Annuloplasty Ring Market: Current Analysis and Forecast (2023-2030)
Emphasis on Rigidity (Flexible, Rigid, Semi-rigid, and Others); Application (Mitral Valve Annuloplasty, Tricuspid Valve Annuloplasty, Aortic Valve Annuloplasty, And Others); and Region/Country
The annuloplasty ring market was valued at USD 32.2 Million in 2022 and is expected to grow a CAGR of 3.53% during the forecast period (2023-2030). Annuloplasty rings are devices used in cardiac surgery to repair or replace heart valves, particularly the mitral or tricuspid valves. These rings provide structural support to the valve annulus, ensuring proper functioning and preventing valve regurgitation. The surgical procedure involves implanting the ring around the valve, restoring its shape, and improving overall cardiac function. Annuloplasty ring services mainly gained prominence due to the rising number of cardiovascular disease cases. For instance, according to the U.S. Department of Health & Human Services in 2021, about 1 in 20 adults aged 20 and older had cardiovascular disorder (about 5%). There has been a significant rise in the market due to this driving factor. In addition to this, investments in cardiology departments as well as government awareness programs regarding heart diseases have increased significantly in recent years, which are the key factors that are creating opportunities for the market.
Affluent Medical; Corcym; Braile Biomédica; Coroneo; Edwards Lifesciences Corporation; Genesee BioMedical; HVR Cardio Oy; Medtronic; Abbott; and Valcare Medical are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst rigidity, semi-rigid category to witness higher CAGR during the forecast period”
Based on rigidity, the market is segmented into flexible, rigid, semi-rigid, and others. The semi-rigid segment is expected to grow with a high CAGR during the forecast period because of the balance it provides between flexibility and stability. Semi-rigid annuloplasty rings are devices used in cardiac surgery, specifically in procedures like mitral valve repair. Unlike rigid annuloplasty rings, semi-rigid rings offer a compromise between flexibility and stability. They are typically made of materials that allow for some degree of flexibility, facilitating a more physiological movement of the mitral valve while still providing structural support. The semi-rigid nature of these rings aims to strike a balance between maintaining the natural dynamics of the mitral valve and preventing further dilation of the annulus. Thus, semi-rigid rings are expected to witness a higher CAGR during the forecast period.
“Amongst application, mitral valve annuloplasty held a significant share in the market in 2022”
Based on application, the market is categorized into mitral valve annuloplasty, tricuspid valve annuloplasty, aortic valve annuloplasty, and others. The mitral valve annuloplasty segment is dominating the market owing to the rising cases of mitral regurgitation. For instance, in April 2023, according to the National Library of Medicine, mitral regurgitation is the most common valvular abnormality worldwide, affecting over 2% of the total population, and has a prevalence that increases with age. Mitral valve annuloplasty is a surgical procedure involving the repair of the mitral valve, which is located between the left atrium and the left ventricle of the heart. The mitral valve annulus is the fibrous ring that supports the valve leaflets. c
“Amongst regions, APAC is expected to witness a higher CAGR during the forecast period”
APAC is expected to grow with a high CAGR in the global annuloplasty ring market in the forecast period. Several factors such as a surge in the development of a wide range of annuloplasty rings, enhanced accessibility, and diversified healthcare costs are driving the market’s growth during the forecast period. Further, the increase in incidences of heart disease is also having a positive impact on the market’s growth. There have been major awareness programs regarding cardiovascular disorders in the region. For instance, SEAHEARTS (WHO HEARTS package adaptation to South-East Asia Region) resonated with the World Heart Day 2023 theme ‘Use Heart, Know Heart’ and offered countries a roadmap to scale up their current situations of heart disorders. Thus, APAC is expected to witness a higher CAGR during the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Annuloplasty Rings Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global annuloplasty rings market were the three major steps undertaken to create and analyze the adoption of annuloplasty rings in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global annuloplasty rings market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the annuloplasty ring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the annuloplasty rings market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the annuloplasty rings market. Further, we conducted factor analysis using dependent and independent variables such as product type, application, and regions of annuloplasty rings. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the annuloplasty rings market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global annuloplasty rings market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 00for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the annuloplasty rings market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global annuloplasty rings market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global annuloplasty ring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, and regions in the global annuloplasty rings market.
The main objective of the Global Annuloplasty Ring Market Study
The current & future market trends of the global annuloplasty rings market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the annuloplasty rings market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, application, and regions
- Define and analyze the regulatory framework for the annuloplasty ring industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the annuloplasty rings market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the annuloplasty rings market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the annuloplasty ring market?
Q2: What are the driving factors for the growth of the annuloplasty ring market?
Q3: Which segment has the largest share of the annuloplasty ring market by rigidity?
Q4: What are the emerging technologies and trends in the annuloplasty ring market?
Q5: Which region will dominate the annuloplasty ring market?
Q6: Who are the key players operating in the annuloplasty ring market?
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