The global interventional cardiology devices market size was worth at US$ 20.79 billion in 2021 and is expected to reach over US$ 46.72 billion by 2030 with a registered CAGR of 9.4% from 2021 to 2030.
Cardiovascular diseases are the leading cause of death worldwide, claiming the lives of an estimated 17.9 million people per year. The coronary heart disease, and blood vessel disease are all classified as cardiovascular diseases. Heart attacks and strokes account for more than four out of every five cardiovascular diseases deaths, with one-third of these deaths occurring before the age of 70.
The unhealthy food, cigarette use, physical inactivity, and excessive alcohol consumption are the most major behavioral risk factors for heart disease and stroke. Individuals may experience symptoms such as high blood pressure and obesity. Thus, this leads to cardiovascular diseases. All these factors drive the growth of interventional cardiology devices market during the forecast period.
Interventional cardiology is a subspecialty of cardiology. Interventional cardiologists are cardiovascular diseases specialists who have completed training. They focus on the use of catheters, which are thin, flexible tubes used to execute procedures. Angioplasty and stenting, for example, are accomplished by directing equipment through the body’s arteries. These minimally invasive interventional techniques are an excellent alternative to open surgery for many individuals.
Interventional cardiology is concerned with the use of catheters to treat heart problems. The process entails inserting a device such as balloon, stent, catheter, or other device into femoral artery or any other big peripheral artery or vein, and then cannulating the heart under X-ray guidance. Furthermore, a variety of interventional cardiology devices are utilized to treat peripheral vascular problems that impact the circulatory system and can lead to plaque build-up in limb arteries. The catheters, balloons, stents, and filters are some of the interventional cardiology devices on the market.
The development of minimally invasive coronary stents, high precision, and greater reliability will be made possible by frequent technological advancements. This has the potential to improve market growth by increasing adoption rates. Furthermore, a large number of patients suffering from coronary heart diseases will lead to a strong demand for coronary intervention operations, boosting the growth of interventional cardiology devices market. The key players are concentrating their efforts and initiatives on the development of minimally invasive coronary stents in order to meet the growing demand from patients, hence boosting the market demand for interventional cardiology devices.
The rapidly growing elderly population, increased patient awareness of cardiovascular diseases, and the increasing need to monitor and treat patients are all driving the global interventional cardiology devices market growth. Various governmental and non-governmental organizations, as well as educational institutions and major market players, have launched public awareness campaigns to raise awareness about diseases and treatments, as well as information about the availability of more advanced technologies and procedures at healthcare facilities. other factors driving market expansion include the development of more advanced and innovative cardiovascular devices, as well as the ease with which regulatory approvals can be obtained.
A crucial element that is driving the interventional cardiology devices market expansion is technological improvements in the market. The leading interventional cardiology device companies are investing heavily in transcatheter aortic valve replacement technology and acquiring numerous start-up companies.
The new products introduced in the interventional cardiology devices market include Boston Scientific’s VeriFLEX Bare-Metal Coronary Stent System, Terumo Medical Corporation’s Heartrail III Coronary Guiding Catheters, and Cordis Corporation’s INFINITI line. The industry is inherently competitive, with a high level of industrial rivalry. The players are attempting to acquire a competitive advantage by utilizing underutilized resources.
Scope of the Interventional Cardiology Devices Market
|Market Size in 2020||USD 19.1 Billion|
|Growth Rate From 2021 to 2030||9.4%|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Region|
|Companies Mentioned||Boston Scientific Corporation, Medtronic, Edward Lifesciences Corporation, Abbott, BIOTRONIK SE & Co. KG, iVascular, Terumo Corporation, B. BarunMelsungen, Biosensors International Group, Cardinal Health|
Based on the product, the interventional cardiology stents dominated the interventional cardiology devices market during the forecast period. The global increase in coronary disease will have a beneficial impact on the market for interventional cardiology stents. The demand for angioplasty will increase as the number of patients with chronic diseases rise. As the number of persons with coronary artery diseases continues to rise, the demand for interventional cardiology stents will rise as well. As a result, the adoption rate of interventional cardiology stents will rise, boosting the segment growth during the forecast period.
The angioplasty catheters is expected to grow at rapid pace during the forecast period. The segment is being driven by the rising prevalence of various chronic cardiac conditions and the growing elderly population. The angioplasty catheters would be boosted by demand for minimally invasive procedures in emerging nations and the development of improved cardiovascular devices.
Based on the region, the Europe segment dominated the global interventional cardiology devices market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. Europe has a high rate of premium-priced interventional cardiology devices consumption, and it is the region that can accommodate a high rate of medical device innovation, thereby dominating the interventional cardiology devices market.
The North America is estimated to be the most opportunistic segment during the forecast period. The presence of advanced healthcare infrastructure, favorable government product development initiatives, and high patient awareness levels, combined with relatively high healthcare expenses in the region, are some of the major drivers for the interventional cardiology devices market to grow in the near future.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.
In September 2019, the Heraeus Medical Components acquired Biomedical, which is an outsourcing firm.
The various developmental strategies such as acquisition, business expansion, investments, new product launches, partnerships,joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global interventional cardiology devices market include:
Segments Covered in the Report
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