Global Transcatheter Pulmonary Valve Market Size

Transcatheter Pulmonary Valve Market Analysis

The Transcatheter Pulmonary Valve Market is expected to witness a CAGR of 5.5% over the forecast period.

The COVID-19 pandemic is an unprecedented health concern and adversely affects various surgical procedures. Due to regulatory authorities' strict guidance to prevent any non-emergent surgeries, the volume of surgeries has drastically decreased throughout the pandemic. For instance, according to the study published in October 2021, by the National Library of Medicine globally, there has been a 42.8% decrease in general surgery admissions. Thus, the reduction in surgical procedures during the COVID-19 pandemic affected the market's growth. However, the market is gradually stabilizing as COVID-19 cases are declining the number of heart procedures and operations being performed is increasing thus boosting the growth of the transcatheter pulmonary valve market. 

Certain factors that are propelling the market growth are the growing burden of congenital heart disease and the rising awareness of transcatheter pulmonary valve therapy. The rising company activities in developing and launching products as well as increasing product approvals are all expected to increase the market growth over the forecast period. For instance, According to CDC, in February 2022, congenital heart disease (CHD) affects nearly 1% of or about 40,000 births per year in the United States. Additionally, 15% of CHDs are associated with genetic conditions and about 20% to 30% of people with a CHD have other physical problems or developmental or cognitive disorders. Children with CHD are about 50% more likely to receive special education services compared to children without birth defects. Thus, an increase in the CHD burden is expected to drive the growth of the studied market. 

Additionally, the advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players, are aiding the market's growth. For instance, in March 2021, Medtronic plc received U.S. FDA approval for its Harmony Transcatheter Pulmonary Valve (TPV), the first minimally invasive therapy created to treat patients with a specific type of congenital heart defect of the right ventricle (RV), one of the four chambers of the heart, which makes it difficult for blood to travel from the heart to the lungs. The Harmony TPV, which is placed inside a patient's native anatomy during a catheter-based procedure, was designated as a Breakthrough Therapy under FDA's Breakthrough Device Designation (BDD) program, an approval pathway intended to help patients receive more timely access to certain life-saving technologies. Such technological advancements are predicted to boost the transcatheter pulmonary valve demand and enhance market growth further.

Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the forecast period. However, the availability of alternative technologies and stringent regulations are expected to impede market growth over the forecast period.