A successful heart procedure for Rolling Stones frontman Mick Jagger may provide a spark for devicemakers that manufacture the type of heart valve used in his surgery, according to Wells Fargo.
Med-tech companies that have helped pioneer and produce the aortic valve replacement procedure, like Edwards Lifesciences Corp. and Medtronic, may see a boost in demand and awareness after the 75-year-old took to Twitter to thank the doctors, Wells Fargo analyst Larry Biegelsen wrote in a note to clients.
Jagger’s procedure “will likely raise awareness of aortic stenosis and potentially lead to more TAVR procedures which should benefit the TAVR manufacturers,” Biegelsen wrote.
The valves used in the so-called TAVR procedure account for 61 percent of Edwards’ revenue, according to data compiled by Bloomberg, and represent a massive market. Goldman Sachs wrote in a research note last month that it expects the worldwide opportunity to top $10 billion in revenue by 2025.
Edwards and Medtronic presented results from a pair of heart valve studies showcasing their less invasive valves as superior and equivalent to open heart surgery, garnering praise from Wall Street. Analysts applauded the results that raised the competitive bar.
“These devices have already shattered many treatment paradigms and we expect them to continue to impact how heart valve disease is treated in the future,” Biegelsen concluded in his report.
Various models of Edwards’ Sapien valve and Medtronic’s CoreValve system are the only TAVR devices approved for sale in the United States. Boston Scientific’s Lotus valve is approved for sale in Europe and has been submitted for approval to the U.S. Food and Drug Administration. Abbott Laboratories’ Portico valve also has European approval and is undergoing clinical study in the U.S.
The Rolling Stones postponed their major upcoming North American tour last month due to Jagger’s health problems and need for a replacement valve. While it’s unknown when the Rock and Roll Hall of Fame band will start back up, the “No Filter” tour was initially slated to begin on April 20 in Miami.