Annuloplasty Rings Market to Record 2.67% Y-O-Y Growth Rate in 2021 |Abbott Laboratories - One of the Leading Companies offers Attune Flexible Adjustable Annuloplasty Ring | Technavio
NEW YORK, Jan. 4, 2022 /PRNewswire/ -- Annuloplasty Rings Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including Abbott Laboratories, AFFLUENT MEDICAL SA, BioStable Science & Engineering Inc., Boston Scientific Corp., CORONEO Inc., Edwards Lifesciences Corp., Genesee BioMedical Inc., LivaNova Plc, Medtronic Plc, and Valcare Medical among others.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: Application (mitral valve repair and tricuspid valve repair)
- Geographies: North America, Europe, Asia, and ROW
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According to the recent market study by Technavio, the Annuloplasty Rings Market is expected to increase by USD 28.83 million from 2020 to 2025, with an accelerated CAGR of 3.40%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. North America will register the highest growth rate of 45% among the other regions.
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Vendor Insights with key offerings-
The Annuloplasty Rings Market is concentrated, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- Abbott Laboratories - This company offers Attune Flexible Adjustable Annuloplasty ring.
- AFFLUENT MEDICAL SA - This company offers Mitral annuloplasty rings.
- BioStable Science & Engineering Inc - This company offers HAART 200 Aortic Annuloplasty Device.
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Regional Market Outlook
The Annuloplasty Rings Market share growth in North America will be significant during the forecast period. The US is the key market for annuloplasty rings in North America. Market growth in this region will be faster than the growth of the market in regions. The improved healthcare infrastructure, the increasing adoption of advanced annuloplasty rings, and the strong presence of established vendors will facilitate the annuloplasty rings market growth in North America over the forecast period.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Challenges-
- Annuloplasty Rings Market Driver:
- Increasing prevalence of heart valve diseases:
The key factors driving growth in the annuloplasty rings market is the increasing prevalence of heart valve diseases. Every year, approximately 7.2 million people die from coronary artery diseases (CAD) around the world. Rheumatic heart disease is the most commonly acquired heart disease among people under the age of 25. Between 2011 and 2025, the global prevalence of rheumatic heart disease is expected to increase from approximately 36 million to 44 million. The prevalence of heart valve diseases increases significantly after the age of 65 years, owing to the predominance of degenerative etiologies. Furthermore, the associated risk factors of heart valve diseases such as blood pressure, obesity, smoking, alcohol consumption, diabetes, and obesity are increasing. Thus, the demand for annuloplasty rings is increasing, which, in turn, is driving the market.
- Annuloplasty Rings Market Challenge:
- High cost of annuloplasty :
The high cost of annuloplasty will be a major challenge for the annuloplasty rings market during the forecast period. In recent years, there has been an upward trend in the pricing of annuloplasty rings. Depending on features, the cost of annuloplasty rings ranges from $1,000 to $2,000 with a mean of $1,755. The procedure costs can significantly increase depending on the type of ring used, the extent of surgery, special tests, insurance coverage, medications, and additional surgery required due to postoperative complications. In many countries, clinicians also face challenges in terms of reimbursement of annuloplasty rings. Vendors offering annuloplasty rings can charge high prices mainly due to structural barriers to competition such as the complex, costly regulatory approval process and patent protection. These barriers discourage imported annuloplasty rings, which might compete with domestically manufactured devices and reduce the prices. Hence, the high cost of annuloplasty rings and procedures are hampering the growth of the global annuloplasty rings market
Find additional information about various other market Drivers & challenges mentioned in our FREE sample report.
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Annuloplasty Rings Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 3.40% |
Market growth 2021-2025 |
USD 28.83 million |
Market structure |
Concentrated |
YoY growth (%) |
2.67 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 45% |
Key consumer countries |
US, Germany, Japan, UK, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Abbott Laboratories, AFFLUENT MEDICAL SA, BioStable Science & Engineering Inc., Boston Scientific Corp., CORONEO Inc., Edwards Lifesciences Corp., Genesee BioMedical Inc., LivaNova Plc, Medtronic Plc, and Valcare Medical |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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