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Global Mitral Valve Disease Market: Industry Analysis and Size Insights
Mitral Valve Disease Global Market Report 2024
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According to The Business Research Company's, The mitral valve disease market size has grown strongly in recent years. It will grow from $2.75 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to patient education initiatives, adequate reimbursement policies and insurance coverage, growing healthcare expenditure, rising awareness and screening efforts, and expanding market presence.
The mitral valve disease market size is expected to see strong growth in the next few years. It will grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to growing prevalence of mitral valve disease, increasing adoption for minimally invasive techniques, soaring innovations in heart valve surgery, rise venture capital investments, and rising interest of manufacturers. Major trends in the forecast period include technological advancements, advancements in transcatheter technologies, and increasing technological advancements in surgical procedures.
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Market Drivers and Trends:
The increasing prevalence of vascular heart diseases is expected to propel the growth of mitral valve disease market going forward. Vascular heart diseases encompass a group of conditions affecting the blood vessels supplying the heart or within the heart itself. A complex interplay of lifestyle choices, demographic changes, medical conditions, environmental factors, and genetic variables drives the increasing cases of vascular heart diseases. Vascular heart diseases, such as ischemic heart disease and hypertension, can indirectly cause mitral valve disease by compromising the heart's structure and function, leading to conditions that affect the mitral valve. For instance, in December 2023, according to data from the Australian Bureau of Statistics 2020-21 National Health Survey conducted by the Australian Institute of Health and Welfare, an Australia-based government agency, an estimated 571,000 adults aged 18 and over in Australia were living with coronary heart disease (CHD), comprising 2.9% of the adult population. Moreover, the prevalence of CHD rises significantly with age, impacting approximately 11% of adults aged 75 and above. Therefore, the increasing prevalence of vascular heart diseases is driving the mitral valve disease market.
Major companies operating in the mitral valve disease market are developing stented tissue valves to address the growing demand for minimally invasive treatment options. Stented tissue valves are designed to provide durable and reliable performance, offering patients an alternative to traditional surgical interventions. For instance, in September 2021, Abbott Laboratories, a US-based medical devices and healthcare company, received approval from the FDA for Epic Plus and Epic Plus Supra stented tissue valves to treat individuals with aortic or mitral valve disease. These advanced devices are based on Abbott's trusted Epic surgical valve platform and anti-calification technology. Additionally, both valves feature a FlexFit polymer stent that can withstand approximately 8 atm pressure during balloon valvuloplasty procedures, a unique pericardial shield to prevent abrasion risk, and a flexible cuff to mitigate paravalvular leak (PVL) and fit patient anatomy.
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Major Key Players of the Market:
Pfizer Inc., Bayer AG, Abbott Laboratories, Novartis AG, Medtronic plc, Boston Scientific Corporation, Edwards Lifesciences, ShockWave Medical Inc., Artivion Inc., TTK Health Care Limited, Braile Biomedica, JenaValve Technology Inc., 4C Medical technologies, Labcor Laboratorios Ltda, CryoLife Inc., Valcare Medical, Affluent Medical, Colibri Heart Valve LLC, Coramaze Technologies, Corcym UK Limited, HighLife Medical, Micro International Devices Inc., Neovasc Inc., Mitralign Inc., Transcatheter Technologies GmbH
Mitral Valve Disease Market 2024 Key Insights:
• The mitral valve disease market size is expected to see strong growth in the next few years. It will grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Impact Of Rising Prevalence Of Vascular Heart Diseases On The Mitral Valve Disease Market
• Advancing Mitral Valve Disease Care With Innovative Treatment Technologies
• Europe was the largest region in the mitral valve disease market in 2023
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