Laplace Interventional, a US-based medical device company focusing on transcatheter valve technology, recently announced the successful completion of a Series C funding round to support an early feasibility study of its transcatheter tricuspid valve replacement system. While the study is a key step toward regulatory approval and market access, the company faces challenges beyond regulatory hurdles in a competitive market, says GlobalData, a leading data and analytics company.

Transcatheter valve replacement technologies have been displacing open-heart valve surgical procedures worldwide in recent years. Major medical device companies, such as Edwards Lifesciences, Medtronic, and Abbott, already have transcatheter valve devices available on the market for several types of valve replacement procedures.

David Beauchamp, Medical Analyst at GlobalData, comments: “The largest markets for these devices include aortic and mitral valve replacements. The transcatheter tricuspid valve device market is both newer and smaller, mostly due to the lower number of possible procedures, but still promises to be a lucrative market for interested parties. Funding for smaller companies such as Laplace is vital to ensure continued innovation and development in these new medical device spaces.”

GlobalData’s report on the “Transcatheter Tricuspid Valve Repair and Replacement Market” indicates that the global market for transcatheter tricuspid valve repair and replacement is projected to reach $230.4 million in 2024.

If Laplace can successfully push its transcatheter tricuspid valve to market, the company still faces steep competition from existing medical device companies with expertise in the transcatheter valve repair and replacement market space such as Edwards Lifesciences and Abbott Laboratories.

Beauchamp concludes: “Competition in the medical device space is important to ensure continued innovation and research. If Laplace can prove the safety and efficacy of its device to regulators, it could spark additional competition in the space as companies try and establish market dominance. Increased competition could also bring about increased patient outcomes and procedure volume, as the devices become more commonplace and effective.”