Growing Focus on Development of Novel Tricuspid Valve Repair Devices to Boost Market Growth
Manufacturers of tricuspid valve repair devices are rapidly shifting from development of devices which require invasive open heart surgeries to minimally invasive surgeries on the back of less post-operative complications and minimum risk associated.
Products developed by companies such as transcatheter tricuspid valve repair system are still to be approved for patient use.
However, these products are highly preferred in clinical trials based on key inputs given by heart surgeons. For instance, Abbott’s transcatheter tricuspid valve repair system (TTVR), TriClip is clinically tested in patients with severe tricuspid regurgitation.
Such systems will help patients above the age of 60 or patients who are intolerant to open heart surgery for tricuspid valve repair in the near future.
Minimally invasive treatments will disrupt the previous choice of treatments and will become a major segment in the tricuspid valve repair market.
By end –user, hospitals are poised to maintain their hegemony in the tricuspid valve repair market on the back of heightened prevalence of open heart and minimally invasive surgeries.
Hospitals alone will capture 88% of the market share and are projected to show a positive growth trajectory during the forecast period.
Europe to Remain in Forefront with Acquisitions and Mergers to Remain Key Strategy Followed by Leading Players
Manufacturers are focusing on acquisitions in order to upsurge product portfolio and expand their regional presence in the tricuspid valve repair market.
Regionally, Europe is witnessing rampant adoption of tricuspid valve repairs with Germany accounting for ~ 18% of the market share.
This can be attributed to growing demand for treating tricuspid valve regurgitation and tricuspid valve stenosis problems. In January, 2017 Edwards Lifesciences completed acquisition of Israel based Valtech Cardio, a developer of Cardioband system.
In a recent merger activity, Sorin S.p.A., based in Italy, a global medical device company specialized in development and manufacturing of cardiovascular medical devices, merged with Cyberonics, Inc., a specialized player in neuromodulator medical devices to form LivaNova plc. Post-merger, LivaNova plc has a market presence in over 100 countries around the world with approximately 4,500 employees.
Such acquisitions and mergers will help companies to strengthen their market position in the global tricuspid valve repair market in the future.
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Tricuspid Valve Repair Market to Gain Significant Momentum, as R&D and Innovations Abound
The tricuspid valve repair market is focusing on developing innovative products used to treat patients with tricuspid valve defects.
Medical device companies are investing significantly to come up with technically and scientifically advanced and innovative medical devices in the tricuspid valve repair market.
For example, Edwards Lifesciences Corporation is focusing on investments in structural heart therapies, which have resulted in development of multiple breakthrough therapies, many of which are currently being evaluated in clinical studies.
Annuloplasty rings which are used in treating tricuspid regurgitation are developed using novel materials like polyester, titanium alloy, and others. Such developments in products will make the device durable, and flexible.
Innovation in shape and design in annuloplasty rings, such as 3D shape and open design helps to avoid interference with heart conduction system. LivaNova plc invests nearly 13.9% of total revenue on research & development which enables them to advance their pipeline.
Edwards Lifesciences Corporation invests 16% of sales on research & development and they are focused on specific areas of structural heart disease and critical care monitoring in developing innovative technologies to enable clinicians during treatment.
Increasing Number of Surgical Procedures to Upsurge Demand for Tricuspid Valve Repair Devices
Healthcare spending has increased the number of surgical procedures which has boosted global tricuspid valve repair market.
According to WHO, % increase in global spending on healthcare is greater than % increase in GDP year-on-year, especially in low-and middle-income countries.
This is due to rise in per capita income globally .An estimated 2.5 million patients have moderate or severe tricuspid regurgitation in U.S. and the annual incidence number is nearly 200,000 new patients.
90% surgeries for tricuspid valve repair are done along with mitral valve disease or aortic stenosis and remaining surgeries are performed for tricuspid valve repair.
Early diagnosis in patients with tricuspid regurgitation and tricuspid stenosis would enable doctors to treat patients with heart valve defects, especially tricuspid valve repair using surgery.
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Key Segments of Tricuspid Valve Repair Market
Fact.MR’s study on the tricuspid valve repair market offers information divided into four important segments— product type, indication, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Tricuspid Valve Repair Market: Scope Of The Report
Fact.MR recently published a market study on the tricuspid valve repair market. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the tricuspid valve repair market structure.
The market study presents exclusive information about how the tricuspid valve repair market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compound annual growth rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner.
This information can help readers understand the quantitative growth prospects of the tricuspid valve repair market during the forecast period.
The study is relevant for stakeholders in the tricuspid valve repair market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market.
Stakeholders in the tricuspid valve repair market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR’s study.
The study also includes statistics as well as facts related to macroeconomic as well as microeconomic factors that are impacting key developments in the market. It also offers actionable insights based on the future trends in the tricuspid valve repair market.
Furthermore, small businesses and new entrants in the tricuspid valve repair market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Questions Answered in Fact.MR’s Tricuspid Valve Repair Market Report
- Which regions will continue to remain the most profitable regional markets for tricuspid valve repair market players?
- Which factors will induce a change in the demand for annuloplasty ring manufacturers during the assessment period?
- How will changing trends impact the tricuspid valve repair market?
- How can market players capture the low-hanging opportunities in the tricuspid valve repair market in developed regions?
- Which companies are leading the tricuspid valve repair market?
- What are the winning strategies of stakeholders in the tricuspid valve repair market to upscale their position in this landscape?
Tricuspid Valve Repair Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the tricuspid valve repair market, and reach conclusions on the future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the tricuspid valve repair market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the tricuspid valve repair market, and makes Fact.MR’s projection on the growth prospects of the tricuspid valve repair market more accurate and reliable.
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