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/Market-Reports/minimally-invasive-interventional-cardiology-devices-market-548.html
https://www.marketsandmarkets.com/ResearchInsight/minimally-invasive-interventional-cardiology-devices-market.asp
https://www.marketsandmarkets.com/PressReleases/cardiology-devices.asp