Tricuspid Valve Repair Market
Tricuspid Valve Repair Market By Product Type (Annuloplasty rings), By Indication (Tricuspid Valve Regurgitation, Tricuspid Valve Stenosi), By End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories), By Region - Global Market Insights 2019 to 2029
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.
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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.
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.
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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.
By Product Type :
- Annuloplasty rings
By Indication :
- Tricuspid Valve Regurgitation
- Tricuspid Valve Stenosi
By End User :
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
By Region :
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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