Global Interventional Cardiology Devices Market: Overview
Interventional cardiology deals with the treatment of the heart related diseases such as coronary artery disease, congenital heart defect and aneurysm through catheter based devices. The process involves the insertion of catheter into large peripheral artery or vein to perform surgical process. Interventional cardiology provides fast recovery, controlled bleeding and short hospital stay. The interventional cardiology market has witnessed constant development from bare metal stent to bio-absorbable stent. Intervention cardiology devices include stents, catheters, guide wires, filters and balloons. According to Center of Disease Control and Prevention, in 2016 approximately 40,000 children are suffering from coronary heart disease in the U.S. The market is expected to register a CAGR of 5.7% during the forecast period of 2018 to 2025.
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Global Interventional Cardiology DevicesMarket: Segmentation
By Product Type
- Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloons
- Intravascular Ultrasound System
- Inferior Vena Cava (IVC) Filter
- Percutaneous Transluminal Coronary Angiography (PTCA) Guide Wires
- Left Atrial Appendage (LAA) Device
Increased prevalence of cardiovascular disorders is expected to fuel the growth of interventional cardiology devices market
The overall world population is witnessing increase in proportion of geriatric population and obesity which is causing numerous heart related diseases. For instance, according to the United Nations report, around 901 million people of age 65 and above in 2015 across the globe are suffering from heart related disorders and it is expected to reach 1.4 billion by 2050. The major drivers responsible for the growth of the market are the advancement in the healthcare research, increase in the demand of minimal invasive procedures and increasing patient awareness. The increase in geriatric population coupled with obesity and lifestyle patterns leads to the increase in coronary artery disease. In 2017, American Heart Association reported 36,000 deaths due to coronary artery disease in the U.S alone. Continuous innovations in interventional cardiology devices such as new generation drug eluting balloons and bio-absorbable stents are expected to further support the growth in the interventional cardiology devices market. However the market is hindered by product recalls and high cost of manufacturing the devices.
Geographically, North America is leading in the interventional cardiology devices market owing to large geriatric population and sedentary life-style causing cardiovascular disorders. In 2016, as per Population Reference Bureau, approximately 40 million of age 60 and above are suffering from cardiovascular diseases and the prevalence is expected to reach 89 million by 2050 in the U.S alone, followed by Europe. Asia Pacific is expected to expand significantly in the near future because emerging economies such as China and India owing to its large population base are suffering from cardiovascular diseases and diabetes. The continuous increase in healthcare expenditure and increase in geriatric population are also fueling the growth of interventional cardiology devices market.
The major players operating in the interventional cardiology devices include Boston Scientific Corporation, Cook Medical, Medtronic Plc, Cardinal Health, Terumo Medical Corporation, Abbott Scientific and B Braun Melsungen A.G. The key players are focusing on acquisition to increase its portfolio of product offerings. In this direction, in 2017, Abbott acquired St Jude Medical to increase in product pipeline. St Jude Medical is into atrial fibrillation, heart failure, chronic pain and structural heart devices manufacturing, which will supplement the products of the Abbott.