二尖瓣、三尖瓣治疗行业深度：蓝海市场亟待发掘，置换进展值得期待

Investment Rating - The report maintains a recommendation for the industry [1] Core Insights - Structural heart disease is evolving, with a focus on aortic valve interventions becoming mainstream, while mitral and tricuspid valve interventions are still in need of breakthroughs [1][7] - The global market for transcatheter mitral valve interventions is projected to reach $5 billion by 2028, driven by a large unmet patient demand [1][18] - The number of patients with moderate to severe mitral regurgitation (MR) globally is approximately 99.9 million, indicating significant market potential [1][16] Summary by Sections 1. Structural Heart Disease - Aortic valve disease has seen significant advancements in intervention, particularly transcatheter aortic valve replacement (TAVR), which reached over 190,000 procedures globally in 2021, with a penetration rate of 3.8% among moderate to severe aortic stenosis (AS) patients [1][8] - In contrast, mitral and tricuspid valve interventions are still developing, with only about 27,700 mitral interventions and 340 tricuspid interventions performed globally in 2021, indicating a much lower penetration rate compared to TAVR [1][8] 2. Mitral Valve Treatment - The complexity of the mitral valve structure presents challenges for intervention product development, with a significant focus on repair techniques such as the MitraClip and PASCAL systems, which have shown promising clinical outcomes [1][10][19] - The global market for transcatheter mitral valve devices is expected to grow significantly, with a projected market size of $5 billion by 2028, driven by the large patient base and ongoing product innovations [1][18] 3. Tricuspid Valve Treatment - The tricuspid valve market is characterized by a large patient population and low treatment rates, with the recent FDA approval of the Evoque device marking a significant milestone in the field [1][7][19] - The tricuspid valve intervention market is anticipated to expand rapidly, transitioning from virtually no market presence to a robust growth phase following the introduction of new products [1][19] 4. Related Companies - Edwards Lifesciences is identified as a leading manufacturer in the artificial valve market, with a strong focus on structural heart disease research and development across various valve types [1][19] - Medtronic is also highlighted as a key player in the cardiovascular space, leveraging acquisitions to enhance its valve business [1][19]