US Interventional Cardiology Devices Market
US Interventional Cardiology Devices Market to Boost in Coming Years – Projected to Reach worth USD 3.7 billion by 2028
Published | 01 October 2022
The growth of the United States interventional cardiology devices market is driven primarily by the rapid increase in the aging population and the concomitant increase in the prevalence of coronary artery disease, the approval of new and advanced products, and the increased incidence of diabetes.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the United States interventional cardiology devices market was worth USD 2.4 billion in 2021 and is anticipated to reach USD 3.7 billion by 2028 at a CAGR of 6.4%. This is attributable to the rapidly increasing prevalence of hypertension and diabetes; a growing large number of geriatric populations are the key factors in this market driving demand for interventional cardiology devices. In addition, advanced cardiovascular treatments and technological advancements in the field of drug-eluting stent development by the prominent market players boost the growth of the United States interventional cardiology devices market.
Increasing prevalence of coronary artery diseases and diabetes to drive the Market Growth
According to the Centers for Disease Control and Prevention (CDC), coronary artery disease (CAD) is the most common type of heart disease in the United States, killing 382,820 people in 2020. The CDC also estimates that about 20.1 million people over the age of 20 currently have CAD in the United States. Additionally, risk factors such as diabetes and high blood pressure are also driving the demand for devices for cardiac intervention. People with diabetes are more likely to have other medical conditions that increase their risk of coronary artery disease. Over time, hyperglycemia can damage the blood vessels that control the heart. According to the International Diabetes Federation (IDF), the number of diabetics worldwide will increase from 433 million in 2019 to 700 million by 2045. In the United States alone, 1.5 million Americans are diagnosed with diabetes each year [Source: American Diabetes Association (ADA)]. The increased prevalence of diabetes can be primarily due to an increase in the aging population. It is estimated that 25% of all elderly people (aged 60 and over) in the United States have diabetes (Source: ADA). This large patient population and high mortality rate are expected to increase the demand for cardiac intervention devices in the coming years.
Hospitals are accounted for the Largest Market Share In 2021 By End User
Based on the end user, the US interventional cardiology device market is divided into hospitals, ambulatory surgical centers, and others. The hospital segment will dominate the market in the year 2021. This segment dominates the market as advanced levels of tools and treatment options are available with professional consultants. Another important feature that contributes to this segment is relatively high spending on medical costs in the United States for a wide range of cardiac intervention devices.
Impact of COVID–19 on the United States Interventional Cardiology Devices Market
In March 2020, the Centers for Medicare & Medicaid Services (CMS) announced that doctors and health centers would delay non–essential elective surgeries and medical procedures to conserve medical resources for COVID–19–related and life-threatening cases. Since that announcement, cardiovascular surgery has been severely affected. Although percutaneous coronary intervention (PCI) procedures are still considered urgent in the management of acute myocardial infarction (MI) or heart attack, only a small fraction of PCI procedures performed on patients are associated with these life-threatening conditions. The remaining PCI treatments were classified as "elective procedures" and were avoided or postponed during the pandemic. In the United States, the number of cardiovascular surgeries performed in hospitals is declining. As a result of national blockades and social distance measures, patient visits have declined significantly, resulting in a further decline in sales of cardiac intervention devices. Many cardiac equipment companies, including Boston Scientific, Medtronic, and Abbott, have reported lower revenues in the second and third quarters of 2020.
United States Interventional Cardiology Devices Market – Country Insights
The presence of sophisticated healthcare infrastructure, lucrative government product development initiatives and high patient awareness are some of the key drivers behind the growth of the interventional cardiology devices market in the US. The United States holds a large market share of cardiac intervention devices worldwide due to the high consumption rate of high–priced cardiac intervention devices and the high innovation rate of medical devices. The relatively high cost of healthcare in this region is also recognized as a key factor in opening up a wide range of market opportunities for cardiac intervention devices in the region. In addition, some of the region's leading cardiac medical device companies are developing new products and technologies to compete with existing products while acquiring other markets–trending companies.
Key Players operating in the United States interventional cardiology devices market are Abbott Laboratories, Inc., B. Braun Medical Inc., Biotronik, Inc., Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical Inc., Cordis Corporation, Edwards LifeSciences Corporation, Medtronic USA, Inc., Terumo Americas Holding Inc. The key marketing strategies adopted by the players are facility expansion, product diversification, new product development, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in–depth analysis provides information about growth potential, upcoming trends, and the United States interventional cardiology devices market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States interventional cardiology devices market along with industry insights to help decision–makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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