Latin American Market for Heart Valve Devices Will Approach $200 Million by 2022
Transcatheter Aortic Valve Replacement Devices Will See Rapid Adoption, But Are Unlikely to Match Success Seen in US and Europe, According to Findings from Decision Resources Group
BURLINGTON, Mass., March 26, 2014 /PRNewswire/ — Decision Resources Group finds that the Latin American market for heart valve devices will approach $200 million by 2022, with rapid growth driven largely by favorable demographics and the rising adoption of transcatheter heart valve (THV) products, including transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair (TMVR) devices. The high prices of these technologies will support double-digit revenue expansion across Argentina, Brazil, Colombia and Mexico as physicians increasingly opt for these minimally invasive technologies.
Other key findings from the Medtech 360 report entitled Latin American Markets for Heart Valve Devices 2014:
-- Brazil and Argentina: Brazil and Argentina will see the strongest revenue growth through 2022; the governments of both countries have invested heavily in the advancement of healthcare, increasing patient access to procedures. This investment has also enabled more facilities to adopt premium-priced transcatheter heart valve technologies than in Mexico or Colombia. -- Replacement versus repair: Although adoption of heart valve repair devices will outpace that of replacement devices in most countries, the uncharacteristically low price of tissue heart valve replacement devices in Brazil has prevented a more significant shift to surgical repair from occurring. -- TMVR devices: TMVR devices will begin entering Latin American markets in 2015. Initial uptake will be lower than in Europe or the United States due to lack of physician training and cost sensitivity.
Comments from Decision Resources Group Analyst Michelle Chan:
-- "Prices of TMVR devices will drop significantly through 2022, given that they will enter the market at a very high price. As was the case with TAVR devices, price declines will begin to stabilize as TMVR becomes more established." -- "Although the market is dominated by international players, Brazilian competitor Braile Biomedica has captured significant market share by offering low prices and a broad product portfolio; the company is also the only local competitor that has a TAVR device."
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