The market for transcatheter aortic valve replacement (TAVR) devices is expected to burgeon through 2020, far outpacing surgical valves, one market report projected.

The marketing analytics firm GlobalData reported that the compound annual growth rate (CAGR) for TAVR valves will increase 19.7 percent between 2013 and 2020, expanding from $881 million to more than $3 billion over the period. The projection is based on sales in the U.S., Germany, France, Italy, Spain, the U.K., Japan, Brazil, China and India. The U.S. and Germany, to date, are considered the leading growth opportunities.

Demand for surgical valves will continue to increase as well, but as a much slower rate. The CAGR for surgical valves was placed at 3.2 percent, with the market reaching $1.08 billion by 2020. In the U.S., TAVR valves can cost 10 times or more than surgical valves.

Analysts cited regulatory approval of TAVR devices as drivers of growth. The FDA has allowed marketing of Sapien valves from Edwards Lifesciences and CoreValve systems from Medtronic in the U.S. Newer generation devices from these companies as well as not-yet-approved systems such as Boston Scientific’s Lotus valve system will impact the market.

GlobalData added that its forecast does not include transcatheter mitral valve replacement devices, which have yet to be cleared for use in the U.S. If approved, analysts predicted the devices likely will experience a slow uptake because of cost but they could change the forecast.