Mitral valve annuloplasty rings are surgical ring implants used to restore the mitral valve's shape and function in patients suffering from mitral regurgitation. They help treat mitral regurgitation by supporting the reshaping of mitral valve annulus to its normal elliptical contour. Mitral regurgitation occurs when the mitral valve does not close tightly and leaks blood back into the left atrium of the heart. It is a common type of valvular heart disease that occurs when the mitral valve does not close properly and allows blood to flow backwards or leak from the left ventricle of the heart into the left atrium. Growth in the prevalence of mitral regurgitation cases, increasing geriatric population, favorable reimbursement policies, and technological advancements are some of the key factors driving the demand for mitral valve annuloplasty rings.
The Mitral Valve Annuloplasty Rings Market is estimated to be valued at US$ 1.41 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the mitral valve annuloplasty rings are Abbott Laboratories, Medtronic plc, Edwards Lifesciences Corporation, LivaNova PLC, Braun Melsungen AG and Among Others. These players are focusing on new product launches and geographical expansion to gain a competitive edge in the market. For instance, in 2021, Edwards Lifesciences launched PASCAL Precision Mitral repair system in Europe to offer precise and reproducible mitral valve repairs.
The growing prevalence of valvular heart diseases due to the rising geriatric population presents lucrative opportunities for players in the mitral valve annuloplasty rings market. In addition, increasing diagnostic capabilities and patient willingness to opt for minimally invasive mitral repair surgeries are expected to drive the demand for mitral valve annuloplasty rings.
Geographically, North America accounted for the largest share of the Mitral Valve Annuloplasty Rings Market in 2021. However, Asia Pacific is anticipated to witness the highest growth during the forecast period owing to developing healthcare infrastructure and increasing healthcare spending in the region. Major players are focused on expanding their presence in emerging markets of Asia Pacific to capitalize on the growth opportunities.
Market Drivers
Rising prevalence of mitral regurgitation due to growing obese and geriatric population is a major factor driving the growth of the mitral valve annuloplasty rings market. It is estimated that approximately 60,000 new cases of mitral regurgitation are reported annually in the US. Furthermore, increasing adoption of minimally invasive mitral valve repair surgeries instead of valve replacements boosts the adoption of mitral valve annuloplasty rings. Technological advancements leading to the development of next-generation valve repair and replacement devices will further contribute to the market growth over the forecast period.
Market Restraints
High costs associated with mitral valve surgeries especially in price-sensitive developing and underdeveloped countries hampers the growth of mitral valve annuloplasty rings market. Reoperations and structural deterioration of the devices also limits the overall market growth. Stringent regulatory approval process also acts as a restraint for new market entrants. Concerns regarding post-operative complications associated with the procedure such as post-operative mitral insufficiency also hinders the market growth.
Segment Analysis
This market is dominated by Degenerative Mitral Regurgitation sub-segment. Mitral regurgitation occurs when the mitral valve does not close properly and allows blood to flow backward in the heart. It is the most common type of valvular heart disease. Degenerative mitral regurgitation is caused by defects or damage to the leaflets or supporting chords of the mitral valve that prevents the leaflets from closing properly. As per studies, Degenerative Mitral Regurgitation affects over 5 million people globally making it the largest sub-segment for Mitral Valve Annuloplasty Rings Market.
Global Analysis
The North America region dominates the market and holds the largest share with growing elderly population and prevalence of heart diseases in the region. As per reports, over 5.1 million Americans suffer from heart valve disease. In addition, favorable reimbursement policies and advanced healthcare infrastructure in countries like the US and Canada support market growth in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to growing medical tourism industry and rising healthcare expenditure in developing countries like India and China. Increasing research and development activities by key players to develop innovative Mitral Valve Annuloplasty Rings for emerging markets of the region also supports market expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
What Are The Key Data Covered In This Mitral Valve Annuloplasty Rings Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Mitral Valve Annuloplasty Rings's growth between 2024 and 2031.
:- Accurate calculation of the size of the Mitral Valve Annuloplasty Rings and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Mitral Valve Annuloplasty Rings Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Mitral Valve Annuloplasty Rings vendors
FAQ’s
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it