Transcatheter Aortic Valve Implantation (TAVI) Market to Witness Strong Growth Due To Increasing Product Approvals and Launches

Transcatheter Aortic Valve Implantation (TAVI) Market
Transcatheter Aortic Valve Implantation (TAVI) Market

Overview:

Transcatheter aortic valve implantation (TAVR) is an alternative to surgical aortic valve replacement for patients with severe aortic stenosis. The procedure involves the guidance of a thin flexible tube through blood vessels to the heart. A new tissue valve is inserted inside the old valve. There are two main approaches to performing TAVR. In a typical procedure, the doctor makes a small incision in the chest and inserts a catheter. An echocardiogram is used to help guide the catheter into the right position. Depending on the patient, the procedure can require a short hospital stay. Some patients can return home the same day.

Market Dynamics:

The global Transcatheter Aortic Valve Implantation (TAVI) Market is anticipated to witness strong growth during the forecast period. This growth can be attributed to rise in number of old age populations around the world. The number of geriatric population is increasing globally, which in turn is creating demand for transcatheter aortic valve implantation, as with old age number of people suffering from CVDs is also increasing.

For instance, as per the National Statistical Office (NSO)’s Elderly in India 2021 report, the elderly population aged 60 year and above of the country is anticipated to increase go from 138 million in 2021 to 194 million in 2031, which is a 41% increase over 10 years.

However, factors such as strict government rules and regulations regarding approval process of transcatherter aortic valves and high cost of these devices are projected to impede growth of the global Transcatheter Aortic Valve Implantation (TAVI) Market over the forecast period.

Impact of COVID-19:

The coronavirus outbreak in Wuhan, China spread across more than 200 countries around the world. The pandemic impacted several industries, including medical device and healthcare. Due to increasing burden of COVID-19 patients, several hospitals imposed stringent regulations and protocols that prioritized only emergency medical procedures, to control further spread of the virus.

Patients who did not suffer COVID-19 infection, yet required TAVI had to deal with delayed procedures. Thus, the global transcatheter aortic valve implantation (TAVI) for market was negatively impacted by the COVID-19 pandemic.

Key Takeaways:

The global Transcatheter Aortic Valve Implantation (TAVI) Market to grow with a CAGR of XY% during the forecast period, owing to growing technological developments in TAVI solutions.

For instance, May 2021, Abbott, a global healthcare company received CE Mark for Naviator, its latest-generation transcatheter aortic valve implantation system to be used in Europe.

North America among regions is anticipated to gain a strong share in the global transcatheter aortic valve implantation (TAVI) for market over the forecast period, owing to rise in investments in healthcare by manufacturers, growing R&D expenditure for development of new solutions, and increasing prevalence of coronary artery diseases, heart failures, or hypertension across the region.

Key players active in the global Transcatheter Aortic Valve Implantation (TAVI) Market include Venus Medtech, Abbott Laboratories, Meril Lifesciences, Boston Scientific Corporation, Medtronic Plc., Blue Sail Medical Co. Ltd., JenaValve Techologies Inc., Bracco, JC Medical Inc., and Edward Lifesciences.

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