Transcatheter Mitral Valve Repair System Market Growth Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the transcatheter mitral valve repair system market is expected to be worth USD 1,094.0 Million in 2022, growing at a 6.7% CAGR from 2022 to 2028. Globally increasing rates of valvular heart disease and rising consumer demand for minimally invasive procedures are driving the industry's expansion. An increase in heart valve replacement surgery is caused by an aging population with mitral valve disorders. Moreover, the market demand for transcatheter mitral valve repair system is being increased by growing technological developments in surgical procedures. Additionally, the market revenue is boosted by a favorable reimbursement environment and manufacturers' increased interest.

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Mechanical Valves Segment to Dominate the Transcatheter Mitral Valve Repair System Market:
The mechanical valves segment is expected to account for a larger revenue share in the global transcatheter mitral valve repair system Market, with a value share worldwide. It is projected to grow at a 6.9% CAGR between 2022 and 2028. Due to the growing geriatric population and the rising incidence of heart valve problems. The expansion of the transcatheter mitral valve repair system market is also aided by several advantages associated with mechanical mitral valves, including improved durability and fewer complications compared to bioprosthetic valves.

Asia Pacific Transcatheter Mitral Valve Repair System Market:
The Asia Pacific market is expected to increase in the global Transcatheter mitral valve repair system Market over the forecast period. It is projected to grow at a CAGR of 7.5% in the coming years. Despite being less frequent in Western countries, mechanical heart valves are extremely popular in China. Growth is projected to be boosted by the rising incidence of rheumatic fever, which damages valves in infancy, particularly the mitral valve. Despite drawbacks, including higher cost and more complex procedures, mechanical heart valves are recommended in situations when durability is a primary concern. However, rising rheumatic disease prevalence and cardiac health concerns are expected to create new chances for established players to increase their market share in China.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global transcatheter mitral valve repair system market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In October 2020, Medtronic has announced a collaboration with medical device company incubator The Foundry to invest in and establish a company dedicated to developing innovative transcatheter mitral repair technology (TMVr).

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The transcatheter mitral valve repair system market is segmented based on indications, product, and geography.
Based on the indications, the market is segmented into the following:
• Mitral Valve Stenosis
• Mitral Valve Prolapse
• Mitral Valve Regurgitation

Based on the product, the market is segmented into the following:
• Mechanical Valves
• Bioprosthetic Tissue (Biological) Valves

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the transcatheter mitral valve repair system Market report are Abbott Laboratories, Biotronik Pvt. Ltd, Colibri Heart Valve, Edwards Lifesciences Corporation, HLT Medical, LivaNova Plc., Medtronic plc., Neovasc Inc., Transcatheter Technologies GmbH, and Venus Medtech, Inc.

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