Global Transcatheter Mitral Valve Repair & Replacement Market Is Expected To Foresee Significant Growth During The Forecast Period. North America To Witness The Highest Growth
Global Transcatheter Mitral Valve Repair & Replacement Market is expected to reach the market valuation of USD 13.06 million by 2027 expanding at a reasonable CAGR of 11.2% during the forecast period (2021-2028) from USD 5.2 million in 2020. Transcatheter mitral valve repair & replacement is a minimally invasive procedure to replace a mitral valve that isn’t working properly. These procedures can be done in aged people who are not suitable for open-heart surgery.
The various factors driving the growth of the transcatheter mitral valve repair & replacement market include technological advancements coupled with rising venture capital investment. For instance, the total value of medical technology venture capital investments all over the world was nearly USD 6.3 billion in 2020, up from USD 5.7 billion in 2019. The rising incidences and mortality rate due to heart disease is another significant factor responsible for the growth of the transcatheter mitral valve repair & replacement market all over the world. For instance, Amidst the COVID -19 pandemic, Heart diseases accounted for the highest number of deaths in 2020 accounting for approximately 7 lakh deaths surpassing the number of deaths due to coronavirus outbreaks which accounted for nearly 3.8 lakhs deaths in the United States.
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Furthermore, the rising health concerns among the geriatric population coupled with the growing number of heart surgeries is the another reason propelling the growth of transcatheter mitral valve repair & replacement system market. For instance, according to the United Nations population division, the total population in 2020 was 7,794,799 thousand. Also, 9.3% of the population was aged 65+ in the same year and is projected to reach 22.6% by 2100. In view of these facts, the demand for minimally invasive heart procedures is propelling the growth of the transcatheter mitral valve repair & replacement market all over the world.
The COVID-19 pandemic has disrupted the entire world and many industries. This worldwide disruption has affected the healthcare industry like never before and has greatly impacted the way healthcare is delivered across the world. This pandemic has led to the suspension of many surgical procedures, including transcatheter mitral valve repair & replacement procedures due to the imposed burden on healthcare systems and ICU capacity. Consequently, these procedures were postponed which has led to the irreversible cardiac deterioration of patients or sudden death due to cardiac reasons.
However, some of the major 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.
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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 over bioprosthetic valves. One of the advantages of mechanical valves are their increased durability which further reduces the chances of complications and infections.
Based on indication, the global transcatheter mitral valve repair & replacement market is segmented into mitral valve stenosis, mitral valve prolapse, and mitral valve regurgitation. The mitral valve stenosis segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. The segment generated revenue of US$ XX million in 2020. However, the mitral valve regurgitation segment is also anticipated to grow exponentially owing to the high mortality rates due to mitral valve regurgitation among the old-age population as it is one of the most common valve diseases in the United States. For instance, in the United States, nearly 10% of people aged 75 or more are suffering from moderate or severe mitral valve regurgitation.
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Additionally, the report provides detailed report also provides insights of global transcatheter mitral valve repair & replacement market according to the regions such as 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, South Korea 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 surge in the number of heart valve disease incidences and the growing geriatric population in the region. For instance, according to the U.S. Census Bureau, the U.S. population will grow by 79 million people, from about 326 million in 2018 to 404 million by 2060, and will cross the 400-million threshold in 2058. At the same time, Europe is also identified as a potential market offering significant growth opportunities for several startups and other major players in the field of global transcatheter mitral valve repair & replacement.
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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 key players operating in the global transcatheter mitral valve repair & replacement market. Several M&As along with partnerships have been undertaken by these players to develop the transcatheter mitral valve repair & replacement system.
Global Smart Inhaler Market Segmentation
Market Insight, by Product
- Mechanical Valves
- Bioprosthetic Tissue Valves
Market Insight, by Indication
- Mitral Valve Stenosis
- Mitral Valve Prolapse
- Mitral Valve Regurgitation
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Medtronic PLC
- Abbott laboratories
- Edwards Lifesciences Corporation
- Colibri Heart Valve
- LivaNova PLC
- Boston Scientific Corporation
- HighLife Medical
- Neovasc Inc.
- Micro Interventional devices
- JenaValve Technology