Interventional Cardiology Devices Market: Key Players and Future Growth Potential
The global interventional cardiology devices market
size is projected to reach USD 25.5 billion by 2027 from USD 17.5
billion in 2022, at a CAGR of 7.7%. Market growth is driven mainly by
the rapid growth in the geriatric population and the associated increase
in the prevalence of coronary artery diseases, approval of new and
advanced products, and the increasing prevalence of diabetes. High
growth in emerging economies such as China, India, and Brazil are also
driving the demand for interventional cardiology devices. However, the
availability of alternative treatments and product failures and recalls
are the major factors that are expected to restrain the growth of this
market during the forecast period.
The interventional cardiology
devices market is highly consolidated in nature, with a few players
offering a variety of products. The major players operating in this
market are Medtronic (US), Boston Scientific Corporation (US), Abbott
(US), Cardinal Health (US), iVascular (Spain), Edward Lifesinces
Corporation (US), B. Braun Melsungen (Germany), Terumo Corporation
(Japan), Biosensors International Group (Singapore), and BIOTRONIK SE
& Co. KG (Germany).
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Boston
Scientific is the leading player in the interventional cardiology
devices market. The company offers a wide range of guidewires, stents,
catheters, angioplasty balloons, and structural heart devices. In the
last three years, the company has been focusing on expanding its
interventional cardiology portfolio by adopting various organic and
inorganic strategies. Apart from this, the company has a strong presence
in the US. As a result, in 2019, the company registered ~46% of its
total interventional cardiology revenue from the US alone.
Medtronic
is the second-leading player in the interventional cardiology devices
market. The company’s wide range of products and good brand image helps
it maintain its leading position in the market. The company actively
adopts organic strategies to gain a competitive edge in the market. It
has launched various interventional cardiology products in the last few
years. Besides this, the company also has a strong presence in developed
economies, such as the US. As a result, in 2019, the company generated
50% of its total revenue from the US alone
Driver: Rising tobacco consumption and increasing incidence of obesity
Smoking
and obesity are directly linked to cardiovascular diseases. Smoking
increases the formation of plaque in the blood vessels. Chemicals in
cigarette smoke also cause the blood to thicken and form clots inside
veins and arteries. Coronary heart disease occurs when the arteries that
carry blood to the heart are narrowed by plaque or blocked by clots.
Owing to this, smokers are at a much higher risk of developing CAD than
non-smokers. According to the CDC, more than 480,000 people die from
cigarette smoking in the US alone every year. Globally, more than 7
million people die each year due to cigarette smoking. By 2030, more
than 8 million people are expected to die annually from diseases caused
due to tobacco consumption.
Obesity, like cigarette smoking, also
leads to heart disease. Obese individuals generally require more blood
to supply oxygen and nutrients to their bodies, increasing blood
pressure. High blood pressure is a common cause of heart disease. Thus,
cigarette smoking and obesity are expected to increase the demand for
cardiovascular devices, including interventional cardiology devices, in
the coming years.
According to an article published in the Lancet
Journal in October 2016, the global prevalence of interventional
cardiology diseases was 115.1 million in 2005, which rose to 154.6
million in 2015. With the growing geriatric population in all major
regions across the globe, the prevalence of interventional cardiology
diseases is expected to increase further in the coming years. This, in
turn, will increase the demand and uptake of interventional cardiology
devices in major markets during the forecast period.
Opportunity: Increasing number of product approvals
In
recent years, an increasing number of key players operating in the
market have strengthened their product offerings by launching new and
advanced products. Some recent product approvals in the market include:
>In 2020, Biotronik SE & Co. KG received CE mark approval for Orsiro Mission Drug-eluting Stent.
>In 2020, Meril Life Sciences received CE mark approval for MeRes 100 Bioresorbable Scaffold
These
product launches by key players such as Medtronic, Abbott, and
BIOTRONIK SE & Co. KG in major markets are expected to increase
end-user access to advanced products with innovative features to treat
coronary artery diseases. This, in turn, is expected to fuel market
growth.
Related Links
https://www.marketsandmarkets.com/PressReleases/cardiology-devices.asp
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