According to a new report published by Allied Market Research, titled, Transcatheter Mitral Valve Repair and Replacement Market by Product and Indication: Global Opportunity Analysis and Industry Forecast, 2017-2023, the tanscatheter mitral valve repair & replacement market was valued at $324 million (excluding the revenue from replacement valves) in 2016, and is expected to reach at $1,878 million (both repair and replacement valves) by 2023, registering a CAGR of 30.0% from 2017 to 2023. The mechanical valves segment accounted for maximum share of the total market in 2016.
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Mitral valve is a valve in the heart that lets the blood flow from one chamber of the heart to the left atrium, to another valve called the left ventricle. Mitral valves help keep the blood flow in a proper direction and avoid blood from flowing backwards. The repair and replacement of the valves is performed when they do not supply enough blood to the left ventricle, which further results in bacterial endocarditis, congestive heart failure, and even sudden death.
Growth in geriatric population and rise in mitral valve disorders drive the market growth. In addition, technological advancements coupled with the introduction novel mitral valves are the other factors that drive the market growth. The major restraint observed for this market is the strict regulations by the governing bodies as well as high cost of mitral valve surgeries and high risk associated with these procedures. Moreover, rise in healthcare expenditure and emergence in developing countries will create lucrative opportunities for key market players
Mitral valve Stenosis application is anticipated to maintain its dominance during the forecast period, owing to the high prevalence of mitral valve stenosis caused by the rheumatic fever, which is an infectious heart disease. This has led to the remarkable demand for the tanscatheter mitral valve repair & replacement devices.
In 2016, Asia-Pacific and LAMEA collectively accounted for about one-third share of the global transcatheter mitral valve repair & replacement market and is expected to continue this trend throughout the forecast period. Key factors driving the market include the prevalence of mitral valve diseases and deaths caused owing to this disease. Mitral valve diseases are sometimes inoperable and can be treated by performing mitral valve surgeries.
The report provides a comprehensive analysis of the key players operating in the global transcatheter mitral valve repair & replacement market such as LivaNova Plc, Abbott Laboratories, Biotronik Pvt Ltd, Edward Lifesciences, Medtronic Plc, Neovasc Inc., NeoChord, St. Jude Medical, Direct Flow Medical Inc. and Colibri Heart Valve, LLC.
The other players in the value chain of the global transcatheter mitral valve repair and replacement market include Venus Medtech, HLT Medical, Transcatheter Technologies GmbH, MValve Technologies, Coramaze Technologies GmbH, and Mardil Medical.
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