Global Interventional Cardiology Devices Market: Snapshot
The primary driver of the demand for interventional cardiology devices is the increasing prevalence of coronary artery diseases. Organizations such as the WHO and CDC are consistently calling out the rampant growth in the number of patients suffering from heart problems and coronary artery complications. It has been predicted by the WHO that coronary artery disease will be responsible for almost 23.3 mn deaths by 2030. The causes of this growth in projected patients range from the increasing geriatric population to the obesity epidemic that has especially gripped the developed economies of the world. Both causes are at very high priority in terms of being causes for heart complications and relevant steps need to be taken to treat the increasing number of patients.
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From the technological perspective, a lot of focus has been given to the development of existing interventional cardiology devices and the innovation of new ones. For instance, the advancements in diagnostic tools and monitoring tools have drastically improved the success rate of coronary artery disease treatment. Another parallel aspect driving the demand for interventional cardiology devices is the increasing demand for minimally invasive surgeries. Such procedures can dramatically reduce pain of surgery and healing period for heart problem treatments. Therefore, the inculcation of minimally invasive interventional cardiology devices into the healthcare industry on larger scales will certainly promote their use.
The global market for interventional cardiology devices is, however, currently subject to an intense level of competition. Market players are locked in a battle to increase sales volumes and are resorting to price cuts in order to achieve this. This practice is followed largely by regional players and globally prominent companies have to follow suit to hold the majority in global market values. This severely reduces the funds available for further research and development of interventional cardiology devices.
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The global market for interventional cardiology devices is expected to be valued at US$9.36 bn by the end of 2016 and US$11.16 bn by the end of 2022. It is projected at a CAGR of 2.9% from 2014 to 2022.
North America to Dominate Interventional Cardiology Devices Demand
North America is expected to continue leading the consumption of interventional cardiology devices. By the end of 2022, North America is expected to generate a revenue of US$4.04 bn through its demand for interventional cardiology devices. This dominant share in the market is attributed to an advanced healthcare infrastructure that largely provides premium medical devices and is more open to incorporating innovative devices. This allows interventional cardiology device manufacturers to maintain profits while achieving a higher rate of research and development, thereby creating a constant cycle of improvements. The North America market for interventional cardiology devices is, however, expected to saturate over the coming years owing to a slower growth in the demand for relevant surgical procedures.
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On the other hand, the growth of demand for interventional cardiology devices in Asia Pacific has just begun. This region houses a rapidly developing healthcare infrastructure. Coupled with the rising rate of medical tourism and the introduction of minimally invasive interventional cardiology devices, Asia Pacific is projected to show a CAGR of 4.8% from 2014 to 2022 in this market.
Drug-eluting Stents to Remain Leading Type of interventional cardiology device Used
Stents have consistently taken up the majority share in interventional cardiology device types. By the end of 2022, a projected US$6.89 bn will be generated through the sale of stents. Bare-metal, drug-eluting, and bio-absorbable stents are now commonly found. However, drug-eluting stents currently hold the greater demand, primarily due to their higher efficiency of treatment and the significantly reduced chances of the patient needing in-stent restenosis. The overall advantages of using drug-eluting stents are far greater than their predecessors, the bare-metal stents. At the same time, bio-absorbable stents have not caught on yet, although they are showing a steep increase in demand. This currently puts drug-eluting stents and their manufacturers at an advantage till 2022.
The top providers of interventional cardiology devices in the world include Boston Scientific, Abbott Vascular, Medtronic, St Jude Medical, and Volcano Corporation.
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