Tricuspid Insufficiency Treatment Market size is expected to cross USD 1.6 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of tricuspid insufficiency treatment was over USD 683 Million. The world's growing need for solutions to tricuspid stenosis and regurgitation of the tricuspid valve is responsible for the market's expansion. In the United States, 1.6 million people, and 3.0 million people in Europe have tricuspid regurgitation (TR).
In addition to these, a significant element anticipated to propel market expansion in the ensuing years is the high preference for tricuspid insufficiency treatment in clinical studies conducted by heart surgeons. Moreover, well-known producers in developed countries are placing a strong emphasis on acquisitions as a means of growing their regional footprint and diversifying their product lines, both of which are expected to present profitable prospects for the industry in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~7 % |
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Base Year Market Size (2023) |
~ USD 683 Million |
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Forecast Year Market Size (2036) |
~ USD 1.6 Billion |
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Regional Scope |
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Disease Type (Tricuspid Regurgitation, Tricuspid Stenosis)
The tricuspid regurgitation segment is attributed to hold 58% share of the global tricuspid insufficiency treatment market during the forecast period. The segment is expected to experience additional expansion due to a number of factors, including technological developments, an increase in the incidence of various CVDs as a result of a sedentary lifestyle adoption, and rising alcohol and fast food consumption. At least once a week, 2 out of 3 individuals eat fast food. The average monthly expenditure for fast food is USD 148. In addition, a lot of important businesses are concentrating on releasing new goods in order to increase their market share and obtain a competitive advantage.
End-User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories)
Tricuspid insufficiency treatment market from the hospital segment is projected to hold largest revenue share of about 60% during the forecast period. The segment's growth is further aided by the expanding initiatives of governments and healthcare facilities that emphasize the promotion of prompt examinations and treatments. Hospitals are typically able to provide better care and more advanced treatment options because they receive larger financing. The segment is expected to grow as a result of expanding hospital use of technologically advanced treatment methods and gadgets and growing investments in healthcare infrastructure. In addition to these, a more benevolent reimbursement procedure along with higher spending in research and development will spur additional growth. Globally, the pharmaceutical sector spent over 244 billion dollars on research and development in 2022. By contrast, in 2012, R&D spending reached a total of 137 billion dollars.
Our in-depth analysis of the global market includes the following segments:
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Disease Type |
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End-User |
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Surgery Type |
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European Market Forecast
Tricuspid insufficiency treatment market in the Europe region is set to have notable growth during the projected timeframe with about 32% market share due to the expanding use of tricuspid function therapy in multiple nations in the area, primarily in Germany. Aside resulting in this, raising investments to make investigation and creation actions connected to cardiac health care gadgets are anticipated to spur market expansion in the area in the upcoming year. Presently, the EU has about 6 million new cases of CVD annually, while Europe as a whole has over 11 million instances. The condition affects around 49 million people in the EU, and it costs the economies of those countries USD 227 billion annually.
North American Market Statistics
Tricuspid insufficiency treatment market in the North America region is attributed to hold the second largest share of about 27% by the end of 2036 owing to a number of variables, including patient knowledge of valve repair procedures or annuloplasty and the accessibility of high-tech products. The aging population is one of the primary drivers of the growth in the regional market. For example, according to data released by the Organisation for Economic Co-operation and Development (OECD) in 2022, the percentage of Americans 65 and older rose to 16.83% of the population in 2022. Furthermore, the gender difference in life expectancy is closing and the U.S. population is getting older, according to the Population Reference Bureau.
Author Credits: Radhika Gupta, Shivam Bhutani
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