Global Tricuspid Insufficiency Treatment Market Highlights 2022 – 2030
The global tricuspid insufficiency treatment market is estimated to garner a large revenue by growing at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing preference for heart surgeries with minimal invasion, rising geriatric population, and increasing demand for treating tricuspid valve regurgitation and tricuspid stenosis problems across the world. In 2017, more than 85 percent of the total robotic surgery performed in the United States were minimally invasive, out of which 71 percent surgeries were performed in hospitals. In addition to these, high preference of tricuspid insufficiency treatment in clinical trials performed by heart surgeons, is also considered to be a major factor expected to drive market growth in the upcoming years. Furthermore, prominent manufacturers in developed nations are highly emphasizing on acquisitions for expanding their regional presence and upsurging their product portfolio, which in turn is projected to offer lucrative opportunities to the market in the near future.
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The market is segmented by end user into hospitals, ambulatory surgical centers, cardiac catheterization laboratories and others, out of which, the hospitals segment is anticipated to hold the largest share in the global tricuspid insufficiency treatment market on account of the increasing prevalence of open heart and minimally invasive surgeries in hospital facilities across the globe, and growing patient preference for conducting their treatment in hospitals. Along with this, on the basis of surgery type, the segment for minimally invasive surgeries is predicted to observe the highest growth over the forecast period in view of the less postoperative pain, faster recovery time, shortened hospital stay and fewer operative complications of these surgeries.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Tricuspid Insufficiency Treatment Market Regional Synopsis
On the basis of geographical analysis, the tricuspid insufficiency treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of growing adoption of tricuspid insufficiency treatment in several countries of the region, majorly in Germany. Apart from this, increasing investments to conduct research and development activities associated with cardiovascular medical devices is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is evaluated to occupy the largest share during the forecast period ascribing to the rising number of cases of cardiovascular disorders and a strong presence of prominent market players in the region. As per the U.S. Centers for Disease Control and Prevention, one person in the country dies every 36 seconds from a cardiovascular disease. On an average, the calculated number of deaths from a heart disease each year are 655,000.
The global tricuspid insufficiency treatment market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global tricuspid insufficiency treatment market includes the following segments:
By Disease Type
- Tricuspid Regurgitation
- Tricuspid Stenosis
By End User
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
- Others
By Surgery Type
- Invasive
- Minimally Invasive
Growth Drivers
- Rising Preference for Minimally Invasive Heart Surgeries Globally
- Rapidly Increasing Geriatric Population
Challenges
- Lack of Awareness about Tricuspid Insufficiency Treatment in Lower Economic Regions
Top Featured Companies Dominating the Market
- Abbott Laboratories
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Medtronic plc
- Edwards Lifesciences Corporation
- LivaNova, PLC
- Sorin S.p.A.
- Cyberonics, Inc.
- Hologic, Inc.
- Intuitive Surgical
- Sonova Holding AG
- Hill-Rom Holdings Inc.
