Global Percutaneous Mitral Valve Repair Device Market, By Product terrain (Mitral Valve Replacement Devices, and Mitral Valve Repair Devices), By End User (Hospitals, Ambulatory Surgical Centers, and Others) and opportunities and forecast 2020-2027.
The global Percutaneous Mitral Valve Repair Device market is expected to grow at a moderate rate during the forecast period. Growing demand for percutaneous mitral valve repair device in the healthcare sector is boosting the growth of the global Percutaneous Mitral Valve Repair Device market. An increasing number of incidences of mitral valve disease leads to expand the growth of the market.
Moreover, governments in many countries are supporting and taking initiatives for the adoption of percutaneous mitral valve repair devices in the healthcare sector is the important factor expected to boost the growth of the Percutaneous Mitral Valve Repair Device market in near future. In addition to this, growing health care expenditure is further driving the expansion of this market worldwide.
On the other hand, a lack of awareness among healthcare professionals, lack of skilled professional having proficiency in using these devices, and the high cost of these devices is likely to hamper the global Percutaneous Mitral Valve Repair Device market during the forecast period.
Covid-19 Impact on Percutaneous Mitral Valve Repair Device Market:
In addition, the current Percutaneous Mitral Valve Repair Device Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Percutaneous Mitral Valve Repair Device Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
According to Product terrain types, the market is segmented into mitral valve replacement devices, and mitral valve repair devices. Among these mitral valve replacement devices holds the largest share of the market mainly because of the increasing demand for these devices and advantages posed by the mitral valve replacement devices.
Based on end user, the market hospitals, ambulatory surgical centers, and others. In addition, the hospitals segment are expected to grow at the highest rate in the coming years. This owes to the higher availability of the advanced devices that can be used for mitral valve repair and rise in flow of both inpatients and outpatients in the segment which would propel the growth of the hospitals segment during the forecast period.
Market Analysis, Insights and Forecast – By Product terrain
Region-wise, North America dominated the global Percutaneous Mitral Valve Repair Device market and is expected to continue its dominance during the forecast period. Factors such as the rising number of mitral valve disease, growth in need for minimally invasive devices for management of the disease, and high health care expenditure propels the growth of the market in North America. Similarly, Asia Pacific is also expected to account for the fastest growth in the global market owing to well-established health care infrastructure. Factors such as development in the health care infrastructure, rising awareness about health, a surge in investment in therapeutic sectors, and growing adoption of percutaneous mitral valve repair device are expected to escalate the growth of the Percutaneous Mitral Valve Repair Device market in the Asia Pacific region.
Percutaneous Mitral Valve Repair Device Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Some key developments and strategies adopted by manufacturers in the Percutaneous Mitral Valve Repair Device are highlighted below.
· In November 2020, Abbott had launched its clip delivery system, which is a minimally invasive heart valve repair device to treat mitral regurgitation in India. This product puts new technology into the hands of physicians by giving them a life-saving treatment option that may be used for people suffering from mitral regurgitation due to a heart defect or as a result of heart failure.