Transcatheter Mitral Valve Repairand Replacement Market – Regional Analysis
On the basis of region, the TranscatheterMitral Valve Repair and Replacement Market is segmented into North America,Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is projected todominate transcatheter mitral valve repair and replacement market, owing tohigh prevalence of cardiac disease. For instance, in the U.S., heart disease isa leading cause of death, accounting for around 375,000 deaths annually.According to ClinicoEconomics and Outcomes Research 2016, Mitral regurgitationis the most frequent valve disease in the U.S. affecting nearly 1 in 10 peopleof 75 years or older.
Asia Pacific region is expectedto witness significant growth, owing expansions of manufacturing facilities bymarket players. For instance, Medtronic, Inc. in March 2011, opened newmanufacturing facility in Singapore to meet increasing demand for cardiacdevices in region.
Transcatheter mitral valve repairand replacement methods are gaining significant traction due to advances invalve therapy. Transcatheter Mitral Valve Replacement (TMVR) can be used as analternative to open-heart surgery and is used in treating mitral valvestenosis, mitral valve prolapse, and mitral valve regurgitation.
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Transcatheter Mitral Valve Repairand Replacement Market Drivers
Increasing mortality due tochronic and cardiovascular diseases especially in the elderly population is amajor factor boosting the growth of the market. As per the American HeartAssociation estimates in 2017, around 19.1 million death occur annuallyworldwide due to various cardiovascular diseases. Furthermore, as per theUnited Nations (UN) estimates 2017, the geriatric population in the U.S. isexpected to reach over 72 million by 2022. The growth of this target populationcoupled with increasing risk of cardiovascular diseases is expected to drivethe growth of the market.
The global transcatheter mitralvalve repair and replacement devices market is expected to witness growth,owing to continuous technological advancements such as developing multiple usevalves. For instance, in June 2017, Edwards Lifesciences received FDA approvalfor its SAPIEN 3 transcatheter prosthetic heart valve, indicated for placementwithin both mitral valves and aortic valves.
Increase in number of TMVR pipeline devicesfor treatment of mitral valve abnormalities are also expected to propel growthof TMVR market. For instance, a randomized clinical trial of Medtronic IntrepidTranscatheter Mitral Valve Replacement System, sponsored by MedtronicCardiovascular is ongoing for treating mitral valve regurgitation and isestimated to complete in October 2025.
Furthermore, in September 2018,Venus Medtech (Hangzhou) Inc., a China-based heart valve developer, acquiredIsrael-based medical device firm, Keystone Heart Ltd for Keystone’s TriGUARD 3device, which is used to prevent cerebral embolism during Transcatheter mitralvalve repair and replacement.
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This acquisition provides anopportunity for Venus Medtech to expand their portfolio in other regionsespecially in the U.S. and Europe, Middle East, and Africa regions.
Transcatheter Mitral Valve Repairand Replacement Market Restraints
Stringent government regulationsas well as high cost of mitral valve surgeries are major factors restraininggrowth of the market. For instance, according to an article published inNational Chemical Biology Institute (NCBI), in September 2015, mean cost ofTMVR surgery was US$ 42,806. According to Times of India March 2012, the costof TMVR procedure in India was US$ 29,350 which include the estimated cost ofvalve US$ 21,500.
Transcatheter Mitral Valve Repairand Replacement Market – Competitive Analysis
The key players operating in theglobal transcatheter mitral valve repair and replacement devices market includeAbbott Laboratories, Biotronik Private Limited, Colibri Heart Valve, EdwardLifesciences Corporation, HLT Medical, LivaNova Plc, Medtronic Plc, NeovascInc., and NeoChord.
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