VANCOUVER, British Columbia--(BUSINESS WIRE)--According to a new series of reports by iData Research, the European cardiac surgery device market is valued at $2.7 billion USD, and is expected to grow at a CAGR of 11.5% to reach $4.5 billion by 2024. One substantial factor driving this growth is the rising adoption of minimally invasive heart valve therapies, such as transcatheter mitral valve repair (TMVr) and transcatheter aortic valve implantation (TAVI).
TAVI remains the largest revenue generator among transcatheter heart valve therapies, accounting for nearly 50% of the total cardiac surgery device market. The European TAVI market value is expected to double over the next 5 years to reach over $2.6 billion USD by 2024.
“Growth will be driven by a wide variety of factors. The large potential patient population, improved diagnostic capabilities, new product launches, positive clinical results and favorable reimbursement conditions will continue to push this market forward,” says Jeffrey Wong, Analyst Director at iData Research.
As clinical evidence for TAVI continues to be published, these procedures are becoming more commonly used in moderate and low-risk patients. Many patients prefer percutaneous procedures over open-heart surgical procedures, and several new TAVI devices will be introduced into the European market over the forecast period. The TMVr market is also expected to grow rapidly over the forecast period, benefitting from many of the same drivers as TAVI.
The market for TAVI devices is dominated by Medtronic’s CoreValve and Evolut devices. Medtronic gained market share in 2017, edging out Edwards Lifesciences’ Sapien and Centera devices, and has continued this momentum. Boston Scientific also remains a significant player in the market for TAVI devices with the recent reinstation of their Lotus Valve System, which had been out of the European market since 2016, due to a locking mechanism issue. In the market for TMVr devices, Abbott holds a strong grasp with its MitraClip device, which continues to expand its indications.
For Further Market Information
More can be found in a series of reports published by iData Research entitled the Europe Market Report Suite for Cardiac Surgery Devices 2018. iData’s suite of reports on this subject covers 15 countries in Europe. This includes a comprehensive analysis of units sold, market values, average selling prices, procedure volumes, forecasts, as well as detailed competitive market shares and analysis of all major players.
iData Research is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device, dental, and pharmaceutical industries.