St. Jude Medical, Inc., JenaValve Technology, SYMETIS, BraileBiomedica.
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Source:Persistence Market Research