Market Size of Global Transcatheter Pulmonary Valve Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Transcatheter Pulmonary Valve Market Analysis
The Transcatheter Pulmonary Valve Market is expected to witness a CAGR of 5.5% over the forecast period.
The COVID-19 pandemic is an unprecedented health concern and adversely affects various surgical procedures. Due to regulatory authorities' strict guidance to prevent any non-emergent surgeries, the volume of surgeries has drastically decreased throughout the pandemic. For instance, according to the study published in October 2021, by the National Library of Medicine globally, there has been a 42.8% decrease in general surgery admissions. Thus, the reduction in surgical procedures during the COVID-19 pandemic affected the market's growth. However, the market is gradually stabilizing as COVID-19 cases are declining the number of heart procedures and operations being performed is increasing thus boosting the growth of the transcatheter pulmonary valve market.
Certain factors that are propelling the market growth are the growing burden of congenital heart disease and the rising awareness of transcatheter pulmonary valve therapy. The rising company activities in developing and launching products as well as increasing product approvals are all expected to increase the market growth over the forecast period. For instance, According to CDC, in February 2022, congenital heart disease (CHD) affects nearly 1% of or about 40,000 births per year in the United States. Additionally, 15% of CHDs are associated with genetic conditions and about 20% to 30% of people with a CHD have other physical problems or developmental or cognitive disorders. Children with CHD are about 50% more likely to receive special education services compared to children without birth defects. Thus, an increase in the CHD burden is expected to drive the growth of the studied market.
Additionally, the advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players, are aiding the market's growth. For instance, in March 2021, Medtronic plc received U.S. FDA approval for its Harmony Transcatheter Pulmonary Valve (TPV), the first minimally invasive therapy created to treat patients with a specific type of congenital heart defect of the right ventricle (RV), one of the four chambers of the heart, which makes it difficult for blood to travel from the heart to the lungs. The Harmony TPV, which is placed inside a patient's native anatomy during a catheter-based procedure, was designated as a Breakthrough Therapy under FDA's Breakthrough Device Designation (BDD) program, an approval pathway intended to help patients receive more timely access to certain life-saving technologies. Such technological advancements are predicted to boost the transcatheter pulmonary valve demand and enhance market growth further.
Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the forecast period. However, the availability of alternative technologies and stringent regulations are expected to impede market growth over the forecast period.
Transcatheter Pulmonary Valve Industry Segmentation
As per the scope of the report, transcatheter pulmonary valve is an artificial heart valve made from the jugular vein of a cow. These are delivered by the system, which is a thin, hollow, and long tube (catheter) that delivers a transcatheter pulmonary valve into the heart without open heart surgery. The Transcatheter Pulmonary Valve Market is Segmented By Technology (Balloon-Expanded Transcatheter Valve and Self-Expanded Transcatheter Valve), Application (Pulmonary Stenosis, Pulmonary Regurgitation, Pulmonary Atresia, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of World). The report offers the value (in USD million) for the above segments.
By Technology | |
Balloon-Expanded Transcatheter Valve | |
Self-Expanded Transcatheter Valve |
By Application | |
Pulmonary Stenosis | |
Pulmonary Regurgitation | |
Pulmonary Atresia | |
Others |
Geography | ||||||||
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Rest of the World |
Global Transcatheter Pulmonary Valve Market Size Summary
The transcatheter pulmonary valve market is poised for growth, driven by the increasing prevalence of congenital heart diseases and the rising awareness of transcatheter pulmonary valve therapy. The market experienced a temporary setback during the COVID-19 pandemic due to a significant reduction in non-emergent surgical procedures. However, as the pandemic's impact wanes, the market is stabilizing with a resurgence in heart procedures. Technological advancements and product approvals, such as Medtronic's Harmony Transcatheter Pulmonary Valve, are expected to further propel market growth. The balloon-expanded transcatheter valve segment is anticipated to witness significant expansion due to its high adoption rate and the growing interest in balloon-expanded technology, which offers high accuracy and precision in treatment.
North America is expected to hold a substantial share of the transcatheter pulmonary valve market, supported by a well-developed healthcare sector and increasing healthcare expenditure. The region's market growth is further bolstered by the rising burden of heart valve disorders and congenital heart diseases. The competitive landscape is characterized by the presence of both global and regional players, including Boston Scientific Corporation, Medtronic PLC, and Edwards Lifesciences Corporation. These companies are actively engaged in research and development, leading to new product launches and approvals that enhance treatment options. The market's growth trajectory is expected to continue, driven by these factors and the increasing demand for innovative heart valve solutions.
Global Transcatheter Pulmonary Valve Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Congenital Heart Disease
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1.2.2 Increasing Awareness of Transcatheter Pulmonary Valve Therapy
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1.3 Market Restraints
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1.3.1 Availability of Alternative Technologies
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1.3.2 Stringent Regulations
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value in USD million)
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2.1 By Technology
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2.1.1 Balloon-Expanded Transcatheter Valve
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2.1.2 Self-Expanded Transcatheter Valve
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2.2 By Application
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2.2.1 Pulmonary Stenosis
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2.2.2 Pulmonary Regurgitation
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2.2.3 Pulmonary Atresia
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Rest of the World
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Global Transcatheter Pulmonary Valve Market Size FAQs
What is the current Global Transcatheter Pulmonary Valve Market size?
The Global Transcatheter Pulmonary Valve Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Global Transcatheter Pulmonary Valve Market?
Boston Scientific Corporation, Braile Biomedica, Medtronic PLC, Edwards Lifesciences Corporation and Artivion, Inc are the major companies operating in the Global Transcatheter Pulmonary Valve Market.