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.
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.
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Transcatheter Mitral Valve Repair
and Replacement Market Drivers
Increasing mortality due to
chronic and cardiovascular diseases especially in the elderly population is a
major factor boosting the growth of the market. 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.
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.
Furthermore, in September 2018,
Venus Medtech (Hangzhou) Inc., a China-based heart valve developer, acquired
Israel-based medical device firm, Keystone Heart Ltd for Keystone’s TriGUARD 3
device, which is used to prevent cerebral embolism during Transcatheter mitral
valve repair and replacement.
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This acquisition provides an
opportunity for Venus Medtech to expand their portfolio in other regions
especially in the U.S. and Europe, Middle East, and Africa regions.
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 – Competitive Analysis
The key players operating in the
global transcatheter mitral valve repair and replacement devices market include
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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