In medical terms, transcatheter is a ‘minimally invasive procedure which is used to replace the valve in patients with cardiac stenosis without removing the old or damaged valve.’ A transcatheter can further be categorized into two types- transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve replacement (TMVR).
The growth of the global transcatheter devices market is majorly driven by the high prevalence of cardiovascular diseases, the rise in mitral valve disorders, and the technological improvements along with the introduction of novel cardiac valves. As per the World Health Organization (WHO), over 17.7 million people died from cardiovascular diseases in 2015, which is approximately 31 per cent of all the global deaths. However, the high cost of surgeries and stringent government regulations have not allowed an unrestricted growth of this market. The global transcatheter devices market is likely to reach a market value of more than USD 9,000 million by 2026 at a CAGR of 13 per cent during the forecast period between 2019 and 2026.
The global transcatheter devices market is led by North America with a market share of 35 per cent. North America is followed by Europe and Asia-Pacific with market shares of 30 per cent and 26.0 per cent, respectively. North America has been able to capture growth due to the presence of higher adoption of technological advance devices and surgical procedures, availability of skilled healthcare professionals and higher disposable income. Also, there has been a growing prevalence of cardiovascular disease and cancer patients which has led to the increasing need for better treatment option. All these reasons boost the growth of North America transcatheter devices market during the afore-stated period. Europe’s expected second largest share in the global transcatheter devices market is mainly due to the favourable reimbursement policies, presence of large patient pool and a high awareness regarding minimally invasive surgeries, such as transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI). There has been a recent shift in the preference towards transcatheter replacement procedures over the conventional surgeries which is one of the prime factors responsible for the market growth during the forecast period. However, Asia Pacific is forecasted to have the highest growth rate in the global market during the forecast period and further expected to plan an important role in the development of the market in the region in future owing to increase in awareness for minimally invasive surgeries in the region.
A recent report on the global transcatheter devices market was published by Global Market Estimates Research and Consultants (GME) recently. On the basis of product, the market is segmented into transcatheter embolization and occlusion devices, transcatheter replacement devices and transcatheter repair devices. On the basis of application, the market is segmented into cardiovascular, oncology, neurology, urology and others. On the basis of region, the global transcatheter devices market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered include: U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Saudi Arabia, UAE, and South Africa among others. The report provides qualitative & quantitative insights both at a regional as well as country level.
The key end-users of the market are London Hospital, John Hopkins Hospital and Vedanta among others. Some of the key players operating in the transcatheter devices market are Abbott, CryoLife, Inc., Edwards Lifesciences Corporation, JenaValve Technology, Inc., Boston Scientific Corporation, Neovasc Inc., Terumo Corporation, and Meril Lifesciences Pvt. Ltd among others.