Transcatheter Mitral Valve Repair & Replacement Market: Rise in the Number of Pipeline Devices to Fuel the Market Growth
Wilmington, Delaware, United States, Transparency Market Research Inc. – Mitral valve is positioned between the left atrium and left ventricle. In mitral valve disorder, the valve does not function properly, leading to erratic blood flow. This irregular blood flow can result in disorders such as mitral valve prolapses or mitral valve regurgitation.
Transcatheter mitral valve repair and replacement methods are gaining traction owing to technological advancements in valve therapy. Transcatheter mitral valve replacement can be used as an alternative to open-heart surgery and is helpful in the treatment of mitral valve stenosis, mitral valve prolapse, and mitral valve regurgitation.
Global Transcatheter Mitral Valve Repair & Replacement Market: Key Trends
Factors such as increase in the geriatric population, rise in the number of pipeline devices, and high prevalence of mitral valve disorders fuel the growth of the global transcatheter mitral valve repair & replacement market. Additionally, technological advancements and introduction of novel mitral valves boost market growth.
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However, strict regulations set by governing bodies, high cost of mitral valve surgeries, and high risk factors linked with these procedures are the major restraints of the market. In the developing countries, an increase in healthcare expenditure and advent of cardiovascular disorders will result in development of productive opportunities for major market players.
Global Transcatheter Mitral Valve Repair & Replacement Market: Segmentation
The global transcatheter mitral valve repair & replacement market can be segmented based on product, indication, and region. In terms of product, the market can be bifurcated into mechanical valves and bioprosthetic tissue valves. Based on indication, the global transcatheter mitral valve repair & replacement market can be divided into mitral valve stenosis, mitral valve prolapse, and mitral valve regurgitation.
Based on product, the mechanical valves segment is anticipated to account for the largest market share during the forecast period owing to advantages of these valves such as increased durability, minimal chances of complication, and infection after implantation procedure. In terms of indication, the mitral valve stenosis segment dominated the global market in 2017. However, the mitral valve regurgitation segment is expected to expand at the highest CAGR during the forecast period due to recurrent occurrence of mitral valve regurgitation among the geriatric patient population and sudden deaths due to mitral valve regurgitation.
Global Transcatheter Mitral Valve Repair & Replacement Market: Regional Analysis
In terms of region, the global transcatheter mitral valve repair & replacement market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to capture major market share owing to the presence of a large patient population and well-established medical reimbursement policy. Moreover, advanced health care infrastructure and rise in awareness about mitral valve diseases fuels the growth of the market in the region.
However, the transcatheter mitral valve repair & replacement market in Asia Pacific is expected to expand at a high CAGR in the next years, as major players are increasing presence and expanding manufacturing facilities in the region. For instance, in March 2011, Medtronic inaugurated a new manufacturing facility in Singapore in order to meet high demand for cardiac devices in this region. Hence, these factors are expected to propel the market in the region.
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Global Transcatheter Mitral Valve Repair & Replacement Market: Competitive Landscape
Major players in the global transcatheter mitral valve repair & replacement market include HLT Medical, Abbott Laboratories, Neovasc, Inc., Biotronik Pvt. Ltd., LLC, Edward Lifesciences, LivaNova plc, Colibri Heart Valve, Medtronic plc, and NeoChord. Other players include MValve Technologies, Transcatheter Technologies GmbH, Venus Medtech, and Mardil Medical.
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