(Photo Courtesy: www.papworthhospital.nhs.uk)
The global market value for transcatheter heart valves will expand at an impressive compound annual growth rate (CAGR) of 19.7 percent, from almost $881 million in 2013 to around $3.02 billion by 2020, according to research and consulting firm GlobalData.
The company's report states that this is almost three times the projected value of the tissue heart valves market, which will increase at a much slower CAGR of 3.2 percent to just under $1.08 billion over the same period.
GlobalData's forecast only considers aortic valve replacement, as there are not yet any approved Transcatheter Mitral Valve Replacement (TMVR) devices.
The approval of TMVR devices will have a significant impact on this forecast, but early adoption rates are expected to be slow due to initial cost.
While surgical valves will hold a steady presence in the overall prosthetic valve market, Transcatheter Aortic Valve Replacement (TAVR) is expected to cannibalize a large portion of this market in the coming decade.