Tricuspid Valve Repair Market (2023 - 2030)

Report Overview

The global tricuspid valve repair market size was valued at USD 638.1 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030 . The growth of the market can be attributed to the introduction of technologically advanced equipment in the healthcare sector, the rise in per capita healthcare spending, and the increasing percentage of cardiovascular diseases all over the world. Another major reason that pushes the industry's growth is the rising adoption of minimally invasive surgeries, such as annuloplasty. As a result, manufacturers are focusing on developing technologically advanced annuloplasty rings. During tricuspid valve repair procedures, placement of annuloplasty ring results in improved long-term outcomes and reduces the reoccurrence of tricuspid regurgitation.

Major causes of tricuspid regurgitation include bacterial infection, Ebstein’s anomaly, connective tissue disorder, carcinoid tumors, myxomatous degeneration, and other heart diseases or conditions, which cause pulmonary hypertension. In developed countries, Cardiovascular Disease (CVD) is regarded as the main cause of death. According to the WHO, in 2013, 17.9 million deaths worldwide, or almost 32% of all fatalities, were attributed to CVD. Furthermore, the U.S. government invests around 1% of its GDP in preventing and treating CVD. There is an urgent need to implement new diagnostic and treatment procedures for the early detection and treatment of such diseases to decrease the mortality toll, treatment costs, and CVD incidence.

The COVID-19 pandemic significantly affected the sector. The number of heart procedures decreased due to the rigorous lockdowns and governmental restrictions. The annuloplasty system is used in heart repair surgeries, and during the pandemic, fewer people underwent procedures in hospitals or clinics and thus, impacting the market growth negatively. For instance, as per an article released by the National Library of Medicine, the volume of heart surgery reduced significantly during the initial spike of COVID-19 in the U.S. There was a 52.7% reduction in the volume of adult cardiac surgery and a reduction of about 65.5% in elective cases. As a result, the pandemic had a detrimental impact on the market during its initial stages.

The industry is anticipated to take off after the uplifting of the pandemic-induced restrictions. In addition, factors, such as the aging population, technological developments in biodegradable annuloplasty systems, and an increase in the usage of annuloplasty systems for valve repair, are boosting industry growth. For instance, as per the data released by the American Heart Association in January 2022, the prevalence of coronary heart disease was approximately 7.2% in the U.S., and the estimated annual incidence of acute Myocardial Infarction (AMI) was 3.7 per 1,000 people. Tricuspid regurgitation is a mechanical defect of acute myocardial infarction, further boosting industry growth.

Indication Insights

The tricuspid valve regurgitation segment dominated the industry in 2022 and accounted for the maximum share of more than 82.30% of the overall revenue. The segment is also projected to have the fastest CAGR over the forecast period. As per the article published in 2018 by the NCBI, about 1.6 million individuals in the U.S. suffer from moderate to severe tricuspid regurgitation. Although, one of the major drawbacks related to tricuspid regurgitation is symptoms related to the tricuspid valve are very uncertain and are difficult to detect. As a result, it leads to late referrals. However, as per an article published by the NCBI in 2021, tricuspid valve stenosis occurs very rarely; only about 1% of the global population suffers from it.

Technological advancements, a growing geriatric population, increasing cases of various types of CVDs due to the rising adoption of a sedentary lifestyle, and increasing consumption of alcohol and fast foods further boost the segment growth over the forecast period. Moreover, many key companies are focusing on launching new products to gain a higher market share and a competitive edge. For instance, in April 2020, Abbott Laboratories announced that the European CE mark had been provided to their TriClip Transcatheter Tricuspid Valve Repair (TTVR) System. This product treats people suffering from heart conditions, such as tricuspid valve regurgitation.

End-use Insights

On the basis of end-uses, the industry has been further categorized into hospitals, Ambulatory Surgical Centers (ASCs), and others. The hospital end-use segment dominated the global industry in 2022 and accounted for the maximum share of more than 85.85% of the overall revenue share. The segment is also projected to register the fastest growth rate during the forecast period. The growth is majorly attributed to the rising number of multi-specialty and community hospitals, even in emerging countries.

Furthermore, the growing initiatives by governments and healthcare facilities emphasizing promoting timely checkups and treatments further boost the segment's growth. In general, hospitals have a higher amount of funding, and thus, can offer advanced treatment solutions and better care. Growing investments in healthcare infrastructure and the rising adoption of technologically advanced treatment procedures & devices by hospitals are projected to support the segment expansion. Increasing investments in R&D activities and a favorable reimbursement process will boost the growth further.

Regional Insights

North America dominated the industry in 2022 and accounted for the maximum share of more than 40.00% of the overall revenue owing to factors, such as the easy availability of technologically advanced items and awareness among patients about valve repair operations or annuloplasty. One of the main factors driving the regional market growth is the rising geriatric population. For instance, as per the data published by Economic Co-operation and Development (OECD) in 2022, in the U.S., the population aged 65 years or older increased to 16.83% in 2022. Moreover, according to Population Reference Bureau, the U.S. population is growing older and the gender gap in life expectancy is narrowing down.

As per various studies, it is suggested that tricuspid regurgitation of a trivial or mild degree is common, however, severity increases with age, which would require proper treatment and incorporation of annuloplasty rings. On the other hand, Asia Pacific is anticipated to register the fastest growth rate over the forecast years due to favorable government initiatives and support. In addition, a rise in disposable income, growing healthcare expenditure, and rapid expansion of healthcare infrastructure will provide new growth opportunities for the regional market. The growing geriatric population along with rising cases of CVDs is also expected to boost the region’s growth. As per a report of the U.S. Census Bureau, in Asia, about 414 million people are aged 65 years & above and this number is expected to reach 1.2 billion by 2060.

Key Companies & Market Share Insights

The key players are focusing on the development of new products to meet the growing percentage of the population opting for tricuspid valve repair. Regional expansions and mergers & acquisitions are among the key strategic undertakings by industry players. Companies are also investing heavily in emerging markets to increase their global footprint and lead the industry. Some of the prominent players in the global tricuspid valve repair market include:

• Edwards Lifesciences Corp.

• Abbott

• Medtronic

• Corcym

• Labcor

Tricuspid Valve Repair Market