Transcatheter Mitral Valve Repair Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Transcatheter Mitral Valve Repair Devices Market By Product (Mechanical Valve And Bioprosthetic Tissue Valve), Indication (Mitral Valve Regurgitation, Mitral Valve Stenosis, And Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of heart valve diseases and the growing demand for minimally invasive surgeries across the globe

The global transcatheter mitral valve repair devices market was valued at USD 1,197.06 million in 2023, growing at a CAGR of 14.95% during the forecast period from 2024 to 2030 to reach USD 2,756.71 million by 2030. The demand for transcatheter mitral valve repair devices is primarily being boosted by the increasing prevalence of heart valve diseases such as mitral valve stenosis, mitral valve prolapse, mitral valve regurgitation, and others. Further, the increasing prevalence of coronary artery disease, myocardial infarction, congestive heart failures, angina pectoris, and other cardiovascular diseases, along with innovation in product development and rising product launches and approvals are thereby contributing to the overall growth of the transcatheter mitral valve repair devices market during the forecast period from 2024-2030.

Transcatheter Mitral Valve Repair Devices Market Dynamics:

The transcatheter mitral valve repair devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the increase in the prevalence of heart valve diseases such as mitral valve stenosis, mitral valve prolapse, mitral valve regurgitation, and others.

According to the British Heart Foundation (BHF), it was reported in 2023, that around 550 million people in 2022 were living with heart and circulatory diseases across the world owing to changing lifestyles, aging, and a growing population.

Further, according to the World Health Organization (WHO) 2020, the prevalence of calcific aortic valve stenosis was 9 million across the world. Also, as per the John Muir Health statistics, in the year 2020, about 1.5 million people in the United States suffered from aortic stenosis, and about 500,000 people within this group of patients suffered from severe aortic stenosis. As per the same source in 2020, about 250,000 patients suffering from aortic stenosis were symptomatic in the United States. Thus, the increasing prevalence of cardiovascular diseases including various heart valve diseases will increase the demand for transcatheter mitral valve repair devices.

The increasing patient preference for minimally invasive surgeries is also likely to bode well for the market growth during the forecast period. Transcatheter mitral valve repair devices offer advantages over conventional surgeries owing to their minimally invasive approach, such as shorter recovery time, less post-operational pain, less stay at the hospital, fewer wound complications, and better wound prosthesis.

Further, the rising product launches and approvals will create a positive impact on the market. For instance, in March 2019, the US Food and Drug Administration (FDA) approved MitraClip, developed by Abbott. The device is used as a heart valve repair device that was intended to reduce moderate-to-severe or even severe mitral regurgitation. It is a minimally invasive medical procedure and takes only 1-3 hours.

Therefore, the above-mentioned factors are contributing to the growth of the Transcatheter mitral valve repair devices market during the forecast period from 2024-2030.

However, risks associated with transcatheter mitral valve repair procedures and others may restrict the transcatheter mitral valve repair devices' market growth during the forecast period from 2024-2030.

The transcatheter mitral valve repair devices market experienced a period of a temporary setback as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19. The demand for transcatheter mitral valve repair devices was disrupted owing to the decline in the number of patients in hospitals & clinics for surgeries such as cardiac surgery. Moreover, manufacturing and research & development activities were halted owing to the imposition of strict lockdown rules and due to a lack of resources. However, with the resumption of various activities and with the administration of vaccines across different regions of the world, the demand for transcatheter mitral valve repair devices increased significantly with the resumption of patients in hospitals for diagnosis and heart surgeries. Henceforth, the aforementioned factors propelled the demand for transcatheter mitral valve repair devices during the pandemic and are estimated to grow similarly during the forecast period.

Transcatheter Mitral Valve Repair Devices Market Segment Analysis:

Transcatheter Mitral Valve Repair Devices Market by Product (Mechanical Valve and Bioprosthetic Tissue Valve), Indication (Mitral Valve Regurgitation, Mitral Valve Stenosis, and Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the transcatheter mitral valve repair devices market, the bioprosthetic tissue valve category is expected to amass significant revenue share in the year 2023. This can be ascribed to the advantages offered by the segment and the increasing prevalence of mitral valve regurgitation cases.

Bioprosthetic valves commonly used in clinical practice are called heterografts, which are usually stented or stentless porcine or bovine tissue valves. The bioprosthetic tissue valve category has higher efficacy as compared to the mechanical valve. The main advantage of bioprosthetic valves is that they do not require lifelong warfarin therapy, due to their lower thrombotic risk compared with mechanical valves.

Also, patients with bioprosthetic valves have a significantly decreased risk of bleeding.

Further, the increasing prevalence of heart valve diseases will increase the demand for bioprosthetic tissue valve devices. For instance, according to the Centers for Disease Control and Prevention (CDC) (2019), it was reported that in 2019, about 2.5% of the US population had valvular heart disease, being more common among the older population. Thus, the growing prevalence of valvular heart disease is expected to increase the demand for bioprosthetic tissue valve devices, thereby increasing the overall market growth.

Further, the increasing product launches and approvals and other strategic activities will in turn propel the demand for bioprosthetic tissue valve devices. For instance, in September 2021, Abbott received US FDA approval for Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people suffering from aortic or mitral valve disease. Epic Plus, a bioprosthetic valve, do not require long-term use of blood-thinner medication, making them the recommended option for people, especially aged over 70 years who are at risk of taking blood thinners.

Therefore, the advantages offered by bioprosthetic tissue valve devices along with the rising product launches are predicted to contribute to the increasing demand for this category, thereby driving the growth of the overall transcatheter mitral valve repair devices market during the forecast period.

