Global Interventional Cardiology Devices Market: Overview
Interventional cardiology deals with the treatment of heart diseases such as coronary heart disease, congenital heart defects and aneurysms using catheter-based devices. The process involves inserting a catheter into a large peripheral artery or vein to perform a surgical process. Interventional cardiology allows rapid recovery, controlled bleeding and a short hospital stay. The interventional cardiology market has seen a steady evolution from bare metal stent to bio-absorbable stent. Interventional cardiology devices include stents, catheters, guidewires, filters, and balloons. According to the Center of Disease Control and Prevention, in 2018 approximately 40,000 children suffer from coronary heart disease in the United States. The market is expected to register a CAGR of xx% during the forecast period of 2018 to 2028.
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Geographically, North America leads the market for interventional cardiology devices due to a large geriatric population and sedentary lifestyle leading to cardiovascular disorders. In 2016, according to the Population Reference Bureau, approximately 40 million people aged 60 and over suffer from cardiovascular disease and the prevalence is expected to reach 89 million by 2050 in the United States alone, followed by Europe. Asia-Pacific is expected to experience significant expansion in the near future as emerging economies such as China and India, due to its large population, suffer from cardiovascular disease and diabetes. The continuous increase in healthcare expenditure and increase in the geriatric population are also fueling the growth of the interventional cardiology devices market.
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Major players operating in Interventional Cardiology Devices include Boston Scientific Corporation, Cook Medical, Medtronic Plc, Cardinal Health, Terumo Medical Corporation, Abbott Scientific, and B Braun Melsungen AG. The major players are focusing on the acquisition to increase its portfolio of product offerings. In this direction, in 2017 Abbott acquired St Jude Medical to increase the product pipeline. St Jude Medical specializes in manufacturing devices for atrial fibrillation, heart failure, chronic pain and structural heart devices, which will complement Abbott’s products.
Global Interventional Cardiology Devices Market: Segmentation
By product type
Percutaneous transluminal coronary angioplasty (PTCA) balloons
Intravascular ultrasound system
Inferior vena cava (IVC) filter
Guide wires for percutaneous transluminal coronary angiography (PTCA)
Left Atrial Appendage (LAA) Device
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Increased Prevalence of Cardiovascular Disorders Expected to Fuel Interventional Cardiology Devices Market Growth
The overall world population is experiencing an increase in the proportion of the geriatric population and obesity which causes many heart diseases. For example, according to the United Nations report, around xx million people aged 65 and over in 2015 across the world suffer from heart conditions and they are expected to reach xx billion by 2050. Major drivers responsible for the growth of the market are advancement in healthcare research, increase in demand for minimally invasive procedures, and increased patient awareness. The increase in the geriatric population associated with obesity and lifestyles leads to an increase in coronary heart disease. In 2017, the American Heart Association reported 36,000 deaths from coronary heart disease in the United States alone. Continuous innovations in interventional cardiology devices such as next-generation drug-eluting balloons and bio-absorbable stents are expected to further support the growth of the interventional cardiology devices market. However, the market is hampered by product recalls and the high cost of manufacturing the devices.