Interventional Cardiology Devices Market By Product Type (Stents, Balloon, Catheters, Cutting Balloon, And Others), By End User (Hospitals, Ambulatory Surgical Centers, And Specialty Clinics), and Region - Global Forecast to 2028
20th March 2019
find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global interventional cardiology devices market is expected to value at approximately US$ 11.1 Bn in 2019 and is expected to register a CAGR of 6.6%. The report offers in-depth insights, revenue details, and other vital information regarding the global interventional cardiology devices market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The global interventional cardiology devices market report has been segmented on the basis of product type, end user, and region.
Global Interventional Cardiology Devices Market: Introduction
Interventional cardiology is a specialty area within the larger field of cardiology. Interventional cardiologists are specialists in cardiovascular disease and training specifically in the use of catheters, flexible tubes, and many others in order to perform cardiovascular procedures during surgeries. These procedures such as angioplasty, stenting, and others are performed with the help of guiding tools through the body’s arteries. In recent times, for many patients, these minimally invasive interventional procedures are a more appropriate alternative than open surgeries for treatment of cardiovascular diseases.
Global Interventional Cardiology Devices Market: Dynamics
Increasing incidences of cardiovascular disorders is a major factor expected to drive the growth of the target market. According to WHO, each year, approximately 3.6 million men and 3.5 million women die of coronary artery disease (CAD) and by 2020, it is estimated that CAD will be reached to a total of nearly 11.5 million deaths globally. In addition, growing demand for minimally invasive procedures, increasing geriatric population, and higher government expenditure for development of healthcare infrastructure in order to facilitate advanced and cost-effective health services are some other factors expected to drive revenue growth of the global interventional cardiology devices market.
Furthermore, the growing incidence cardiovascular diseases among the aging population coupled with favorable reimbursement policies across various countries in the developed regions such as US, Canada, UK, are another factors expected to support the growth of the market over the forecast period.
However, the high manufacturing cost of cardiology medical devices is a major factor expected to hamper the global interventional cardiology devices market to a significant extent. In addition, products recall by manufacturers to address problems related to medical devices and poorly developed medical infrastructure in developing and under-developed countries are some other factors expected to restraint the growth of the target market to a certain extent.
For instance, in 2017, Abbott Laboratories, which is a US-based company, recalled coronary catheter products as physicians were facing difficulty in removing the protective balloon sheath. Products from identified lots exhibited difficulty in removing the protective balloon sheath, which could cause problems with inflating or deflating the balloon.
Increasing expenditure by governments of various developing and under-developed countries in the recent past for development of healthcare infrastructure and favorable insurance policies in order to facilitate advanced and cost-effective healthcare services, is expected to create opportunities for players operating in the target market.
The key trend witnessed in the target market is major players focuses on strategic expansion through merger and acquisition activities in order to enhance product portfolio, increase R&D activities, and increase profit share. For instance, In July 2018, Terumo Corporation, which is a Japan-based company, acquired Essen Technology (Beijing) Co., Ltd., which is a China medical device company. This acquisition will help the company to extend its business in China.
Global Interventional Cardiology Devices Market Analysis by Product type:
On the basis of product type, the stents segment is expected to contribute major revenue share in the global interventional cardiology devices market and is expected to register highest CAGR of over 6.7% over the forecast period. This is primarily attributed, higher usage of stents products for abdominal and thoracic aortic aneurysm stent grafts.
Global Interventional Cardiology Devices Market Analysis by End User:
Among all the end user segments, the hospital segment is expected to contribute major revenue share in the global interventional cardiology devices market and is expected to register highest CAGR of over 6.7% over the forecast period. This can be attributed to an increasing number of hospitals, especially in developing countries. In addition, growing burden of cardiovascular & related diseases, increasing number of patient visiting physician for the diagnosis of CVD & related diseases, and growing number of cardiac implant procedures globally are some of the other factors expected to drive the growth of the hospital end user segment.
Global Interventional Cardiology Devices Market Analysis by Region:
North America market is expected to dominate the global interventional cardiology devices market and is projected to account for largest revenue share as compared to that of markets in other regions. The major driving factors for growth of the interventional cardiology devices market in this region is increasing demand for new technologically advanced interventional cardiology devices owing to the increasing prevalence of peripheral and coronary artery diseases. In addition, growing demand for minimally invasive surgeries by patients, increasing government approvals for new and innovative interventional cardiology devices, and presence of advanced medical facilities as well as developed healthcare infrastructure are some of the other factors expected to support growth of the market in North America interventional cardiology devices market.
Europe market is expected to register second-highest revenue in the global interventional cardiology devices market. This is due to, rising awareness regarding fusion devices used in advanced treatments, large patient pool with peripheral & coronary artery diseases, and a growing number of clinical trials in countries in the region.
Asia Pacific market is expected to register the highest CAGR of over 7% over the forecast period. This is primarily attributed to increasing number of aging population, coupled with a rising number of cases of cardiovascular diseases and disorders in countries such as India and China are some of the major factors expected to drive growth of the market in the country in Asia Pacific region during the forecast period.
Global Interventional Cardiology Devices Market Segmentation:
Global Interventional Cardiology Devices Market Segmentation, by product type:
- Balloon Catheters
- Cutting Balloon
- Guide Catheters
- Angiographic Catheters
- Intravascular Ultrasound Imaging System
- Atherectomy Devices
- Others (inflation devices, angiographic guidewires, etc.)
Global Interventional Cardiology Devices Market Segmentation, by the end user:
- Ambulatory Surgical Centers
- Specialty Clinics
Global Interventional Cardiology Devices Market Segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Cardinal Health, Inc.
- Blue Sail Medical Co., Ltd. (Biosensors International Group, Ltd.)
- Abbott Laboratories
- Medtronic plc
- Braun Melsungen AG
- Boston Scientific Corporation
- Terumo Corporation
- Koninklijke Philips N.V.
- Cardiovascular Systems, Inc.
- Johnson & Johnson
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.0 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Product Type
- 2.2.2 Market Snapshot, By End User
- 2.2.3 Market Snapshot, By Region
- 2.2.4 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 3.0 Chapter 3
- 1.0 Chapter 1
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