Mitral Valve Disease Market to Grow with a CAGR of 8.90% through 2028
Increase in the incidence of Cardiovascular Disease
deficiencies and increase in technological advancements is expected to drive
the Global Mitral Valve Disease Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Mitral Valve Disease Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Mitral Valve Disease Market stood at USD 2.75 billion in 2022 and is
anticipated to grow with a CAGR of 8.90% in the forecast period, 2024-2028. The
awareness among individuals regarding Mitral Valve Disease has led to favorable
market conditions for the global Mitral Valve Disease market. Several factors
contribute to the growth of various Mitral Valve Disease products.
The Global
Mitral Valve Disease Market faces substantial challenges due to stringent
regulatory requirements and compliance standards enforced by health
authorities. Maneuvering through these regulations, securing essential
approvals, and guaranteeing adherence can present notable hurdles for both
manufacturers and healthcare establishments. The introduction of novel mitral
valve disease treatment solutions frequently entails the necessity of
conducting extensive clinical trials to establish their safety and
effectiveness. Fulfilling these demanding trial criteria can be a
resource-intensive and time-consuming endeavor.
In rural or
remote areas, there is often a deficiency in specialized medical facilities and
skilled healthcare professionals necessary for the diagnosis and treatment of
mitral valve diseases. As a consequence, individuals residing in these regions
may encounter prolonged travel durations to access suitable healthcare centers.
Financial obstacles arise from substantial out-of-pocket costs, exacerbated by
insufficient insurance coverage, which obstructs their ability to obtain
high-quality care. This predicament is especially challenging for individuals
with limited financial means, which will further fuel market growth.
In September
2023, Abbott completes acquisition of Bigfoot Biomedical, a privately held
company that develops and commercializes automated insulin delivery systems.
The acquisition is expected to accelerate Abbott's efforts to develop
personalized, connected solutions for people with diabetes.
The availability
of favorable reimbursement policies for mitral valve disease treatments has
incentivized both healthcare providers and patients to pursue necessary
interventions. Insurance coverage and government programs that support these
treatments have made them more accessible and affordable to a broader spectrum
of the population.
In today's
fast-paced world, MVD can lead to symptoms like fatigue and shortness of
breath, making it challenging for individuals to keep up with the demands of a
fast-paced lifestyle. Activities that once seemed effortless may become
strenuous, limiting physical endurance. For individuals in the workforce, MVD
symptoms can reduce productivity. Fatigue, palpitations, and dizziness can
disrupt concentration and focus, making it difficult to meet professional
obligations. The symptoms of MVD, including limitations on physical activity,
can affect one's social life. Individuals may find it harder to engage in
social events, travel, or participate in recreational activities, which are
integral to maintaining a balanced and fulfilling lifestyle. Dealing with a
chronic condition like MVD can lead to psychological stress. Coping with
symptoms, medical appointments, and potential surgical interventions can be
emotionally challenging and contribute to stress and anxiety. The costs
associated with the diagnosis, treatment, and management of MVD, including
medical bills, medications, and potential surgical procedures, can impose a
financial burden. Managing these expenses in a fast-paced world where financial
stability is vital can be daunting. MVD can significantly impact one's overall
quality of life. The combination of physical limitations reduced social
activities, and potential psychological distress can erode the sense of
well-being and fulfillment. In a fast-paced world, being prepared for
unexpected events is essential. MVD can complicate responses to emergencies, as
symptoms like chest pain or palpitations may mimic cardiac emergencies, leading
to uncertainty and the need for immediate medical attention.
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Educational
campaigns, medical conferences, and advocacy groups have all played a part in
disseminating knowledge about the importance of timely diagnosis and treatment.
Patients are now more likely to seek medical attention when they experience
symptoms like shortness of breath, chest pain, or irregular heartbeats, which
are indicative of mitral valve issues.
