Interventional Cardiology Devices Market to Expand at a Rapid CAGR of 2.9% from 2014 to 2022
Stents have consistently been the leading type of interventional cardiology device in use to date. It is expected that stents will remain the leading type till 2022 by when it will be valued at US$6.89 bn. At the same time, interventional cardiology device systems are expected to progress at the leading CAGR of 4.7% from 2014 to 2022.
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A large chunk of the interventional cardiology devices demand and production is taken up by North America and Europe. North America is expected to remain the dominant region till 2022 and is expected to gain a revenue of US$4.04 bn by then. Both North America and Europe show a high consumption rate of premium priced interventional cardiology devices and are regions that can cater to a high rate of innovation in medical devices, thus resulting in their dominance in this market.
Asia Pacific, on the other hand, is showing a stunning CAGR of 4.8% from 2014 to 2022 for interventional cardiology devices, owing to the high rate of healthcare developments occurring in China and India.
“As stated by the WHO, almost 23.3 mn deaths are expected to occur by 2030 on account of cardiovascular diseases. What’s more is that about 80% of these deaths are likely to occur in underdeveloped economies. This is a highly alarming call to the makers of related medical devices – including interventional cardiology devices – to ramp up their research and development processes to help bring about a more successful and satisfactory rate of surgical procedures,” states a TMR analyst.
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The increase in number of patients is directly related to two prime factors: the increasing percentage of the geriatric population and the growing obesity epidemic in developed nations. Both factors are massive perpetrators of the high number of heart diseases in the world today.
Additionally, the usage of interventional cardiology devices is expected to increase owing to the growing use of minimally invasive ones. These new devices can reduce the pain caused by a surgery and significantly reduce the time takes for surgical wounds to heal.
As per a publication by Transparency Market Research, the global market for interventional cardiology devices is extremely dynamic and holds a large scope for consolidation. The rivalry between these players is intense and will most likely increase over time due to the imminent introduction of innovative interventional cardiology devices.
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On the other hand, the threat of new entrants is expected to stay medium over the coming years. Regulatory frameworks are growing increasingly stringent and the research and development expenses to maintain a strong foothold in the market are very high. This is expected to deter the entry of small and medium sized players into the market for the time being.
A key issue that needs to be addressed for all manufacturers of interventional cardiology devices is the high intensity of competition between players in this highly dynamic market. The price cuts made by small and medium sized players on their devices is creating a large gap in margins for all companies, thereby stunting the research and development efforts due to lack of funds.
The scenario is further complicated by the fact that most companies enter long-term contracts with healthcare organizations, thereby achieving cost reductions for longer periods of time.
“Globally prominent manufacturers of interventional cardiology devices can look towards emerging nations for a better chance at improving their shares. Countries such as India, China, Brazil, and Mexico are currently hotspots for developments in healthcare, pharmaceuticals, and medical devices. This can be complemented by the developments on bio-absorbable stents, which are expected to take over the market in the future,” adds the analyst.
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