North America is expected to dominate the overall Transcatheter Mitral Valve Repair Devices Market:

Among all the regions, North America is estimated to account for the largest share of the transcatheter mitral valve repair devices market in the year 2023. Owing to the factors such as the rising prevalence of heart valve diseases such as mitral valve stenosis, mitral valve prolapses, and mitral valve regurgitation. Apart from this, rising incidences of cardiovascular diseases such as strokes, and coronary artery diseases, among others, the rising burden of elderly patients prone to cardiovascular diseases, rising product approvals and launches, and escalating technological advancements are driving the North America transcatheter mitral valve repair devices market and is expected to witness positive growth.

According to the Canadian Cardiovascular Society (2023), it was reported that in 2022, 2.5% of the population had heart valve diseases, which is increasing significantly after the age of 65, reaching up to 13% after the age of 75. It was also estimated by the same source that in 2040, Canada will have an estimated 1.5 million people over 65 years with heart valve disease (HVD).

According to CDC (2019), it was reported that each year, about 805,000 people in the United States had a heart attack. Also, according to American Heart Association (2023), 20% of older Americans suffer from aortic stenosis, a common valve disease, each year.

Therefore, in such cases, transcatheter mitral valve repair device systems prove to be beneficial for the treatment of large patient pools suffering from heart valve diseases and other cardiovascular diseases, hence driving the demand and overall regional market of transcatheter mitral repair devices during the forecast period (2024-2030).

Coupled with the factors mentioned above, the increasing planned activities by the key players will also drive the market of transcatheter mitral valve repair devices. For instance, in September 2022, Edwards Lifesciences received FDA approval for its Pascal Precision system. The device used minimally invasive surgery to repair the mitral valve in patients with degenerative mitral regurgitation, a condition where the valve between heart chambers does not close completely, allowing blood to leak back through. Thus, such strategic steps help to increase the demand for transcatheter mitral valve repair devices, thereby driving the North America transcatheter mitral valve repair devices market forward during the forecast period.

Transcatheter Mitral Valve Repair Devices Market Key Players:

Some of the key market players operating in the transcatheter mitral valve repair devices market include Abbott, Edwards Lifesciences Corporation., Shockwave Medical, Inc., LivaNova PLC, NeoChord, Inc., Coramaze Technologies, CryoLife, Inc., Auto Tissue Berlin GmbH., Medtronic, Boston Scientific Corporation, JenaValve Technology, Inc., and others.

Recent Developmental Activities in the Transcatheter Mitral Valve Repair Devices Market:

In January 2023, Shockwave Medical, Inc., acquired Neovasc Inc., a company focused on the minimally invasive treatment of refractory angina, which is a chronic condition wherein a patient suffers chest pain that cannot be controlled by conventional therapies.

In January 2020, Abbott received CE Mark for its Tendyne Transcatheter Mitral Valve Implantation (TMVI) system for the treatment of mitral regurgitation (MR) in patients requiring a heart valve replacement and provides a safer option for candidates not willing to opt for open-heart surgery or transcatheter mitral valve repair.

Key Takeaways from the Transcatheter Mitral Valve Repair Devices Market Report Study

Market size analysis for current transcatheter mitral valve repair devices market size (2023), and market forecast for 5 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the transcatheter mitral valve repair devices market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global transcatheter mitral valve repair devices market.

Various opportunities available for the other competitor in the transcatheter mitral valve repair devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current transcatheter mitral valve repair devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for transcatheter mitral valve repair devices market growth in the coming future?

Target Audience who can be benefited from this Transcatheter Mitral Valve Repair Devices Market Report Study

Transcatheter mitral valve repair devices products providers

Research organizations and consulting companies

Transcatheter mitral valve repair devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in transcatheter mitral valve repair devices

Various End-users who want to know more about the transcatheter mitral valve repair devices market and the latest technological developments in the transcatheter mitral valve repair devices market.

Frequently Asked Questions for the Transcatheter Mitral Valve Repair Devices Market:

1. What are transcatheter mitral valve repair devices?

Transcatheter mitral valve repair devices are cardiac surgical devices that are used to treat heart valve diseases such as regurgitation, stenosis, and prolapse. Transcatheter mitral valve treatment is a minimally invasive procedure to replace a mitral valve that is not working properly.

2. What is the market for global transcatheter mitral valve repair devices?

The global transcatheter mitral valve repair devices market was valued at USD 1,197.06 million in 2023, growing at a CAGR of 14.95% during the forecast period from 2024 to 2030 to reach USD 2,756.71 million by 2030.

3. What are the drivers for the global transcatheter mitral valve repair devices market?

The demand for transcatheter mitral valve repair devices is primarily being heightened by the increasing prevalence of heart valve diseases, increasing prevalence of coronary artery disease, myocardial infarction, congestive heart failures, angina pectoris, and others. In addition, rising awareness and demand for minimally invasive devices, the increasing novel product launches and approvals, and innovation in product development thereby contribute to the overall growth of the transcatheter mitral valve repair devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global transcatheter mitral valve repair devices market?

Some of the key market players operating in the transcatheter mitral valve repair devices market include Abbott, Edwards Lifesciences Corporation., Shockwave Medical, Inc., LivaNova PLC, NeoChord, Inc., Coramaze Technologies, CryoLife, Inc., Auto Tissue Berlin GmbH., Medtronic, Boston Scientific Corporation, JenaValve Technology, Inc., and others.

5. Which region has the highest share in the transcatheter mitral valve repair devices market?

North America is expected to dominate the overall transcatheter mitral valve repair devices market during the forecast period from 2024-2030. Factors such as the rising prevalence of heart valve diseases, the increasing geriatric population prone to cardiovascular diseases, the rising number of risk factors, collaborations, acquisitions, partnerships among key market players in the market, and other factors are expected to drive the growth of the North American transcatheter mitral valve repair devices market.