The global transcatheter devices market size is expected to reach around US$ 19.4 Bn by 2026 and growing at a CAGR of around 12% over the forecast period 2019 to 2026.
The transcatheter devices are use to conduct the minimally invasive procedure to treat for cardiac disease, urological and neurological disorders. The use of these transcatheter devices helps to minimize the complications such as catheter entrapment, imprecise deployment, and balloon deflation associated with coiling. Transcatheter devices are majorly used for the transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI), which is a minimally invasive surgical procedure that repairs the valve without removing the old, damaged valve. This procedure this the new development in the market and is FDA approved for symptomatic aortic stenosis who are considered a high-risk patient for standard valve replacement surgery. Also, cardiac surgeons in the developed and developing regions prefer TAVR over the conventional aortic valve replacement surgery owing to its benefits such as, it allows low risk, faster recovery and shorter hospital stay.
The Increasing geriatric population coupled with the growing prevalence of cardiac disease across the globe is primarily driving the market growth. Rising demand for minimally invasive surgical options which allows faster recovery and minimal risks further boosts the growth of this market. Also, growing technological advancement and its increasing adoption in developed economies contributes the growth of this market throughout the forecast period. Furthermore, favorable reimbursement policies for TAVR boosts the market growth. For example, the Centers for Medicare & Medicaid Services (CMS) issued coverage of TAVR under the Medicare National Coverage Determination policy.
On the other hand, the high cost associated with the transcatheter devices and its surgical procedure might hinder the growth of this market to certain extent. The adoption of these high cost surgeries has comparatively lesser demand in the developing and underdeveloped economies due to low disposable income and purchasing power. Also, lack of skilled professionals and stringent regulatory approval procedure further restricts the market growth.
By Application, the cardiovascular application segment dominated the transcatheter devices market
In 2018, cardiovascular application held the highest market share and the segment. The segment contributed more than 50% in the global transcatheter devices market and is also projected to maintain its dominance over the forecast period. The growth of this segment is attributed to the increasing population with the cardiovascular disease such as mitral regurgitation, aortic stenosis, and tricuspid regurgitation. The adoption of technologically advance devices such as latest fourth-generation TAVR systems has helped to reduce the complications associated with cardiac disease and mortality rate, which is also one of the important factors contributing towards the growth of this segment. The oncology segment is expected to register a fastest growing CAGR during the forecast period owing to the increasing adoption of embolization technique to treat patients with kidney, pancreatic, breast and liver cancer
The market research study on “Transcatheter Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global transcatheter devices market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global transcatheter devices market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global transcatheter devices market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The transcatheter devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the transcatheter devices market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the growing prevalence of cardiovascular diseases and neurological diseases. Also, increasing geriatric population with a risk of chronic disease is also contributing to the growth of transcatheter devices market in North America. According to a study, In U.S. around 40 million people were above 65 years in 2011 and is anticipated to reach around 89 million by 2050. North America is followed by the Europe region in the transcatheter devices market.
The players profiled in the report include Abbott, CryoLife, Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, JenaValve Technology, Inc., Meril Lifesciences Pvt. Ltd., Neovasc Inc., and Terumo Corporation. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market By Product
Market By Application
Market By Geography
The transcatheter devices are use to conduct the minimally invasive procedure to treat for cardiac disease, urological and neurological disorders.
Factors such as the Increasing geriatric population coupled with the growing prevalence of cardiac disease across the globe restrain the transcatheter devices market growth.
North America held maximum share in 2018 for transcatheter devices market.
Asia Pacific is projected to grow at a fast pace during forecast period in the transcatheter devices market.
By Application, the cardiovascular application segment dominated the transcatheter devices market.
The north america is experiencing the maximum growth owing to the growing prevalence of cardiovascular diseases and neurological diseases.
Abbott, CryoLife, Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, JenaValve Technology, Inc., Meril Lifesciences Pvt. Ltd., Neovasc Inc., and Terumo Corporation are the top players operating in the transcatheter devices market.