In 2013, the global market for interventional cardiology products was worth USD 15.14 billion. The growing acceptance of minimally invasive surgery, increasing prevalence of cardiovascular disease and technological advances in this area are key growth drivers.
In 2014, the number of minimally invasive procedures performed jumped from 669.9 thousand in 2005 to 805 000 in 2014. These procedures are safer for patients and require less trauma. They also allow for faster recovery, which results in shorter hospital stays. The market is expected to grow rapidly due to high demand for innovative products that are precise and efficient.
North America's market for interventional cardiology products, by product, 2012-2020 (USD Million).
The dominance of non-communicable disease has also increased due to unhealthy lifestyle choices, including excessive salt, saturated fats and sugars, inactivity, high tobacco use, and alcohol consumption. The rise in major cardiovascular diseases, such as obesity and smoking, is due to a changing lifestyle. This has fueled the industry's growth.
Growth is expected to be driven by technological advances, particularly in the guidewires segment and the stent segment. The guidewires segment is expected to see significant growth due to its excellent tip shape retention, increased flexibility with minimal deformity and cost-effectiveness. E.g. The introduction of RunthroughNS by Terumo, which performs multi-vessel procedures using one wire, is expected to increase usage.
With over 70% of the global revenue, interventional cardiology devices dominated the market in 2013. Its large revenue share is due to high usage rates and increasing adoption rates for technological advances such as bio-absorbable devices.
There are three types of stents: bare metal, drug eluting, or bioabsorbable. Stents are being used to remove blockages and stenosis from the coronary vessels. They can be used in minimally invasive coronary intervention (PCI), or coronary angioplasty. The development of the stent is largely dependent on technology. Manufacturers conduct rigorous R&D to develop new products that perform better than the older versions.
Catheters are one of the most rapidly-growing products. This is due to the growing demand for minimally invasive procedures in the field cardiovascular disease. The largest share of catheter sales is held by angiography catheters. Growth is expected to be driven by factors such as increasing incidence rates of congenital or structural heart diseases, patient awareness, and technological advancements.
North America's interventional cardiology device market was the largest, with a revenue share of over 35.0% estimated in 2013. There are many factors that drive this market: the high quality of healthcare infrastructure, government support for product development, patient awareness, and relatively higher healthcare spending.
Europe was the second largest region in 2014. This is due to rising obesity rates and changing lifestyles such as dietary irregularities, smoking, and increasing prevalence of cardiovascular diseases. These products will grow in this region largely due to the reimbursement policies of individual European countries.
Asia Pacific's interventional cardiology device market is expected to see significant growth, at a CAGR exceeding 9.0% between 2014 and 2020. This is due to rising prevalence of cardiovascular diseases in the geriatric and pediatric population, increasing awareness about the convenience and cost-effectiveness of these devices, and rising healthcare expenditure levels. Three industrial companies have their presence in Asia for the aortic endograft: Medtronic, Gore and Cook Medical.
The global market leader in interventional cardiology device sales is Abbott Laboratories, Terumo Medical Corporation, Terumo Medical Corporation, Terumo Medical Corporation, Medtronic, Inc, Boston Scientific., Medtronic, Inc, and B. Braun Melsungen AG.
This market has some innovative products, such as the VeriFLEX Bare Metal Coronary Stent System from Boston Scientific, Heartrail III Coronary Guid Catheters by Terumo Medical Corporation and INFINITI range by Cordis Corporation. High levels of industry competition make the industry highly competitive. The industry is competitive and players are trying to capitalize on untapped opportunities.
b. Global interventional cardiology device market was valued at USD 16.15 billion in 2014. It is projected to grow to USD 17.28 billion by 2015.
How is the market for interventional cardiology equipment growing?b. Global interventional cardiology device market is expected grow at a compound annual rate of 7.7% between 2015 and 2020, reaching USD 25.16 trillion by 2020.
Which segment had the largest market share for interventional cardiology products?b. With a 35% share in 2013, North America dominated interventional cardiology device market. This can be attributed to the presence of a sophisticated healthcare infrastructure and favorable government initiatives pertaining product development.
What are the major players in the market for interventional cardiology products?b. Abbott Laboratories, Cordis Corporation, Terumo Medical Corporation, Medtronic, Inc, Boston Scientific., B. Braun Melsungen AG are some of the key players in the market for interventional cardiology products.
What are the driving factors for the market for interventional cardiology products?b. The market is driven by growing adoption of minimally invasive surgery, rising global prevalence of cardiovascular disease and technological advances.
Up Market Research published a new report titled “Interventional Cardiology Devices Market research report which is segmented by Product (Stents, Balloon Inflation Device, Catheters, PTCA Balloons, PTCA Guidewires), By Players/Companies Cordis Corporation, B Braun Melsungen AG, Medtronic, Abbott Laboratories, Inc, Boston Scientific, Terumo Medical Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Interventional Cardiology Devices Market Research Report |
By Product | Stents, Balloon Inflation Device, Catheters, PTCA Balloons, PTCA Guidewires |
By Companies | Cordis Corporation, B Braun Melsungen AG, Medtronic, Abbott Laboratories, Inc, Boston Scientific, Terumo Medical Corporation |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 241 |
Number of Tables & Figures | 169 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Stents, Balloon Inflation Device, Catheters, PTCA Balloons, PTCA Guidewires).
Interventional Cardiology Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Interventional Cardiology Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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