The global rheumatic mitral valve diseases treatment market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the growing prevalence of rheumatic fever, which is the major cause of mitral valve diseases. More than 60% of the cases of rheumatic fever result in mitral valve disease. According to the data by WHO, rheumatic mitral valve disease cause over 288 348 deaths each year. The heart and joints are worst affected by rheumatic fever, with symptoms, such as, blood clotting, calcium accumulation, back flow of blood from atrium to ventricle, and other chronic issues. If detected early, rheumatic mitral valve diseases can be treated using drugs and medication, whereas, surgery is required in critical cases. The increasing R&D activities, to improve drugs, and develop new treatment methods, is estimated to boost the market growth throughout the forecast period.
The global rheumatic mitral valve diseases treatment market is segmented by diagnosis into echocardiogram, ECG, Holter monitoring, and others, out of which, the echocardiogram segment is anticipated to hold a notable share in the market during the forecast period on account of the detailed image produced by echocardiogram. This test uses ultrasound waves to generate images of the heart’s structure and function, and can accurately detect any mitral valve diseases. On the basis of treatment, the market is segmented into drugs, valvuloplasty, and surgery. Out of these segments, the drugs sub-segment is further segmented into beta blockers, diuretics, and others. The drugs segment is anticipated to garner the largest revenue over the forecast period, owing to the increasing use of medications to treat mitral valve diseases, as surgeries can be risky and complicated. On the basis of end-user, the market is segmented into hospitals, diagnostic center, and others, out of which, the hospitals segment is projected to garner the largest share throughout the forecast period, on the back of increasing patient pool, along with complications associated with the treatment, which requires expert attention. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global rheumatic mitral valve diseases treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of efficient medical practitioners present in the region, as a result of advanced healthcare system and high government expenditure in healthcare sector. According to other report by the World Health Organization (WHO), as of 2018, the per capita healthcare expenditure of North America valued USD 10,050.279. Moreover, increasing mortality rate of heart diseases, is expected to boost the market growth. In 2017, valvular heart diseases caused more than 3000 deaths in the U.S. Growing R&D activities are another major factor promoting the market growth in the region. The market in the Asia Pacific region is estimated to witness higher CAGR over the forecast period on the back of improving medical facilities, and advancement in healthcare technologies. Moreover, rheumatic fever is more common in low-income economies, such as, India, Indonesia, and others, which is estimated to boost the market growth in the region.
The global rheumatic mitral valve diseases treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global rheumatic mitral valve diseases treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of rheumatic fever is estimated to drive the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
High cost of the treatment, and risks and complications associated with surgery are estimated to hamper the market growth.
The market in North America is estimated to show maximum business opportunities during the forecast period owing to the growing advanced medical research, high per capita healthcare expenditure, and development of new drugs in the region.
The major players in the market are CryoLife Inc., Edwards Lifesciences Corporation, Neovasc Inc., HighLife SAS, Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Siemens Healthcare GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by disease type, diagnosis, treatment, end-user, and by region.
The hospital segment is anticipated to hold largest market size over the forecast period owing to the increasing patient pool of mitral valve diseases.
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