Interventional cardiology procedures refer to catheter based treatments of structural heart diseases such as angioplasty, valvuloplasty and coronary thrombectomy. Rising global prevalence of cardiovascular diseases is the most significant driver of this market. WHO statistics suggest that cardiovascular diseases are expected to cause 25 million deaths worldwide by 2030 and such a fact coupled with rising patient awareness levels will increase the demand for interventional cardiology devices. Furthermore, rising demand for minimally invasive medical procedures and rising global geriatric population base will serve the market as drivers. The introduction of technologically advanced products such as bio-absorbable stents and the emergence of new applications in the fields of hypertension, and left atrial appendage occlusion will fuel the future growth of this market. The global interventional cardiology devices market was valued at USD 14,940.7 million in 2013 and is expected to grow at a CAGR of 7.7% during the forecast period.
The study aims at providing granular information, regarding estimates and forecasts for five major product segments namely catheters, PTCA guidewires, balloon inflation devices, stents and PTCA balloons. Stents dominated the market in terms of revenue share in 2013 at 69.0% and is expected to maintain its position throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of over 8.0% from 2014 to 2020 on account of the introduction of advanced products such as bio-absorbable stents. Low re-stenosis rates associated with this product will significantly elevate the market penetration rate. Catheters followed stents in terms of revenue share in 2013 at over 10.0% majorly owing to the growing demand of angiography catheters. Angiography catheters are used to diagnose heart disorders such as atherosclerosis, congenital heart defects and blood vessel irregularities. A catheter is inserted through a small incision made in the femoral artery and is then moved to the target sire. Diagnosis is performed using contrast media in the catheter tube and is visualized using ionizing radiation.
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North America, Europe, Asia-Pacific and rest of the world encompass the geographic segmentation of the interventional cardiology devices market. North America dominated the overall market in terms of revenue share owing to the presence of sophisticated healthcare infrastructure coupled with the presence of high patient awareness levels in this region. Its market was valued at USD 5,748.1 million in 2013 and is expected to grow at a CAGR of over 7.0% during the forecast period. However, the Asia-Pacific interventional cardiology devices market will grow at the fastest CAGR of over 8.5% from 2014 to 2020. Economic development witnessed in emerging economies such as India and China and the presence of high unmet medical needs in these regions accounts for the aforementioned fact.
The global interventional cardiology devices market is oligopolistic in nature. Moreover, market players strive towards establishing dominance over a particular product segment via the development of proprietary products with high efficacies. E.g. the global coronary stents market is oligopolistic in nature and is dominated by players such as Johnson and Johnson, Boston Scientific, Abbott Laboratories and Medtronic Inc. The presence of large untapped opportunities in this segment encourages new market players such as Terumo Medical to enter this market by developing products with technologically advanced features and capitalize on the available opportunities. Terumo Medical is a Japanese manufacturer and entered the coronary stents market by introducing Nobori (a drug eluting coronary stent). Boston Scientific Corporation dominated the global coronary stents market at a revenue share of over 30.0% in 2013 owing to factors such as the presence of a wide product portfolio especially in the drug eluting stent platform (E.g. Taxus and Promus) and a strong complimentary asset platform that helps in effectively marketing its products.