Mitral valve annuloplasty rings are ring-shaped devices implanted surgically during mitral valve repair procedures to reshape the mitral valve annulus. They help improve the heart’s pumping efficiency and prevent further regurgitation by reducing the diameter of the dilated valve opening. The increasing prevalence of various heart valve conditions such as mitral regurgitation has boosted the demand for these annuloplasty devices.
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. The market players are focusing on new product launches, regulatory approvals and geographical expansion to strengthen their market presence. The increasing mitral regurgitation patient pool coupled with growing adoption of minimally invasive surgical procedures present significant growth opportunities in the market. North America currently dominates the global market due to large patient population, increasing mitral valve repair procedures and availability of advanced healthcare infrastructure.
Market Drivers
The rising prevalence of valvular heart diseases such as mitral regurgitation is the major factor driving the growth of the mitral valve annuloplasty rings market. According to recent study, degenerative mitral regurgitation affects approximately 2% of the general population and its incidence increases with age. As people are living longer, the number of age-related valvular heart diseases is rising at a rapid pace. This has significantly boosted the demand for mitral valve annuloplasty procedures and associated annuloplasty ring devices.
PEST Analysis
Political: Mitral valve annuloplasty rings market is regulated by bodies like the FDA in the US which ensures product safety and effectiveness through a stringent approval process. Any changes in regulatory policies can impact market dynamics.
Economic: Economic growth and rise in per capita healthcare spending influence the purchasing power for expensive cardiac devices. Reimbursement policies also affect market demand.
Social: Aging population and increase in lifestyle diseases raise the risk of valvular heart diseases necessitating procedures like mitral valve repair. Growing awareness about treatment options drives patients to seek early intervention.
Technological: Advancements in material science and device design aid in developing minimally invasive annuloplasty rings. Usage of new biocompatible materials helps improve clinical outcomes. 3D printing can enable customization and reduce costs.
The geographical regions where the mitral valve annuloplasty rings market in terms of value is concentrated include North America, Europe and Asia Pacific. North America accounted for the largest share of the market in 2024 due to presence of major players, high per capita healthcare expenditure and rising mitral regurgitation prevalence. Europe was the second largest regional market supported by growing geriatric demographic and availability of reimbursement. Asia Pacific is projected to witness the fastest growth during the forecast period with India and China emerging as profitable markets. Increased access to healthcare facilities and rising medical tourism are propelling the APAC mitral valve annuloplasty rings market.
In terms of fastest growth, the Latin American mitral valve annuloplasty rings market is poised to expand at a notable pace from 2024-2031. This can be attributed to improving economic conditions, healthcare reforms to provide universal coverage, and establishment of manufacturing units by global companies to cater to the regional demand. Growing medical device exports from countries like Brazil and Mexico also indicate higher adoption of premium cardiac devices. Partnerships between private hospitals and medical device firms will help drive mitral valve repair procedures in Latin America.
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
About Author - Alice Mutum
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