View Report Details Global Transcatheter Aortic Valve Replacement (TAVR) Market ----------------------------------------------------2015
View Report Details Executive Summary Transcatheter aortic valve replacement (TAVR) is a relatively new technology in the field of medical science. It is a minimally invasive procedure to replace a narrowed aortic valve that fails to open properly (aortic stenosis). It is sometimes also called transcatheter aortic valve implantation (TAVI). Aortic valve replacement typically requires open heart surgery, thus it disqualifies patients who are at high risk for the process or are too weak to undergo a surgery. As a result, the market of heart valve surgical procedures is witnessing a continuous decline as more and more patients requiring valve replacement are at risk for a surgical treatment. This shortcoming of the traditional surgical method has paved way for the popularity and adoption of TAVR. It was first commercially launched in Europe in 2007 and later in the United States. The market for TAVR is regarded to be promising with immense growth opportunities and unmet demand to cater to. The key factors which are anticipated to drive market growth include ageing population, healthcare expenditure, increasing obese population and gross domestic product apart from increasing prevalence of inoperable aortic stenosis. Some of the noteworthy developments of this industry include advancement in technologies and favorable reimbursement in Europe. However, the industry remains threatened by certain challenges which include regulatory issues, associated high risk and high cost of TAVR devices. This report offers a comprehensive analysis of the global TAVR market, along with an in-depth study of the TAVR procedures and the regional markets of the US, Europe and Japan. The global TAVR market is dominated by two major players, Edwards Lifesciences and Medtronic which operate in a highly dynamic environment working in the direction of tapping maximum market share. Both the companies in addition to St. Jude Medical have been profiled in the present report highlighting their key financials and business strategies for growth. By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables affecting this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Transcatheter aortic valve replacement (TAVR) is a minimally invasive surgical procedure that repairs the valve without removing the old, damaged valve. TAVR Market by Region (2014)
U.S.
Europe
Japan
R.O.W
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The TAVR market is highly concentrated in US and Europe. As of 2014, the US accounted for …% of the global market share followed by Europe with …% of the market share. Japan makes up about …% of market share and is expected to exhibit a market potential of worth US$...million by 2019.
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The TAVR market has been increasing at a CAGR of …% for over five years, increasing from a valuation of US$...million in 2009 to US$...billion in 2013. It is estimated to be a US$...billion market in 2014.
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The average selling price of TAVR devices was US$... in the US in 2013, less than the previous year. Continuous developments and innovations in TAVR devices along with increasing competition will bring down the average selling prices of TAVR in years ahead. Thus, the TAVR device price tag may begin to drop as the market widens.
Average Selling Price of TAVR in the US (2011-2017E)
US$
US$ Million
Global TAVR Market Value (2009-2013)
2009
2010
2011
2012
2013 2011
2012
2013
2014E
2015E
2016E
2017E
Some of the noteworthy growth drivers of this industry include rising global healthcare expenditure, increasing global ageing population, and increasing global obese population, among others.
Million
Global Ageing Population (2009-2013)
2009
2010
2011
2012
2013
Global TAVR Market Share by Company (2013)
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Global ageing population (over 65) was recorded to be … million in 2013, compared to that of … million in 2012. This depicts an increase of about …% in 2013. However, until now the overall increase since 2009 is …%.
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TAVR market is expected to become more crowded with new entries from St. Jude and Boston Scientific as well as smaller players such as Direct Flow Medical, Symetis and Jena Valve. Though, Edwards and Medtronic will remain market share leaders with …% and …% of shares respectively.
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The US TAVR market is on the verge of moving from monopoly to duopoly as Edwards and Medtronic are the only two companies in the US with commercially available TAVR systems. Despite the recent entry of competition into the TAVR market, Edwards grew …% YOY holding majority market share of …% in 2013. Medtronic accounts for …% of the market share.
The US TAVR Market Share by Company (2013)
Edwards Lifesciences Edwards Lifesciences
Medtronic
Others
Medtronic
In 2013 worldwide, Edwards has performed higher number of implants than Medtronic Global TAVR Market – Implanting Centers
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As of 2013, the number of centers worldwide approved to replace the aortic valve using the minimally invasive TAVR technique has continued to increase when compared to 2011 from … to …, for Edwards, and from … to …, for Medtronic. It is estimated to follow the same trend in 2014, wherein Medtronic is expected show an impressive growth of …%.
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In 2013, approximately ….. TAVR procedures were performed in the US and ….. of them were from inoperable patients. The number of TAVR procedures in the US is estimated to reach ….. by 2017, driven by increasing prevalence of AS and growing adoption of TAVR technology. Simultaneously, surgical heart valve replacement volumes will begin to shrink slightly as TAVR devices replace them.
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Unlike US, Europe has many companies competing in TAVR products. They include Boston Scientific, St. Jude and Direct Flow Medical. In Europe, Edwards’ share is …% in 2013 followed by Medtronic with …% of market share. Boston Scientific’s Lotus is expected to grab more market share more meaningfully than its other smaller competitors.
Number of Centers
by Company (2011–2014E)
2011
2012
2013
2014E
European TAVR Market Share by Company (2013)
US$
The US TAVR Procedures (2011-2017E)
Edw ards Lifesciences
2011
2012
2013
2014E 2015E 2016E 2017E
Medtronic
St. Jude Medical
Boston Scientific
Others
The growth of TAVR market is hindered by the barrier for regulatory issues, associated high risk and high cost of TAVR devices . Transcatheter Aortic Valve Replacement Market Forecast
Europe/ROW TAVR Procedures (2010-2017E)
2017F
2016F
2015F
2014F
2013
2017E
2016E
2015E
2014E
2013
2012
2011
2010
US$ M illion
Number of Procedures
(2013-2017F)
Between 2010 and 2012, more than …… patients received treatment through TAVR. The number of TAVR procedures reached ……. in 2013. Following the similar increasing trend, number of procedures in the Europe/ROW is estimated to reach …… by 2017. Growth in TAVR procedures is increasingly driven by a shift towards the treatment of lower-risk patients, which is happening in Germany for over last two years, leading to an expanded treatable patient population.
Transcatheter aortic valve devices are priced at a premium level as compared to the conventional heart valve devices and will, therefore, spur average selling price (ASP). As a whole, the global TAVR market is forecasted to reach US$..... million by 2017 from US$..... million in 2013. The industry is expected to grow at a CAGR of …..% till 2017.
Several patients with severe symptomatic aortic stenosis are deemed inoperable for traditional open-heart surgery. TAVR precisely addresses this issue and provides treatment to patients with severe symptomatic aortic stenosis who have an unacceptably high estimated surgical risk, and who are not suitable candidates for surgery. For patients with high surgical risk, TAVR is the most preferred option due to its less invasive nature and high accuracy rate. With time the technology will be rapidly adopted to treat patients who were previously not eligible or unable to undergo surgical heart valve procedures. As a result of this increased adoption of TAVR procedures, surgical implantation of heart valves will significantly decline and intensify market competition.
Note: Market attractiveness is inverse of penetration. Low penetration means high attractiveness and vice-versa
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