Tricuspid Valve Repair Market Size, Share & Trends Analysis Report By End-use (Ambulatory Surgical Centers, Hospitals), By Indication (Tricuspid Valve Regurgitation, Tricuspid Valve Stenosis), By Region, And Segment Forecasts, 2023 - 2030

Tricuspid Valve Repair Market Size, Share & Trends Analysis Report By End-use (Ambulatory Surgical Centers, Hospitals), By Indication (Tricuspid Valve Regurgitation, Tricuspid Valve Stenosis), By Region, And Segment Forecasts, 2023 - 2030

Tricuspid Valve Repair Market Growth & Trends

The global tricuspid valve repair market size is expected to reach USD 1.0 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to grow at a CAGR of 5.9% over the forecast period. The main causes of tricuspid are bacterial infection, Ebstein’s anomaly, connective tissue problems, carcinoid tumors, myxomatous degeneration, and other cardiac disorders or ailments, which cause pulmonary hypertension. Cardiovascular Disease (CVD) is the leading cause of death in developed nations. The WHO estimates that, in 2019, globally, 17.9 million deaths were caused by CVD, accounting for about 32% of all fatalities.

Moreover, the U.S. government spends about 1% of the country’s GDP on CVD prevention and treatment. To reduce the death toll, treatment costs, and CVD incidence, it is necessary to deploy innovative diagnostic and treatment approaches for such diseases. The industry growth can also be attributed to the introduction of high-tech medical equipment, an increase in per-person healthcare spending, and a rise in the prevalence of CVDs globally. Also, the growing popularity of minimally invasive procedures like annuloplasty will support the industry’s growth. As a result, companies are putting efforts into creating technologically advanced annuloplasty rings.

Annuloplasty rings are placed during tricuspid valve repair surgeries to improve long-term outcomes. However, industry growth was negatively impacted due to the COVID-19 pandemic. Due to the stringent lockdowns and regulatory limitations, the number of elective surgeries lowered down, percentage of heart surgeries also decreased, which directly hindered the industry’s growth. In addition, the rising percentage of the aging population, increasing research & development activities for developing biodegradable annuloplasty systems, and an increase in the usage of annuloplasty systems for valve repair are projected to boost the growth of the global industry.

Tricuspid Valve Repair Market Report Highlights

• In 2022, the tricuspid valve regurgitation segment held the largest share and is also projected to have the fastest CAGR over the forecast period
• An increasing aging population and growing adoption of sedentary lifestyles are likely to drive the segment growth
• In 2022, the hospitals end-use segment dominated the market, in terms of revenue share, and is likely to expand further at the fastest CAGR over the forecast period
• The rapid growth is majorly attributed to the rising number of multi-specialty and community hospitals in both developed and emerging countries across the globe
• North America was the dominant region in 2022 due to the easy availability of technologically advanced products and high awareness among patients about valve repair operations or annuloplasty