Published Date : 05 Dec 2022
The global interventional cardiology devices market size was exhibited at USD 22.65 billion in 2022 and is expanding around USD 46.72 billion by 2030 with a registered CAGR of 9.4% from 2022 to 2030.
The rapid rise of the elderly population, which is accompanied by an increase in the prevalence of coronary artery disease, the approval of new and sophisticated products, and the rising incidence of diabetes, are all driving the interventional cardiology devices market growth. However, the availability of alternative treatments, as well as product failures and recalls, are projected to limit the market’s growth during the forecast period.
Based on the product, the interventional cardiology stents segment dominated the global interventional cardiology devices market in 2020 with the highest market share. Increased investment by emerging players in interventional cardiology stent research and development (R&D) to introduce novel and advanced coronary stents such as bioresorbable stents, bioengineered stents, and other novel and advanced coronary stents is a key factor contributing to the segment’s growth.
Interventional Cardiology Devices Market Report Scope
|Market Size In 2022||USD 22.65 Billion|
|Market Size By 2030||USD 46.72 Billion|
|Growth Rate from 2022 to 2030||CAGR of 9.4%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Product|
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Europe is the largest segment for the interventional cardiology devices market in terms of region. Improved cardiovascular stent distribution by manufacturers and distributors in countries such as the UK and Germany is expected to drive the Asia-Pacific interventional cardiology devices market growth at a comparatively high CAGR.
North America region is the fastest-growing region in the interventional cardiology devices market. The ongoing clinical trials on innovative interventional cardiology devices in the U.S., as well as regulatory approval of certain cardiology devices, are expected to boost the growth of the North American interventional cardiology devices market.
Increasing patient awareness
The patients' understanding of coronary heart disease and peripheral vascular disorders is critical to market growth. Several educational, government, and non-governmental organizations, as well as key players, have launched awareness campaigns to raise patient, doctor, and healthcare provider awareness of the treatment of these diseases. Because advanced treatment devices are not widely used in developing countries, the impact of this factor is currently influencing the market growth in emerging economies. Thus, increasing patient awareness is driving the growth of the interventional cardiology devices market during the forecast period.
Improved health infrastructure
Over the last decade, governments in a variety of countries, particularly emerging economies, have increased their investments in healthcare infrastructure development. As a result, increased public and private investment in developing these regions' health infrastructure will boost the adoption of interventional cardiology devices in developing countries. As a result, the improved health infrastructure is propelling the growth of the interventional cardiology devices market during the forecast period.
High treatment costs
As technology advances, the cost of stents rises. Drug-eluting stents, for example, are more expensive than standard stents. Furthermore, the list price of bioabsorbable stents is twice that of drug-eluting stents, and the price of drug-coated balloons is also high in comparison to other interventional cardiology and peripheral vascular devices. This is a significant impediment in developing countries, where the majority of the population lacks health insurance. Thus, the high cost of treatment is a restricting factor for the growth of the interventional cardiology devices market during the forecast period.
The technological developments in interventional cardiology devices are expected to propel the global market. Scientists have concentrated on developing new systems with enhanced properties, such as a new generation of drug-eluting balloons and bioabsorbable stents. In addition, several companies have invested in R&D to create innovative products. As a result, technological advancements is creating lucrative opportunities for the growth of the interventional cardiology devices market during the forecast period.
Increasing prevalence of cardiovascular diseases
In recent years, the incidence of cardiovascular diseases has steadily increased, with heart disease becoming a leading cause of death in both developed and developing countries around the world. With this prevalence expected to rise further in the future, the demand for interventional cardiology devices for the treatment of severe cardiovascular conditions is on the rise, with the impact directly proportional to the growth of the global interventional cardiology devices market. To keep up with the growing demand, major players in the global market are improving their product offerings by incorporating advanced technologies, while also aligning with the pervasive trend of 'value-based' healthcare. Thus, the increasing prevalence of cardiovascular diseases is paving way for the growth of the interventional cardiology devices market.
Challenges: Product recall and failure
One of the major factors impeding market growth is product failure and recall. Coronary stents experience stent deformation and plaque prolapse. Such product failures result in serious patient outcomes, forcing the product to be withdrawn from the market. As a result, product recall and failure is a huge challenge for the growth of the market during the forecast period.
Key Players in the Report
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