by Mitral valve annuloplasty rings are devices implanted during mitral valve repair surgery to reshape the base of the mitral valve, also known as the mitral valve annulus. Mitral regurgitation is one of the most common types of valvular heart disease which can be repaired or replaced using mitral valve annuloplasty rings. These devices restore normal functioning of the mitral valve by reducing the size of the annulus, thereby preventing backflow of blood into the lungs. The procedure allows preservation of the native valve and avoids the need for lifetime anticoagulation therapy required after mechanical valve replacement.
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 Others. These players are focusing on new product launches and geographic expansion to strengthen their market position. For instance, in 2021, Braun Melsungen AG launched new line of Flexible Ring annuloplasty devices.
The growing prevalence of mitral regurgitation globally is a key factor driving the demand for annuloplasty rings. It is estimated that more than 5 million people suffer from mitral regurgitation in the US alone. Favorable reimbursement policies for valve repair procedures is also boosting the adoption of annuloplasty rings.
The market is witnessing rapid expansion in the Asia Pacific region owing to growing healthcare expenditures, rising medical tourism and increase in number of cardiothoracic surgeries in countries such as China, India and Japan. Manufacturers are investing in emerging markets to tap the potential opportunities.
Market Key Trends
One of the key trends gaining momentum in the mitral valve annuloplasty rings market is the emergence of ablation technologies. Researchers are developing rings integrated with ablation technologies which can help eliminate mitral regurgitation by shrinking or contracting the mitral annulus. This reduces the risk of recurrence and eliminate the need for long-term anticoagulation. Ablation technologies hold promise to transform mitral valve repair procedures making them more effective with fewer side effects. This trend is expected to significantly impact the adoption of next-generation annuloplasty rings over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to availability of technologies and raw materials. However, established players have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but provider concentration increases their bargaining power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and economies of scale of major players in manufacturing.
Threat of new substitutes: Threat of substitutes is low as they are technically complex products and require extensive clinical validation.
Competitive rivalry: Intense competition due to large number of players offering technology-driven customization. Players compete on brand, technology and customer service.
Geographical Regions
North America accounts for the largest share of the mitral valve annuloplasty rings market due to the rising prevalence of mitral regurgitation, increasing healthcare expenditure, and presence of major market players.
Asia Pacific is poised to grow at the highest CAGR during the forecast period owing to growing medical tourism, increasing healthcare spending, raising awareness about structural heart diseases. Countries such as China, India are expected to drive the growth in the region.
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
Q.1 What are the main factors influencing the Mitral Valve Annuloplasty Rings?
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
