Global Interventional Cardiology Devices Market Gaining Momentum—Projected to Reach Worth USD 25.3 Billion in 2027
Published | 13 August 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global interventional cardiology devices market was worth USD 13.9 billion in 2020 and is further projected to reach USD 25.3 billion by 2027, at a CAGR of 9.3% during the forecast period (2021-2027). Rising investments in research and development lead to new advancements in the field of interventional cardiology devices. Furthermore, the rise in minimally-invasive surgeries will also support growth in the interventional cardiology devices market since minimally-invasive surgeries result in fewer injuries to patients, rapid recovery, and shorter hospital stays. Additionally, the increasing prevalence of coronary artery diseases and diabetes are also favoring the growth of the interventional cardiology devices market.
A Rise in Unhealthy Lifestyle Habits Driving the Growth of the Interventional Cardiology Devices Market
Consuming saturated fats, excess salt, drinking alcohol, and smoking are unhealthy lifestyle habits that increase the risk of coronary artery disease, which is anticipated to drive the growth of the interventional cardiology devices market. Moreover, high tobacco consumption and the lack of physical activity also drive the market's growth. Physical inactivity can cause obesity and lead to coronary artery disease.According to the WHO, there were more than 1.9 billion overweight adults aged 18 and older in 2016, and 23 % of them had developed coronary artery disease.Additionally, increasing dietary irregularities are also responsible for the prevalence of major cardiovascular diseases, propelling the growth of the interventional cardiology devices market worldwide.
Increasing Coronary Artery Diseases Driving the Growth of the Interventional Cardiology Devices Market Worldwide
The rising number of coronary artery diseases drives the growth of the global interventional cardiology devices market. According to the Center for Disease Control and Prevention (CDC), approximately 18.2 million adults were suffering from coronary artery diseases in the US in 2017. Among every ten deaths, two deaths are happening because of coronary artery diseases. High cholesterol levels and high stress also act as significant risk factors for developing coronary heart diseases. Furthermore, the market for interventional cardiology devices is growing due to an increase in diabetes and hypertension, which are major causes of coronary artery disease.
Global Interventional Cardiology Devices Market– By Type
Based on types, the global interventional cardiology devices market is grouped into seven broad categories—angioplasty stents, structural heart devices, catheters, angioplasty balloons, plaque modification devices, hemodynamic flow alteration devices, and others. The catheter segment of the global interventional cardiology devices market is the second-largest segment. This segment is further divided into angiographic catheters, guiding catheters, and IVU/OCT catheters.This is the fastest-growing segment because of the increasing demand for minimally invasive surgery in cardiovascular disease treatment. Angiographic catheters have the largest share in the catheter segment. Manufacturers are making rigorous research and development to develop nascent catheters that are functionally superior to their predecessors. High incidence rates of congenital and structural heart diseases further drive the growth of the catheter segment.
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Impact of COVID-19 on the Global Interventional Cardiology Devices Market
Worldwide, COVID outbreaks are leading to major health crises. The governments of different nations have been taking various measures like lockdowns, hand sanitization, and travel restrictions to prevent the infection of coronaviruses. To minimize the risk of exposure to patients and staff, hospitals are embracing online and video consultation in compliance with NHS guidelines. As patients are afraid to visit hospitals in the fear of contracting the virus, various cardiovascular procedures were also reduced, including computed tomography, coronary angiography (CTCA), and dobutamine stress echocardiograms (DSE). In addition, the lockdown and travel restrictions prevent patients from reaching the hospitals, which in turn is negatively impacting the interventional cardiology devices market. Additionally, the number of outpatients is decreasing, which affects the market. Corona outbreak has led to patients fearing that if they have surgery, they will get COVID, thus reducing the number of surgeries that are performed, which leads to a decline in the demand for interventional cardiology devices. These factors negatively impact the growth of the interventional cardiology devices market.
North America holds the largest share in the interventional cardiology devices market. The Asia-Pacific is the second-fastest-growing region in the interventional cardiology devices market due to the increasing geriatric and pediatric population, which is more susceptible to coronary artery disease. A growing awareness of the convenience offered by interventional cardiology devices drives Asia-Pacific's growth. Also, the rising investments in the healthcare sector have been driving the growth of APAC’s interventional cardiology devices market. Moreover, major key players, such as Cook Medical, Gore, and Medtronic have their presence in the Asia-Pacific region for aortic endograft surgery. These factors are contributing to the growth of the Asia-Pacific region in the interventional cardiology devices market.
Some of the key players in the global interventional cardiology devices market are Medtronic, Boston Scientific Corporation, Abbott, Edward Lifesciences Corporation, Cardinal Health, iVascular , B. Braun Melsungen, Terumo Corporation, Biosensors International Group, and BIOTRONIK SE & Co. KG, Johnson & Johnson, Becton Dickinson, Teleflex Incorporated, MicroPort Scientific Corporation, Cook Medical Inc., GE Healthcare, W. L. Gore & Associates, Inc, REX MEDICAL, W. L. Gore & Associates, ORBUSNEICH MEDICAL, and other prominent players.All key players in the industry have taken steps to bring new technologies and developments to the industry. Furthermore, strategic planning is aiding them in gaining a competitive edge in the market. The key players are also investing in the supply chain to ensureadequate availability of interventional cardiology devices.
- In October 2020, as part of its new Snowden-Pencer product line, Becton and Dickinson have introduced ergonomic surgical laparoscopic scissors. Snowden-Pencer provides cutting-edge performance with reusable handles and disposable tips that provide the best cutting results. They are easier to assemble with their click-fit scissors tips as they provide audio and tactile feedback that conforms to proper assembly. Snowden-Pencer allows for a perfect grip, reducing the time required for surgical procedures.
- In March 2020, Edward Lifesciences Corporation (US)received Chinese regulatory approval for the SAPIEN 3 Transcatheter Heart Valve. This product is used for the treatment of patients suffering from severe, symptomatic aortic stenosis (AS), especially for patients who are unable to undergo open-heart surgery.
Don’t miss the business opportunity of the global interventional cardiology devices market. Consult our analysis to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global interventional cardiology devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global interventional cardiology devices market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Global Interventional Cardiology Devices Market By Type (Angioplasty Stents [Drug-Eluting Stents, Bare-Matal Stents, Bio absorbable Stents], Structural Heart Devices [ Aortic Valve Therapy Devices, and Other Therapy Devices], Catheters [Angiography Catheters, Guiding Catheters, IVU/OCT Catheters], Angioplasty Balloons [Old/Normal Balloons, Drug-Eluting Balloons, Cutting/Scoring Balloons], Plaque Modification Devices [Thrombectomy Devices, Atherectomy Devices ], Hemodynamic Flow Alteration Devices [Embolic Protection Devices, Chronic Total Occlusion Devices ], and Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: August 2021
The field of interventional cardiology deals with treating structural heart diseases using catheters.There are many procedures done on the heart using catheters, including insertion of a catheter into the femoral artery, cannulating the heart under x-ray vision, balloon valvuloplasty, coronary thrombectomy, and cardiac ablation.
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