A revised industry report by Fact.MR, a market research and competitive intelligence provider, reveals that the global tricuspid valve repair market is estimated at US$ 182.7 million in 2022 and is predicted to expand rapidly at a CAGR of 9.4% through 2032. Investments in the expansion of global healthcare infrastructure and the adoption of novel techniques for the improvisation of patient care are acting as supportive growth factors for the market. Rising healthcare spending across developed and developing countries has led to an increase in the inclination among patients to spend on advanced healthcare procedures.
Additionally, rising cardiovascular diseases owing to changing lifestyles among the global population as well as the growing geriatric population are key driving factors for market growth. Governments are also taking efforts to minimize deaths related to cardiovascular diseases, which will further fuel the need for tricuspid valve repair.
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Revealing complications of traditionally associated invasive open heart surgeries will have a huge positive impact on demand growth for tricuspid valve repair. Moreover, as per this Fact.MR study, medical device manufacturers are also investing their time and money to bring in scientifically, technologically innovative, and advanced medical devices into the tricuspid valve repair market. Also, government initiatives to make healthcare procedures more affordable for low- and middle-income families, along with transparency, will boost market expansion.
Key Takeaways from Market Study
- The global market for tricuspid valve repair is set to surge at an impressive CAGR of 9.4% and be valued at US$ 446.5 million by 2032.
- The market expanded at 8% CAGR from 2017 to 2021.
- Under indication, tricuspid valve stenosis is estimated to be valued at US$ 182.7 million in 2022.
- Europe leads the worldwide market with 47.8% market share in 2021.
- Demand for tricuspid valve repair is expected to increase at CAGRs of 11% and 6.6%, respectively, in Europe and North America.
“Rising funding for research & development as well as key strategies implemented by market players to magnify their global presence is expected to have a positive impact on tricuspid valve repair market growth,’’ says a Fact.MR analyst.
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Market Development
Key market players are focusing on investing in research & development activities to introduce innovative techniques into the market.
- For instance, Edwards Lifesciences, a leading American medical technology company, has developed various advanced therapies for heart surgeries.
Such initiatives and innovations are likely to drive the growth of the global tricuspid valve repair market over the forecast period. Also, companies are trying to increase their profit margins and thereby increase patients’ affordability with better patient care.
Report Attributes | Details |
|---|---|
| Tricuspid Valve Repair Market Size (2021A) | US$ 167.7 Million |
| Estimated Market Value (2022E) | US$ 182.7 Million |
| Forecasted Market Value (2032F) | US$ 446.5 Million |
| Global Market Growth Rate (2022-2032) | 9.4% CAGR |
| North America Market Share (2021) | ~ 13.1% |
| Europe Market Growth Rate (2022-2032) | ~ 11.1% CAGR |
| United States Market Growth Rate (2022-2032) | ~ 6.4% CAGR |
| Market Share of Top 5 Companies | ~ 22.3% |
| Key Companies Profiled |
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