Transcatheter Mitral Valve Replacement (TMVR) Market: Current Analysis and Forecast (2024-2032)

Transcatheter Mitral Valve Replacement (TMVR) is an innovative, minimally invasive procedure designed to replace the mitral valve in patients with mitral valve disease, particularly those who are at high risk for conventional open-heart surgery. TMVR is a viable substitute for conventional surgical techniques, offering noteworthy advantages such as shortened recovery periods, decreased rates of complications, and the ability to treat patients who are considered untreatable with traditional treatments. The aging population and rising rates of cardiovascular diseases are contributing to the rising prevalence of mitral valve abnormalities, which is driving significant growth in the TMVR market. For instance, according to the World Health Organization (WHO), the proportion of people aged 60 years and older is expected to nearly double from 12% to 22% between 2015 and 2050. With aging, the incidence of mitral valve disease, including mitral regurgitation and mitral stenosis, increases significantly. The growing elderly population thus represents a substantial market driver for TMVR procedures, as older patients often present higher surgical risks and benefit greatly from minimally invasive alternatives like TMVR.

The Transcatheter Mitral Valve Replacement (TMVR) Market is expected to grow at a steady rate of around 10% owing to the rising geriatric population and increasing cases of cardiovascular diseases. Continuous advancements in medical technology have significantly enhanced the efficacy and safety profiles of TMVR devices. Innovations such as improved imaging techniques, better catheter designs, and advanced valve materials contribute to more successful outcomes.

Based on the type, the market is segmented into Transcatheter Mitral Valve Replacement and Transcatheter Mitral Valve Repair. Among these, the Transcatheter Mitral Valve Repair segment dominated the market in 2023. Transcatheter mitral valve replacement can reduce surgical mortality while maintaining better left ventricular function. Increased independence from prosthetic valve-related issues, such as endocarditis, bleeding caused by anticoagulants, and thrombosis, may result from this.

Based on the application, the market is segmented into Mitral Stenosis and Mitral Regurgitation. Among these, the segment for Mitral Regurgitation is the dominant one. Mitral Regurgitation is more common compared to Mitral Stenosis. It occurs when the mitral valve fails to close properly, causing blood to flow backward into the heart. This condition is prevalent in the aging population, which constitutes a significant portion of patients requiring TMVR.

Based on the end user, the market is segmented into Hospitals, Ambulatory Surgical Centers, and Others. The Hospital segment dominated the market as the majority of the procedures are performed in Hospitals. Hospitals are equipped with comprehensive medical facilities and specialized expertise required for complex procedures like TMVR. These facilities often include advanced imaging technologies, intensive care units, and specialized cardiac teams that ensure high standards of patient care and safety. The complexity of TMVR procedures necessitates an environment where multidisciplinary teams can collaborate, which hospitals are well-suited to provide.

For a better understanding of the market adoption of Transcatheter Mitral Valve Replacement (TMVR), the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is dominating the market in the current scenario of 2023. This dominance can be attributed to several factors that drive the demand for these procedures in the region, such as the rising elderly population, increasing prevalence of cardiovascular diseases, etc.

Some of the major players operating in the market include HLT Inc, Coramaze Technologies, Medtronic, Biotronik, NeoChord, Inc., Colibri Heart Valve LLC, Neovasc, Edwards Lifesciences Corporation, Abbott Laboratories, and LIVANOVA PLC.