TORONTO, Dec. 19, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Chinese heart valve device market will exhibit strong growth through 2022. Similar to the more mature United States (US) and European markets, growth will be driven by an aging population as well as the adoption of transcatheter heart valves, although the Chinese market will be further bolstered by strong economic expansion.
Transcatheter heart valve devices, which are emerging globally to disrupt the traditional heart valve device market, are set to enter the Chinese market in 2014. Both Edwards Lifesciences' SAPIEN and Medtronic's CoreValve transcatheter aortic valve replacement (TAVR) devices are anticipated to enter the market that year, and Edwards Lifesciences may therefore not enjoy the first-mover advantage that it has benefited from in the US. Abbott Laboratories' MitraClip will be the first transcatheter mitral valve repair (TMVR) device to launch in China, reaching the market in 2016. By 2022, TAVR devices will generate $130 million and TMVR devices will generate $50 million in revenue in the country. These procedures will first emerge in Beijing and Shanghai before spreading inland, with procedure volumes concentrated in cities with prestigious medical schools.
"One unique feature in the Chinese market is the high usage of mechanical heart valves," said MRG Analyst Darren Lin. "These valves have fallen out of favor in the US and Europe because they require life-long anticoagulant therapy. However, their low cost has maintained their popularity in China. The use of mechanical heart valves has been further supported by the high prevalence of rheumatic fever in the country, which often leads to mitral regurgitation. Because rheumatic fever commonly afflicts younger individuals, mechanical heart valves are preferred for these patients because of their durability. However, as the rates of rheumatic fever decline and as the Chinese population becomes more affluent, the market will shift in favor of tissue heart valves, similar to other geographies."
Millennium Research Group's Chinese Markets for Heart Valve Devices 2014 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for heart valve replacement and repair devices in the province-level municipalities, as well as the east coast, central and other regions of China. A current year snapshot is also shown by hospital tier and city tier.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group