In recent times,
Individuals with MVD may need to adapt their lifestyle, including dietary
habits, exercise routines, and work-life balance, to accommodate their
condition. These adjustments can be necessary but may require effort and
planning. Given the demands of a fast-paced world, the timely diagnosis and
effective management of MVD are crucial. Early intervention can help alleviate symptoms,
improve quality of life, and reduce the impact of the condition on daily
activities. However, the Expensive Surgical Procedures may hinder market
growth. Moreover, challenges related to Limited Access to Advanced Healthcare
Services may pose obstacles to the Mitral Valve Disease market in the near
future.
The Global Mitral
Valve Disease Market is segmented into treatment, indication, end-user,
regional distribution, and company.
Based on its treatment,
the Mitral valve repair is favored for its ability to preserve the patient's
native valve tissue, known as the "valvuloplasty" approach. Unlike
mitral valve replacement, where the damaged valve is entirely replaced with a
prosthetic one, repair techniques aim to restore and reconstruct the patient's
natural valve. Repair maintains the functionality of the patient's own valve,
allowing it to continue regulating blood flow effectively. This is crucial for
long-term cardiac health. Since the native tissue is retained, there is a
reduced risk of complications associated with prosthetic valves, such as blood
clots, infections, and valve-related degeneration. Patients who undergo
successful mitral valve repair typically experience better postoperative
outcomes, including fewer symptoms, improved exercise capacity, and a higher
quality of life.
Based on region,
North America segment is expected to grow during the forecast
period. North America boasts a well-developed healthcare
infrastructure with access to cutting-edge technologies, specialized cardiac
care centers, and a skilled healthcare workforce. The region has a high
prevalence of cardiovascular diseases, including mitral valve diseases,
primarily due to factors like an aging population, lifestyle-related risk
factors, and advanced diagnostic capabilities. North America leads in
technological advancements, including minimally invasive procedures, which are
preferred for mitral valve disease treatment. The region invests significantly
in research and development, contributing to the development of innovative
treatment modalities and medical device.
The
Asia-Pacific market is poised to be the fastest-growing market, offering
lucrative growth opportunities for Mitral Valve Disease players during the
forecast period. Factors such as Asia-Pacific continue to grow, there is an
increased capacity for healthcare spending, leading to improved access to
advanced cardiac care and treatment options. The region is experiencing a
demographic shift with an aging population, which is expected to drive an
increase in mitral valve disease cases. Growing awareness about heart health
and the availability of advanced treatments is encouraging patients to seek
timely medical intervention. Some countries in Asia-Pacific, such as India and
Thailand, have become popular destinations for medical tourism, attracting
patients from around the world seeking cost-effective yet high-quality
healthcare, including mitral valve disease treatment. Governments in several
Asian countries are investing in healthcare infrastructure development,
research, and training programs to enhance cardiac care capabilities. The
region is witnessing the expansion of healthcare facilities, including cardiac
centers and specialized hospitals, catering to the growing demand for
cardiovascular treatments.
Major companies
operating in Global Mitral Valve Disease Market are:
- Corcym UK Limited
- Abbott Laboratories Inc
- Zydus Lifesciences Limited
- Medtronic plc
- Edwards Lifesciences Corporation
- Affluent Medical SA
- ShockWave Medical, Inc.
- Valcare Medical
- Pfizer Inc
- Teva Pharmaceutical Industries Ltd.
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“The advancement
in technology and increasing consumer awareness are key drivers of the Mitral
Valve Disease market. In recent years, the Growing awareness campaigns, medical education initiatives,
and advocacy groups have raised awareness about the importance of early
diagnosis and treatment of mitral valve diseases. Patients and healthcare
providers are increasingly proactive in seeking and delivering care.
Rising consumer acceptance and continuous product innovation will further
ensure the growth of the Mitral Valve Disease and supplements market in the
coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Mitral
Valve Disease Market – Global Industry Size, Share, Trends, Opportunity, &
Forecast 2018-2028 Segmented By Treatment Type (Repair, Replacement, Cardiac
Resynchronization Therapy, Therapeutics), By Indication (Stenosis, Prolapse,
Regurgitation), By End-User (Hospitals, Ambulatory Surgical Centers, Others),
By Region, Competition”, has evaluated the future growth potential of Global
Mitral Valve Disease Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Mitral
Valve Disease Market.
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