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
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. 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 – 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 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.
Transcatheter Mitral Valve Repair and Replacement Market – Taxonomy
By Product Type
By End User
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.