30 Mar 2020
Posted in Pharma
COVID-19 not predicted to impact the US transcatheter mitral valve repair device market set to be worth $1.4bn by 2028, says GlobalData
The value of the US transcatheter mitral valve repair (TMVR) device market was just over $250m in 2019 and is set to be worth $1.4bn by 2028 at a compound annual growth rate (CAGR) of 21%. GlobalData, a leading data and analytics company predicts that neither the US or global TMVR market will be hugely impacted by the coronavirus (COVID-19).
GlobalData’s latest medical market model report: ‘Cardiovasular Devices Transcatheter Mitral Valve Repair (TMVR) Global 2015-2028’ reveals that forecast growth is being driven by the increasing popularity of minimally-invasive procedures in place of their open surgical alternatives. TMVR is currently FDA approved for non-surgical high risk degenerative mitral regurgitation.
Ashley Young, Medical Devices Analyst at GlobalData, comments: ‘’Mitral valve repair treatment is preferred over mitral valve replacement in patients who are eligible because it is less invasive and linked with a shorter hospital stay.’’
Approximately 50% of the severe mitral regurgitation patients are not eligible for surgery due to their age or other disorders. This is a serious and life-threatening disease and means that procedures using a TMVR device often cannot be postponed.
Young continues: “There are few devices on the TMVR device market to treat mitral regurgitation using a minimally invasive transcatheter procedure. Abbott Laboratories is currently the market leader worldwide in the TMVR space with its MitraClip device, harbouring 99% global market share, with other companies such as Edwards Lifesciences making up a small minority of the global market share.“
Latest news in the transcatheter space includes the dispute between Abbot and Edwards Lifesciences’ TMVR Pascal device. Abbott has reportedly filed a petition to ban Edwards from selling its TMVR device, citing patent infringement.
Young adds: “The case between Abbott and Edwards is just one example of the continuing drive to bring new cardiology devices to market even during these highly uncertain times. If Edwards is able to successfully commercialize the Pascal device in the UK, the TMVR market would likely see a boost in sales from two competing devices.’’