Transcathetar Devices Market to Garner Significant Profits US$ 11 Bn in 2032
Zion Market Research has published a new report titled “Transcathetar Devices Market by Type (Drugs [Kuvan, and Biopten], and Dietary Supplements), by Route of Administration (Oral and Parenteral), and by End User (Hospital Pharmacies, Drug Stores, Online Pharmacies, Pediatric Clinics, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the report, global demand for Transcathetar Devices Market was valued at US$ 4 billion in 2022 and is expected to grow US$ 11 billion in 2032. This market is estimated to register a CAGR of 9.8% between 2023 and 2032.
Treatments such as TAVR, TAVI, TMVR, and TMVI include transcathetar products. Transcathetar technique methods include transfemoral, transapical and transaortic procedures. This study is an empirical business tool primarily intended to provide a detailed global market evaluation for transcatheter heart valve disease treatment.
One of the key factors expected to drive the sector in the years to come is favourable insurance policies and compensation scenario. The increasing number of approvals and the increasing number of sponsors for TAVR and TMVR procedures in this area are some of the factors that contribute to increased coverage. For example, the Medicare & Medicaid Services Centers (CMS) confirmed that the Medicare National Coverage Determination Strategy had approved TAVR coverage. Various efforts are underway to raise awareness of the procedures for TAVR and TMVR. The STS / ACC TVT Registry is a joint project between the Society of Thoracic Surgeons (STS) and the American College of Cardiology to track real-world outcomes and patient safety related to transcatheter valve repair and replacement surgery. CMS supports this list of patient outcomes information and recommendations for replacement and repair procedures.
The market for Transcathetar Devices is segmented based on product, application and region. Based on product, the market is segmented into Transcathetar Embolization and Occlusion Devices, Transcathetar replacement devices and Transcathetar replacement devices. It is projected that the Transcathetar replacement Devices segment will dominate the largest share of the Transcathetar Devices market in 2018. Transcathetar Aortic Valve Replacement (TAVR) products followed by Transcathetar Mitral Valve Replacement represent the highest revenue share of replacement devices due to increased mergers & acquisitions, alliances, and R&D investment to provide effective treatment and mitigate complications. It is hoped that most of these devices will improve the treatment of patients with mitral valve regurgitation and global symptomatic aortic valve stenosis. This product launch would help strengthen the company’s Transcathetar product portfolio, allowing the Abbott to account for the majority share of the global market in the coming years.
The market is classified into Cardiovascular, Oncology, Neurology, Urology, and Others depending on the application type. Cardiovascular is the largest product segment in 2018 with a controlling share of revenue. It is projected that increased patient pool of fatal cardiac disorders such as mitral regurgitation, aortic stenosis, and tricuspid regurgitation across the globe would fuel segment development. Another aspect driving the use of Transcathetar devices in cardiovascular space is progress in cardiac complications along with substantial mortality decreases with the use of the new fourth-generation TAVR systems.
Regional segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries. In 2018, North America accounted for the largest share of transcatheter drug sales on the market. Growing geriatric population, increased prevalence of valvular diseases in the geriatric community, increased health care spending, and increased demand for minimally invasive surgery are some of the key drivers of market growth. Due to the growing geriatric population at high risk of open surgery, the number of transcatheter valve replacement procedures in this population is increasing. Furthermore, growing preference for transcatheter replacement or repair procedures over open cardiac surgery, combined with successful government initiatives and reimbursement policies, are some of the key factors responsible for the dominant value share.
Some of the players included in Transcathetar Devices market are -
- CryoLife
- Edwards Lifesciences Corporation
- Abbott
- Boston Scientific Corporation
- JenaValve Technology
- Terumo Corporation
- Neovasc Inc.
- Meril Lifesciences Pvt. Ltd.
The report segments global Transcathetar Devices market as follows:
Global Transcathetar Devices Market: Product Segment Analysis
- Transcathetar Embolization and Occlusion Devices
- Transcathetar replacement devices
- Transcathetar repair devices
Global Transcathetar Devices Market: Application Segment Analysis
- Cardiovascular
- Oncology
- Neurology
- Urology
- Others
Global Transcathetar Devices Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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