Market Research Report
Global Transcatheter Aortic Valve Replacement Market Forecast, 2018-2023
|Published by||Orion Market Research Pvt Ltd||Product code||785727|
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|Global Transcatheter Aortic Valve Replacement Market Forecast, 2018-2023|
|Published: February 4, 2019||Content info:||
Transcatheter aortic valve replacement (TAVR) is the implantation of the aortic valve in the heart through the blood vessels unlike in case of valve replacement as done in open heart surgery. Rising valvular diseases and increasing prevalence of aortic stenosis has been the major factor driving the market growth. According to the American Heart Association, in the US, more than 80,000 aortic valve replacement procedures are performed every year which shows the demand for heart valve implantation. Additionally, the TAVR has been approved by the regulatory bodies and are available for patients receiving Medicaid and Medicare facilities. Such reimbursement policies further motivate the growth of the global TAVR market.
However, the government stringent regulations for product approval have been hindering the market growth. According to Food and Drug Administration (FDA), as 77% and 80% of the total cost in the commercialization of class II and class III medical device is usually expended at FDA-linked approval stages, which in turn, hinders the market growth. Furthermore, the high cost of replacement procedures and lack of skilled technicians are hindering the market growth. Moreover, the ongoing improvements in the healthcare expenditure are expected to support the TAVR market, drive the market growth in emerging economies across the globe.
The TAVR market is further analyzed on a geographical standpoint, including North America, Asia-Pacific, Europe, and Rest of the World. North America has been predicted to dominate the global TAVR market due to high awareness among population towards these procedures and favorable reimbursement policies in the region. Additionally, Asia-Pacific is anticipated to witness the fastest growth rate in the global TAVR market during the fastest period due to rising geriatric population and increasing incidence and prevalence rate of heart diseases.
The key players operating in the global TAVR market include Medtronic PLC, Cardiosolutions, Inc., Abbott Laboratories, Boston Scientific Corp., and JenaValve Technology, among others. These players adopt various strategies such as partnership, R&D, merger & acquisition, product launch, joint ventures and so forth. For instance, Edwards Lifesciences Corporation received MHLW approval for its SAPIEN 3 transcatheter heart valve for the Japanese market in March 2016.
The market study of TAVR market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. The OMR team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. The numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analysts to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to get first-hand information. Primary research brings authenticity to our reports.
Secondary sources include
The report is intended for pharmaceutical and biotechnology companies, healthcare providers, investment companies, government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size and will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.
Global TAVR market is segmented on the basis of regional outlook and following segments: