The mitral valve annuloplasty rings are surgical devices that are used to repair the mitral valve located between the left atrium and left ventricle of the heart. Mitral regurgitation (also known as mitral insufficiency) is a condition in which the mitral valve fails to close properly, allowing blood to flow backward from the left ventricle into the left atrium. The major causes of mitral regurgitation include degenerative mitral valve disease, coronary artery disease, heart attack, and bacterial infections. Mitral valve annuloplasty rings are implanted to reshape the mitral valve annulus and improve competence of mitral valve leaflets closure. They help alleviate symptoms, improve heart function, and prevent future complications associated with mitral regurgitation such as heart failure.
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.
Growing geriatric population and increasing incidence of cardiovascular diseases are primary factors expected to drive the demand for mitral valve annuloplasty rings. According to the Centers for Disease Control and Prevention, about 659,000 Americans suffer a new heart attack and approximately 195,000 suffer a recurrent attack annually.
Technological advancements in annuloplasty ring designs, such as self-anchoring rings and physiologic dynamic rings are gaining popularity over rigid and complete rings due to better outcomes, flexibility, and durability. 3D printing is also being utilized to produce customized rings based on individual patient anatomy.
Market Trends
Increasing adoption of minimally invasive techniques - Minimally invasive mitral valve repair through catheter-based or robotic-assisted procedures are trending to reduce surgical trauma, recovery times, and healthcare costs. New transeptal catheter and transcatheter products are making these procedures more common.
Rise in ambulatory surgical care - Outpatient surgical centers are emerging as popular settings for mitral valve repair procedures to offer affordable and convenient care without hospital stays. This is expected to drive the volume-based procurements of annuloplasty rings.
Market Opportunities
Untapped emerging markets - Latin America, Middle East, and Asia Pacific regions excluding Japan present significant growth opportunities for annuloplasty rings manufacturers due to expanding private healthcare sectors and rising medical tourism.
Patent expiries of blockbuster products - Patent expirations of commercially successful rings such as Carpentier-McCarthy-Adams rings and Cosgrove-Edwards rings in the coming years can provide opportunities for entry of biosimilar or redesigned products at lower costs. This will benefit price-sensitive populations globally.
Impact Of COVID-19 On Mitral Valve Annuloplasty Rings Market Growth
The COVID-19 pandemic significantly impacted the growth of the mitral valve annuloplasty rings market globally. During the initial months of the pandemic in 2020, elective surgical procedures like mitral valve repair surgeries reduced substantially due to the restrictions imposed by governments to curb the spread of the virus. This resulted in a decline in the demand for mitral valve annuloplasty rings. However, as the restrictions eased in late 2020 and 2021, the number of mitral valve repair surgeries gradually increased.
Manufacturers faced challenges like disruptions in manufacturing and supply chain networks due to lockdowns during the COVID-19 outbreak. However, they adapted to the changing healthcare landscape by ensuring uninterrupted supply of essential medical devices like annuloplasty rings. Going forward, the market is expected to grow steadily as new product launches take place and the number of mitral valve repair surgeries increases globally over the forecast period. Telemedicine also aided in diagnosing and treating patients with mitral valve regurgitation during the pandemic.
The United States accounts for the major share in the mitral valve annuloplasty rings market in terms of value, owing to rising cases of mitral valve regurgitation, availability of advanced healthcare facilities and increasing adoption of minimally invasive mitral valve repair surgeries in the country. The market in the Europe region is concentrated in Germany, France, and the United Kingdom.
The mitral valve annuloplasty rings market in the Asia Pacific region is expected to witness the fastest growth over the forecast period supported by growing geriatric population, increasing healthcare spending, rising awareness about interventional cardiology treatments and availability of low-cost medical services. Factors such as improving healthcare infrastructure and expanding patient pool make China and India lucrative markets for mitral valve repair devices in the Asia Pacific region.
Mitral Valve Annuloplasty Rings Market in Latin America is led by Brazil and Mexico. While the Middle East and Africa region provides scope for market growth supported by growing medical tourism industry. With the resumption of elective surgical procedures and launch of new products with advanced properties, the mitral valve annuloplasty rings market is poised to grow steadily in future across global geographies.
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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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Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Mitral Valve Annuloplasty Rings companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Mitral Valve Annuloplasty Rings’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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