iCrowdNewswire Jan 22, 2021 4:00 AM ET
The global transcatheter market size is expected to balloon to USD 8,190 million by 2023. It had a standing valuation of USD 3,882.77 million in 2017. The preference of minimally invasive surgeries is one of the major drivers of the market. This can be due to low hospital stay time and less pain felt during surgical procedures as compared to conventional methods. The market is touted to exhibit a 13.38% CAGR during the forecast period.
A large number of cardiac disorders is likely to influence the market growth tremendously. Transcatheters are used in the treatment of aortic valve stenosis, which is one of the common cardiovascular disorders which warrant surgical intervention. Efforts made by instrument and device makers in minimizing infection and risks can amplify the innovation rate and production capacity and drive the volume of the global transcatheter market.
South America, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions considered for predicting the prospects of the global transcatheter market.
The Americas held the largest market share of the global market due to contributions by the U.S. and Canada. Prevalence of various cardiovascular disorders coupled with a well-established healthcare sector can drive the market growth in the region. Presence of various reputed market players that launch continuous iterations of existing products can also play a pivotal part in the market.
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The global transcatheter market is segmented by type of treatment, product type, and end user.
By type of treatment, it is segmented into transaortic approach, transapical approach, and transfemoral approach. The transfemoral approach is expected to lead the market till the end of the forecast period owing to the spike in valvular diseases. Geriatric population with their vulnerability to cardiac disorders can also facilitate segment growth. On the other hand, the transaortic segment is projected to exhibit a robust CAGR during the assessment period due to the high volume of aorta cannulation procedure during cardiac surgeries.
By product type, it is bifurcated into transcatheter mitral valve repair (TMVR) and transcatheter aortic valve replacement (TAVR). TAVR has the largest market share due to continuous advances in the product. The procedure involves repair of the valve without the removal of the old valve.
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Meril Life Sciences Pvt. Ltd., Bracco S.p.A. (HLT, Inc.), Abbott Laboratories Inc., JenaValve Technology, Inc., Boston Scientific Corporation, NVT AG, Medtronic, plc, Venus Medtech, Inc., JC Medical, Inc., Cook Medical Inc., Edwards Lifesciences Corporation, and Braile Biomedica are prominent players operating in the global transcatheter marketspace.
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Keywords: Transcatheter Market, Transcatheter Market Size, Transcatheter Market Share, Transcatheter Market Growth, Transcatheter Market trends, Transcatheter Market Analysis