iData Research (“iData”), a global consulting and market research firm, has released exclusive research in the global transcatheter mitral valve repair (TMVr) device market, addressing key insights and the consequences of COVID-19 in 2021, and beyond. The overall market did not experience a decline in sales due to the COVID-19 pandemic. Moreover, iData forecasts that the increase of experienced physicians, growing patient populations, and expanding indications for use will continue to encourage significant growth.
According to iData’s Global Report for Transcatheter Mitral Valve Repair Devices, the global market was estimated at just over $760 million in 2020. The 2020 market value was 2.2% higher than the 2019 value despite COVID-19 headwinds. Furthermore, the market has continued to increase moving into 2021 and is expected to reach almost $2.2 billion by 2027 at a CAGR of 16.4%. This report includes unit sales, average selling prices, market drivers and limiters, competitive market share analysis, and more.
iData’s global analysis covers over 70 countries and includes in-depth procedure numbers by country. The MitraClip™ from Abbott was the first TMVr device approved for use by the FDA and remains the only device with commercial approval in the United States. Growth in unit sales will be contingent on the expansion of the indication for use of the MitraClip™ over the forecast period. Overall, unit sales are expected to remain strong, outside of COVID-19-related fluctuations, but decrease in magnitude as the market matures.
“There is a large global population of people suffering from mitral valve disorders”, says Dr. Kamran Zamanian, Senior Partner and CEO of iData Research, “This translates into a large total addressable market for transcatheter mitral valve repair procedures.”
Among the many competitors within these markets, Abbott, Edwards Lifesciences, and Cardiac Dimensions are the global leaders. Abbott accounts for 100% of the overall market in North America and the majority of the share in the Western European and other regions. Abbott is expected to retain its market-leading position over the forecast period despite increasing competition from new market entrants, as physicians are already comfortable performing the MitraClip™ procedure, and reimbursement for MitraClip™ is more favorable than for alternative devices.
To accurately estimate market shares, units sold, average selling prices, product segments, and brands as well as procedural volumes, iData Research uses its proprietary market and procedure databases, as well as hospital purchase order data to complement its primary and secondary research initiatives.
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