Hefty growth is expected for the transcatheter aortic valve replacement and implantation (TAVR and TAVI) market, according to a new report that projects the market will be valued at $5.9 billion by 2022.

The report, published by Allied Market Research (AMR), expects the market to grow at a compound annual growth rate (CAGR) of 16.5 percent from 2016 to 2020.

Transfemoral implantation generated the most revenue in 2015, and researchers expect it to continue to dominate the market in terms of value and volume in coming years, according to the report. It’s so popular among cardiologists and patients because it does not require a chest incision. Additionally, Europe is ahead in the market right now and is expected to maintain it, while the Asia-Pacific is projected to be the fastest growing region.

"After the U.S. and Europe, Japan holds the largest share for TAVI devices,” said Hemali Narkhede, manager of healthcare research at the AMR, in a statement. “The large population of elderly above the age of 65 years with aortic stenosis, high adoption of TAVI devices for the treatment of aortic stenosis and favorable reimbursement policies in the country are expected to further drive the market growth. Furthermore, companies have been modifying the TAVR devices according to the needs of patients, for instance, in 2013, Edwards Lifesciences developed smallest-sized version of its SAPIEN XT TAVI valve, which is ideal for Japanese patients.”

The rapid market growth can be attributed to a rise in the occurrence of aortic stenosis, an aging population, new device approvals and an increase in physicians adopting TAVR and TAVI into their practices.

Though the market is growing, certain aspects of the procedures still hold it back—they’re costly and there remains lack of reimbursement.