Transcatheter Mitral Valve Repair & Replacement Market Expected to Reach $3.2 Billion by 2030

According to a new report published by Allied Market Research, titled, “Transcatheter Mitral Valve Repair & Replacement Market," The Transcatheter Mitral Valve Repair & Replacement Market was valued at $801.60 million in 2020, and is estimated to reach $3.2 billion by 2030, growing at a CAGR of 14.8% from 2021 to 2030.

Mitral valve, also known as the bicuspid valve or left atrioventricular valve, which is located between the left atrium and the left ventricle of the heart. Mitral valve repair or replacement is necessary when the blood starts flowing backward, which occurs due to narrowing of the valve or due heart associated infections such as endocarditis. Two types of mitral valves are available for replacement—mechanical and bioprosthetic valves. Mechanical valves are made of materials such as carbon and titanium, whereas bioprosthetic valves are made from tissues of animals such as pig and cows. Transcatheter Mitral Valve Repair & Replacement Market is a minimally invasive technique for the treatment of heart-associated diseases such as mitral valve stenosis, mitral valve prolapses, and mitral valve regurgitation, also such minimally invasive procedures, which have certain benefits such as shorter recovery time, less stay in hospitals, less pain, fewer wound complications, and better wound cosmesis. In minimally invasive surgeries, a surgeon generally makes a 5cm cut on the right side of the chest and gently opens up the space between ribs to gain entry to the heart. Further, a high definition video camera is used to guide the procedure inside the heart and then the procedure is continued for mitral valve repair or replacement. Therefore, due to the various advantages mentioned above of minimally invasive mitral valve surgeries, most of the surgeon’s advice the patients to opt for transcatheter mitral valve surgeries which further supplement the growth of transcatheter mitral valve repair and replacement market.

Increase in incidence of heart diseases especially among the geriatric population, technological advancements, and introduction of novel mitral valves are expected to drive the TMVR Market growth However, implementation of stringent regulations by governing bodies for approval of novel mitral valve stents as well as lack of awareness among healthcare professionals impede the growth of TMVR Market Size. Conversely, continuous product innovations and introduction of novel mitral valves in untapped economies are anticipated to create lucrative opportunities for key market players.

On the basis of product in TMVR Market Share, the transcatheter mitral valve repair and replacement market is categorized as mechanical valves and bioprosthetic tissue (biological) valves. The mechanical valves segment is expected to dominate the market throughout the TMVR Market Analysis period, owing  to rise in geriatric population and increase in incidences of heart valve disorders. In addition, varied benefits associated with mechanical mitral valves such as increased durability and lower complication as compared to bioprosthetic valves boost the market growth. The bioprosthetic tissue (biological) valves segment is expected to register a CAGR of 14.3% during the TMVR Market Forecast period, owing to the need for bio compatible mitral valves for the geriatric population for reducing the complications caused post surgery.

On the basis of indication, the mitral valve regurgitation segment accounted for a major share of the market share in the transcatheter mitral valve repair and replacement market in 2020. This segment is expected to exhibit a prominent growth rate, owing due to the prevalence of mitral valve regurgitation and sudden deaths, which are responsible for approximately a quarter of the deaths occurring under medical treatment.

North America in TMVR Industry, accounted for more than 14.6% of the global market share in 2020, and is expected to remain dominant throughout the forecast period, owing to rise in number of high-risk or inoperable severe mitral stenosis patients in the region. In addition, sophisticated healthcare infrastructure, increased awareness among cardiologists, and patients for transcatheter mitral valve repair and replacement are set to boost the market growth. Asia-Pacific is projected to register the highest CAGR of 16.0% during the forecast period, the prevalence of mitral valve diseases and deaths caused owing to this disease are the key reasons that increase the growth of this market.

The major companies profiled in the report of TMVR Industry include in 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.

KEY FINDINGS OF THE STUDY

• The mechanical valves segment accounted for 15.2% of the global market in 2020.
• The mitral valve regurgitation segment accounted for 16.7% share of the market in 2020.
• U.S. was the major shareholder in the North America transcatheter mitral valve repair & replacement market, and accounted for the highest share in 2020
• Asia-Pacific is expected to register the highest CAGR of 16.0% during the forecast period.