Tricuspid valve repair has recently emerged as a new, rapidly growing area. Transcatheter tricuspid valve repair (TTVR) is a minimally invasive surgery that is used to treat tricuspid regurgitation, a condition where the tricuspid valve does not close properly. TTVR offers an alternative to open-heart surgery, making it beneficial for those who are high-risk for the usual procedure. Following its launch in the second quarter (Q2) of 2024, the TTVR market has witnessed significant growth of 56% in the US in the third quarter, reveals GlobalData, a leading data and analytics company.
According to GlobalData’s US Healthcare Facility Invoicing Database, the TTVR market has grown from accounting for just over 2% of total US transcatheter heart valve revenue in Q2 2024 to close to 3.5% by Q3 2024.
The US transcatheter heart valve market, and specifically the transcatheter aortic valve replacement segment, is one that has been well-researched and is well-known. The growth that has been seen in the TTVR space over the past two quarters has been remarkable.
Currently, there are two major players with US Food and Drug Administration-approved devices in this TTVR space, Abbott Laboratories and Edwards Lifesciences. Each has a product in the space, which are Triclip and Evoque, respectively.
In early 2024, Edwards Lifesciences’ Evoque was the only TTVR product. But Abbott launched Triclip in April, giving Edwards competition in the market. According to the US Healthcare Facility Invoicing Database, Abbott has captured the majority of the US market with Triclip since Q2 of this year.
Although Abbott did release its product later, the company has been able to capture and maintain the majority of the market. This may be due to Abbott’s pricing strategy, as Triclip is currently more than 10% cheaper than Edwards’ Evoque, despite a slight price bump since its launch.
Overall, the market is still new and growing, with no signs of slowing for 2025. It will be interesting to see if Edwards adopts a more competitive pricing strategy to regain market share, and whether Abbott will implement any changes to maintain dominance, especially as new competitors such as Jenscare’s LuX-Valve enter the market.
