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Annuloplasty Rings Market Analysis by Product (Tricuspid valve repair devices, Mitral valve repair devices), By End-user (Hospitals, Ambulatory surgical centers, Speciality clinics), And by Region & Forecast, 2024-2033

  • PUBLISHED ON
  • 2023-11-03
  • NO OF PAGES
  • 290
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

Annuloplasty Rings Market is projected to achieve a value of USD 32.56 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 46.32 Million by 2033 with a CAGR of 4.1% during the forecast period 2024-2033.

Annuloplasty rings, used in cardiac surgery, especially in the repair or reconstruction of heart valves, are medical tools. These devices aim to provide support and remodel the structure of heart valves, notably the mitral or tricuspid valves, which might have sustained damage due to conditions like regurgitation or prolapse. In the course of an annuloplasty procedure, a surgeon may utilize an annuloplasty ring to aid in reinstating the natural shape and function of the valve. These rings are typically crafted from materials like metal or polymers and are available in various shapes and sizes to suit different patient anatomies and specific valve repair needs.

The expansion of the global market for annuloplasty repair devices is primarily being fueled by the growing need for minimally invasive percutaneous mitral valve annuloplasty and favorable health reimbursement policies. Additionally, the increasing incidence of cardiac diseases, resulting in a higher frequency of cardiac surgeries, is anticipated to continue propelling the growth of the global annuloplasty repair devices market in the forecasted period. As per the American Heart Association, more than 26,000 trans catheter aortic valve replacements were conducted in the United States between the years 2011 and 2014 following the initial FDA approval.

Heart valve regurgitation, a prevalent heart valve ailment among older individuals, can result from either an infection or tissue degeneration. This condition prompts the backward flow of blood into the heart and typically advances progressively. In situations of heart valve regurgitation, intervention such as annuloplasty or valve replacement becomes necessary to avert permanent damage to the heart. The escalating elderly population is likely to augment the instances of cardiovascular ailments necessitating annuloplasty treatment. These factors are projected to steer the market's growth in the anticipated period. Moreover, the market is experiencing positive growth due to new product introductions and strategic initiatives by key market players.

The market for annuloplasty systems underwent considerable disturbances as a consequence of the COVID-19 pandemic. Stringent lockdowns and government regulations led to a reduction in the volume of cardiac surgeries. Annuloplasty systems are essential components in heart repair surgeries, and the pandemic caused a notable decline in the number of patients seeking surgical procedures at hospitals or clinics.

Market Scope

Report Attributes

Description

Market Size in 2023

USD 32.56 Million

Market Forecast in 2033

USD 46.32Million

CAGR % 2024-2033

4.1%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Product, By End-user and by regional

Growth Drivers

Rising Prevalence of Heart Valve Disorder

Advancements in minimally invasive and robotic-assisted surgical techniques have made heart valve repair and replacement more accessible.

Innovations in annuloplasty ring design, materials, and sizing options have enhanced their effectiveness and safety. These technological advancements attract both surgeons and patients.

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

BioStable Science and Engineering Inc., Abbott Laboratories, Boston Scientific Corp.,Valcare Medical, AFFLUENT MEDICAL, Micro Interventional Devices Inc., Genesee BioMedical Inc., Edwards Lifesciences Corp., Braile Biomedica, Medtentia International Ltd Oy, Medtronic Plc. And others.

 

Market Dynamics

The growing prevalence of cardiovascular diseases significantly contributes to the demand for annuloplasty rings. Heart and blood vessel conditions encompass a range of health issues affecting these systems and are primary contributors to global mortality and illness. This increase in such conditions has resulted in an escalated requirement for medical interventions such as annuloplasty rings. These devices address valve irregularities commonly associated with cardiovascular diseases.

Globally, there's a concerning increase in cardiovascular diseases, attributable to sedentary lifestyles, poor dietary choices, smoking, and heightened stress levels. Conditions like heart failure, coronary artery disease, and hypertension contribute to valve irregularities such as tricuspid and mitral regurgitation. These valve-related issues impede the heart's efficiency and can lead to symptoms such as fatigue, breathing complications, and potentially life-threatening outcomes.

Government efforts are pivotal in driving the growth of the annuloplasty rings market. These initiatives involve regulatory structures, financial support, and favorable policies. Entities such as the FDA in the US or the CE marking in the EU establish safety benchmarks and simplify authorization procedures, promoting the creation and implementation of cutting-edge annuloplasty rings. State-sponsored funding for research and development nurtures the production of more sophisticated, economical devices. Moreover, reimbursement policies play a substantial role in influencing acceptance rates among both healthcare providers and patients.

