The rise in geriatric population, bioresorbable vascular scaffolds, developments in interventional cardiology devices have resulted in boosting the Interventional Cardiology Devices market.
The global interventional cardiology devices market is forecast to reach USD 28.67 Billion by 2027, according to a new report by Reports and Data. Interventional cardiology can be defined as a branch of cardiology that focuses specifically on the treatment of structural heart diseases, based on catheters. It is contrary to noninvasive or preventive treatments such as lifestyle changes and most imaging techniques, wherein this method of treatment mainly deals with more invasive treatments, involving stenting and catheters. Previously open-heart surgery was considered as the only option for care users having narrowing aortic heart valve or at a high risk of aortic stenosis. The fact that this form of cardiovascular treatment is a non-surgical option has resulted in its growing popularity, which in turn is boosting the demand for interventional cardiology devices. Furthermore, growing geriatric population and developments in interventional cardiology devices are some of the factors further propelling the growth of the market.
In context to region, Europe can be seen to occupy a prominent market share. The increasing occurrence rate of lifestyle diseases, continuous growth in the geriatric population, and expansion of the healthcare sector are some of the factors supporting the growth of the market in this region.
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Further key findings from the report suggest
- The Interventional Cardiology Devices market held a market share of USD 15.49 Billion in the year 2018 that is forecasted to grow at a rate of 7.1% during the forecast period.
- In context to Product Type, the Stents segment generated the highest revenue of USD 8.52 Billion in the year 2018, with a growth rate of 7.4% during the forecast period. The extensive application of the cardiology devices in angioplasty procedures, wherein it is applied in more than 70% of these procedures, contributes to the revenue generated by this segment. A combination of stenting and angioplasty helps in enhancing the quality of life, particularly when performed after a heart attack, also contributes to its high acceptance and recommendation among care service providers.
- In context to Application, the Coronary angioplasty segment can be seen to generate the highest revenue of USD 4.34 Billion in 2018, with a growth rate of 7.3% during the forecast period. The high incidence rate of coronary artery diseases and applicability of angioplasty and associated devices in the treatment of the condition contributes to the revenue generated by this segment.
- In context to End-user, the Hospital segment is dominating that generated the highest revenue of USD 8.67 Billion in 2018, with a CAGR of 7.2% during the forecast period. The revenue generated by the segment is resultant of an increasing rate of hospitalization associated with cardiovascular diseases and elevated demand for interventional cardiology devices for providing treatment to these care users in hospitals.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 8.1% during the forecast, which is expected to hold 0% of the market by 2027. The growth rate witnessed by the region is resultant of developing healthcare infrastructure and increasing incidence rate of cardiovascular diseases in this region.
- Key participants include Abbott, Terumo Medical Corporation, Medtronic Inc., Boston Scientific Corporation, B Braun Melsungen, Johnson & Johnson, Ivascular, C. R. Bard, Terumo Corporation and Biotronik.
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For the purpose of this report, Reports and Data have segmented the global Interventional Cardiology Devices market according to Product Type, End-user, Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2027)
- Intravascular Ultrasound (IVUS) Catheters
- PTCA Guidewires
- Balloon Inflation Device
- PTCA Balloons
End-user Outlook (Revenue, USD Billion; 2016-2027)
- Homecare Setting
- Ambulatory surgical centers
Application Outlook (Revenue, USD Billion; 2016-2027)
- Coronary angioplasty
- Congenital heart defect correction
- Percutaneous valve repair
- Percutaneous valve replacement
- Coronary thrombectomy
Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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Key Questions Answered by the Report:
- What are the key growth driving and restraining factors of the Interventional Cardiology Devices market?
- What are key opportunities and growth prospects of the Interventional Cardiology Devices industry is expected to witness over the forecast period?
- Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
- Which region is expected to dominate the market growth over the forecast period?
- Which segments are expected to register lucrative growth over the forecast period?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
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