Transcatheter Mitral Valve Repair and Replacement Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Transcatheter Mitral Valve Repair & Replacement Market was valued at US$ 5.24 million in 2020 and is anticipated to reach US$ 13.06 million by 2027 displaying an elevated CAGR of 11.25% over the forecast period (2021-2027). A transcatheter mitral valve repair & replacement system is used to treat various mitral valve disorders (mitral valve stenosis, mitral valve prolapse, mitral valve regurgitation) using minimally invasive transcatheter procedures. These less invasive procedures are suitable therapeutic alternatives for those people who cannot undergo open-heart surgery due to health concerns.

The growing prevalence of heart valve disease coupled with the rising geriatric population is another factor contributing to the growth of the global transcatheter mitral valve repair & replacement systems market. For instance, according to the United Nations, In 2019, 13.2% of the worldwide population was aged 60 years or above. Further, it is anticipated that nearly 21.4% of the total worldwide population will be aged 60 years or over by 2050. Given these facts, there is an increase in the number of people who are not suitable for open-heart surgeries. As a result, there is an increase in the adoption of minimally invasive surgical procedures such as transcatheter mitral valve repair & replacement procedures augmenting the growth of the transcatheter mitral valve repair & replacement market globally.

The rising worldwide demand for transcatheter mitral valve repair & replacement systems is because of the increasing technological advancements in surgical procedures and upsurge in venture capital investments. For instance, the medical technology venture capital investment all over the world was valued at 5.7 billion U.S. dollars in 2019 which rose to 6.3 billion U.S. dollars in 2020. In addition to this, the largest increase in the MedTech venture capital investment was seen during the years 2016 and 2017.

The worldwide adoption of transcatheter mitral valve repair & replacement procedures is owing to the advancement in medical technology and shift in preferences of surgeons and the youth population towards less-invasive (robot-assisted) surgeries over traditional surgical procedures. For instance, according to the presented data, 46 percent of those aged 18-34 preferred robot-assisted surgery, while only 26 percent of those aged 45 to 54 preferred robot-assisted surgery.

However, some of the restraints in the market include stringent government regulations, high cost and risk associated with the transcatheter mitral valve replacement procedures are impeding the growth of this market all over the world.

Countries with the largest percentage share of older persons aged 65 years or over, 2019-2050

Medtronic PLC, Abbott Laboratories, Edwards Lifesciences Corporation, Colibri Heart Valve, LivaNova PLC, Boston Scientific Corporation, HighLife Medical, Neovasc Inc., Micro Interventional Devices, JenaValve Technology are some of the prominent players operating in the global transcatheter mitral valve repair & replacement market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst Products, Mechanical valves hold the major share”

Based on products, the market is divided into mechanical valves and bioprosthetic tissue valves. The mechanical valve segment dominated the transcatheter mitral valve repair & replacement market and grabbed XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the several advantages offered by mechanical valves as compared to bioprosthetic valves. Some advantages of mechanical valves are that they are more durable, reduce the chances of complication and infections, and lesser re-operations rates.

“Amongst Indication, Mitral Valve Stenosis segment is anticipated to grow at the highest CAGR during the analyzed period”

Transcatheter mitral valve repair and replacement market based on indication are fragmented into mitral valve stenosis, mitral valve prolapse, and mitral valve regurgitation. The mitral valve stenosis segment held the major market share valued at XX% in 2020 and will grow at a considerable CAGR of XX% during the analyzed period (2021-2027F). However, the mitral valve regurgitation segment is also expected to grow at a considerable CAGR from 2021-2027F which is attributed to the growing prevalence of mitral valve regurgitation among the aging population and sudden deaths caused due to the same. For instance, It’s the most common valve disease in the United States. Nearly 1 in 10 people aged 75 or older has moderate or severe mitral regurgitation. In comparison, 1 in 20 is affected by aortic valve disease.

“North America signifies one of the largest markets of transcatheter mitral valve repair & replacement market”

For a better understanding of the market dynamics of the transcatheter mitral valve repair & replacement market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the government support for advanced research and development for transcatheter mitral valve repair & replacement systems and increasing awareness regarding the benefits offered by them. Furthermore, The surging demand for transcatheter mitral valve repair & replacement is due to the growing geriatric population and rise in valvular heart disease incidences across the region. For instance, according to a published article, approximately, 5 million people in the United States are diagnosed with heart valve disorder every year. However, Europe is also identified as emerging markets offering significant growth opportunities for key players owing to the improved healthcare infrastructure.

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

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global transcatheter mitral valve repair & replacement were the three major steps undertaken to create and analyze the adoption of transcatheter mitral valve repair & replacement for different applications across 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 transcatheter mitral valve repair & replacement sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the transcatheter mitral valve repair & replacement market through company internal sources such as annual report & 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 transcatheter mitral valve repair & replacement market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are products and indications. Further country-level analyses were conducted to evaluate the overall demand for transcatheter mitral valve repair & replacement in every 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 transcatheter mitral valve repair & replacement. Further, we conducted factor analysis using dependent and independent variables such as increasing heart valve disease incidence and the growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the transcatheter mitral valve repair and replacement industry 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 transcatheter mitral valve repair & replacement 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. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of transcatheter mitral valve repair & replacement across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the transcatheter mitral valve repair & replacement market in terms of services 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, and 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

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the transcatheter mitral valve repair & replacement market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of applications and sales channels of the transcatheter mitral valve repair & replacement market.

Main Objective of the Transcatheter Mitral Valve Repair & Replacement Market Study

The current & future market trends of transcatheter mitral valve repair & replacement were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were 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 as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of transcatheter mitral valve repair & replacement 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 products and indication
• Define and analysis of the regulatory framework for the transcatheter mitral valve repair & replacement 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 transcatheter mitral valve repair & replacement market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, Australia and India), and the Rest of the World
• Company profiles of the transcatheter mitral valve repair & replacement 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