Interventional Cardiology Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017 – 2025
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Increased prevalence of cardiovascular diseases is expected to fuel the growth of interventional cardiology devices market
There is a continuous increase in geriatric population and obesity which is leading to the increase in cardiovascular disease. For instance, as per United Nations report, there were around 901 million people of age 60 and above in 2015 and it is expected to reach 1.4 billion by 2050. Advancement in healthcare research, increasing patient awareness, and increase in the demand for minimal invasive surgery raise the demand for interventional cardiology devices. Interventional cardiology devices help interventional cardiologist to perform the procedure in short span of time, which reduces the risk and complication. The increase in obesity, geriatric population and lifestyle changes leads to the increase in coronary artery disease, for instance as per American Heart Association 2017 report, in the U.S. there was around 360,000 death caused due to coronary artery disease. With the prevalence of lifestyle diseases such as diabetes and hypertension has increased the cases of cardiovascular disorders. Continuous technological advancement in interventional cardiology devices and development of new systems with improved features such as new generation of drug eluting balloons and bio-absorbable stents are expected to support the growth in interventional cardiology devices market. Initiative taken by the Government to increase awareness about cardiovascular diseases and conduction of regular medical checkup camps has boosted the growth of market. Major challenges faced by interventional cardiology medical devices market is high manufacturing cost of these devices.
Developed regions support the growth of interventional cardiology devices market
Interventional cardiology devices market is segmented into various geographical regions such as North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America leads the interventional cardiology devices market because of the large geriatric population and sedentary lifestyle leading to cardiovascular disorders. According to Population Reference Bureau 2016, there were around 40 million people of age 60 and above, and it is expected to reach 89 million by 2050 in the U.S. Europe is closely following the North America in interventional cardiology devices market followed by Asia Pacific. However, Asia Pacific is expected to expand significantly in near future because of emerging economies such as India and China due to the increase in cardiovascular diseases, increased healthcare expenditure, per capita income of individual and increase in geriatric population, which is expected to support the growth of interventional cardiology devices market.
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Key players to support the interventional cardiology devices market
There are various players present across the globe contributing to the interventional cardiology devices market. Some key players are Abbott, Terumo Medical Corporation, Boston Scientific Corporation, Cardinal Health, Medtronic, Cook Medical and B. Braun Melsungen AG. In 2017, Abbott acquired St Jude Medicals to increase the product pipeline, as St Jude Medicals are into atrial fibrillation, structural heart, heart failure and chronic pain and Abbott are leading in coronary inventions, which increase the market share and fuels the growth of interventional cardiology devices market.
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