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According to a new series of reports by iData Research, the United States cardiac surgery device market is valued at $5.7 billion USD and is forecast to exceed $10 billion by 2024. The largest segment of the cardiac surgery market is the transcatheter heart valve replacement (THVR) market, accounting for over one-third of the total market share.
THVR is a rapidly growing segment and is projected to maintain its dominance in the overall market, due to a growing trend towards minimally invasive procedures, allowing it to cannibalize the surgical heart valve market, which is associated with open heart procedures.
While most treatments are done with open surgery to insert a replacement valve, high and intermediate-risk patients are good candidates for transcatheter aortic valve implantation. “If the FDA approves transcatheter aortic valve replacement (TAVR) devices for treatment of lower-risk patients, significant unit sales growth is expected,” says Kamran Zamanian, CEO and President at iData Research. “When given the choice, many patients prefer the less invasive TAVR procedure to open heart surgery.”
Minimally invasive procedures have gained immense popularity among surgeons and patients, as they allow for shorter hospitalization time and reduced scarring. The transcatheter heart valve replacement device market is expected to almost double in value between 2018 and 2024.
Edwards Lifesciences is the market leader in the cardiac surgery market. The majority of the company’s market share stems from their dominance in the THVR segment. Edwards Lifesciences was the first company to develop a percutaneous aortic valve replacement device. They offer the SAPIEN 3® and SAPIEN XT®. The SAPIEN 3® is used for aortic valve replacement and mitral valve-in-valve procedures, while the SAPIEN XT® is used for both aortic and pulmonary valve replacement.
Medtronic is the second-leading competitor in both the total cardiac surgery market and the subsegment for THVR. For aortic valve replacement, Medtronic offers their CoreValve Evolut R® and PRO® Transcatheter Aortic Valve Replacement products. For pulmonary valve replacement, Medtronic has their Melody® Transcatheter Pulmonary Valve Therapy.
Abbott and Boston Scientific are also looking to enter the TAVR market, but have yet to receive FDA approval for their technology. In addition, other potential competitors include Colibri Heart Valve, JenaValve Technology and Thubrikar Aortic Valve, Inc.
For Further Information
More on the cardiac surgery and heart valve devices market in the US can be found in a series of reports published by iData entitled the US Market Report Suite for Cardiac Surgery and Heart Valve Devices. This report covers the following market segments: tissue heart valves, mechanical heart valves, annuloplasty repair devices, transcatheter mitral valve repair (TMVR) devices, transcatheter heart valve replacement (THVR) devices, on-pump coronary artery bypass (ONCAB) devices, off-pump coronary artery bypass (OPCAB) devices, endoscopic vessel harvesting (EVH) devices, anastomosis assist devices (AADs), transmyocardial revascularization (TMR) devices, ventricular assist devices (VADs), intra-aortic balloon pumps, temporary artificial heart replacement devices, extracorporeal membrane oxygenation (ECMO), remote hemodynamic monitoring, patent foramen ovale (PFO), atrial septal defect (ASD) devices, ventricular septal defect (VSD) devices and left atrial appendage (LAA) devices.
Reports provide a comprehensive analysis including units sold, procedure numbers, market value, forecasts, as well as detailed competitive market shares and analysis of major players’ success strategies in each market and segment. To find out more about cardiac surgery market data or procedure data, register online or email us at [email protected] for a US Market Report Suite for Cardiac Surgery and Heart Valve Devices brochure and synopsis.