Moreover, the annuloplasty rings market is significantly influenced by patient preferences and their outcomes. Patients now take an active role in their healthcare decisions, emphasizing treatments with improved results and quicker recovery. Their inclination towards minimally invasive procedures and durable, effective devices shapes market dynamics. The demand for annuloplasty rings is substantially affected by patient-centric elements, including decreased post-operative issues, enhanced quality of life, and sustained success rates. This prompts manufacturers to innovate, creating rings that meet these preferences by concentrating on materials, designs, and methods that improve patient outcomes.

As the diagnoses of cardiovascular diseases (CVD) increase, there is a rising demand for effective treatments. Annuloplasty rings play a crucial role in addressing valvar insufficiencies as they uphold the structure and functionality of the heart. These rings are employed in surgical procedures to repair and reshape the annulus, the ring-shaped area where the heart valve connects to the heart tissue.

Research and Development (R&D) is a critical component within the annuloplasty rings market. Continuous R&D endeavors are geared toward transforming these cardiac devices, concentrating on enhancing materials, refining designs, and crafting individualized solutions for patients. Progress in biocompatible materials and inventive designs is fostering the production of annuloplasty rings that are more robust, adaptable, and efficient. With a dedicated focus on enhancing patient outcomes and life quality, the R&D domain signifies a critical prospect, steering the forthcoming expansion and innovation in the annuloplasty rings market.

Market By Product Analysis

By product, the Annuloplasty Rings Market is Categories into Tricuspid valve repair devices, Mitral valve repair devices. Mitral valve repair devices segment accounts for the largest share of around 51% in 2022.

Mitral valve conditions like regurgitation and stenosis are quite frequent. Among these, mitral regurgitation, involving the backward flow of blood through the valve, stands as one of the most commonly encountered heart valve issues.

Market End-User Analysis

By End-user, the Annuloplasty Rings Market is Categories into Hospitals, Ambulatory surgical centers, Speciality clinics. The Hospital segment accounts for the largest share of around 68% in 2022.

Annuloplasty rings are predominantly utilized in surgical procedures aimed at rectifying heart valve issues, particularly in medical facilities equipped with cardiac surgery departments. These specialized interventions are primarily conducted in hospital settings, thereby elevating the need for annuloplasty rings.

Market Regional Analysis

North America dominate the Annuloplasty Rings Market with the highest revenue generating market with share of more than 43%. The market is largely led by North America, due to its advance healthcare system, constant technological advancements, and significant investment in healthcare. The United States and Canada, both equipped with a strong medical technology industry, host prominent research institutions, top-notch medical device producers, and a highly skilled workforce. This setting greatly supports the progress and enhancement of annuloplasty rings within the region.

Europe stands as the second-largest dominant region in the market for annuloplasty rings due to its robust healthcare infrastructure, elevated rates of cardiac conditions, rigorous regulatory standards, the presence of major market players, and ongoing innovation within the industry.

The Asia-Pacific region is emerging as a developing area in the Annuloplasty Rings Market due to its rising healthcare spending, growing healthcare infrastructure, substantial population base, the arrival of significant industry players, government initiatives, and advancements in technology and research.

Competitive Analysis

The Annuloplasty Rings Market is dominated by a few large companies, such as BioStable Science and Engineering Inc., Abbott Laboratories, Boston Scientific Corp., Valcare Medical, AFFLUENT MEDICAL, Micro Interventional Devices Inc., Genesee BioMedical Inc., Edwards Lifesciences Corp., Braile Biomedica, Medtentia International Ltd Oy, Medtronic Plc and other.

There Are Some Of The Recent Developments Of The Annuloplasty Rings Market:

September 2022, Cardiac Implants LLC announced the successful first deployment of its innovative Tri-Ring percutaneous annuloplasty device, utilized alongside a therapeutic adjustment technique.

January 2021, Valcare Medical, a firm specializing in transcatheter mitral and tricuspid valve replacement and repair technologies, has achieved a milestone by conducting the inaugural trans-septal delivery of the AMEND annuloplasty ring in a human patient.

Research Report Following Segments:

Market, By Product

·         Tricuspid valve repair devices

·         Mitral valve repair devices

Market, By End-User

·         Hospitals

·         Ambulatory surgical centers

·         Speciality clinics

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Annuloplasty Rings Market in 2022?

Annuloplasty Rings Market was valued at USD 30.24 million in 2022.

What is the growth rate for the Annuloplasty Rings Market?

Annuloplasty Rings Market size will increase at approximate CAGR of 4.1% during the forecasted period.

Which are the top companies operating within the market?

BioStable Science and Engineering Inc., Abbott Laboratories, Boston Scientific Corp., Valcare Medical, AFFLUENT MEDICAL, Micro Interventional Devices Inc., Genesee BioMedical Inc., Edwards Lifesciences Corp., Braile Biomedica, Medtentia International Ltd Oy, Medtronic Plc and other.

Which region dominates the Annuloplasty Rings Market?

North America dominates the market with an active share of 43%.

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