Transcatheter Mitral Valve Repair and Replacement Market Opportunity Analysis 20
Posted by Pareesh on October 9th, 2018
Transcatheter mitral valve repair and replacement methods are gaining significant traction due to advances in valve therapy. Transcatheter Mitral Valve Replacement (TMVR) can be used as an alternative to open-heart surgery and is used in treating mitral valve stenosis, mitral valve prolapse, and mitral valve regurgitation.
Transcatheter Mitral Valve Repair and Replacement Market Drivers
As per the American Heart Association estimates in 2017, around 19.1 million death occur annually worldwide due to various cardiovascular diseases. Furthermore, as per the United Nations (UN) estimates 2017, the geriatric population in the U.S. is expected to reach over 72 million by 2022. The growth of this target population coupled with increasing risk of cardiovascular diseases is expected to drive the growth of the market.
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The global transcatheter mitral valve repair and replacement devices market is expected to witness growth, owing to continuous technological advancements such as developing multiple use valves. For instance, in June 2017, Edwards Lifesciences received FDA approval for its SAPIEN 3 transcatheter prosthetic heart valve, indicated for placement within both mitral valves and aortic valves.
Increase in number of TMVR pipeline devices for treatment of mitral valve abnormalities are also expected to propel growth of TMVR market. For instance, a randomized clinical trial of Medtronic Intrepid Transcatheter Mitral Valve Replacement System, sponsored by Medtronic Cardiovascular is ongoing for treating mitral valve regurgitation and is estimated to complete in October 2025.
Transcatheter Mitral Valve Repair and Replacement Market Restraints
Stringent government regulations as well as high cost of mitral valve surgeries are major factors restraining growth of the market. For instance, according to an article published in National Chemical Biology Institute (NCBI), in September 2015, mean cost of TMVR surgery was US$ 42,806. According to Times of India March 2012, the cost of TMVR procedure in India was US$ 29,350 which include the estimated cost of valve US$ 21,500.
Transcatheter Mitral Valve Repair and Replacement Market – Regional Analysis
On the basis of region, the transcatheter mitral valve repair and replacement market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is projected to dominate transcatheter mitral valve repair and replacement market, owing to high prevalence of cardiac disease. For instance, in the U.S., heart disease is a leading cause of death, accounting for around 375,000 deaths annually. According to ClinicoEconomics and Outcomes Research 2016, Mitral regurgitation is the most frequent valve disease in the U.S. affecting nearly 1 in 10 people of 75 years or older.
Asia Pacific region is expected to witness significant growth, owing expansions of manufacturing facilities by market players. For instance, Medtronic, Inc. in March 2011, opened new manufacturing facility in Singapore to meet increasing demand for cardiac devices in region.
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Abbott Laboratories, Biotronik Private Limited, Colibri Heart Valve, Edward Lifesciences Corporation, HLT Medical, LivaNova Plc, Medtronic Plc, Neovasc Inc., and NeoChord.
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About the AuthorPareesh
Joined: May 31st, 2017
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