Global interventional cardiology devices market size was valued at USD 15.14 billion in 2013. Key growth drivers include the growing adoption rates of minimally invasive surgeries, increasing global prevalence of cardiovascular diseases and technological advancements introduced in this field.
The number of minimally invasive surgeries conducted increased from 669.5 thousand in 2005 to 805 thousand in 2014. These procedures result in fewer traumas to the patient and ensure quicker recovery and therefore, shorter hospital time. Thus, high demand for novel products exhibiting high accuracy and efficiency are expected to boost the growth of the market over the forecast period.
In addition, dominance of non communicable diseases has increased owing to unhealthy lifestyle habits, such as consumption of excess salt, saturated fats and sugars, lack of physical activities, high tobacco and alcohol consumption. Rising prevalence of lifestyle habits such as growing number of smokers, rising incidence rates of obesity and dietary irregularities are responsible for the growth in prevalence of major cardiovascular diseases across the world fuelling interventional cardiology device industry growth.
Introduction of technological advancements especially in the guidewires and stent segments is expected to drive growth during the forecast period. Advancements in the guidewires segment on the grounds of excellent tip shape retention, improved flexibility with minimal deformity and cost effectiveness is expected to serve as a high impact rendering driver. E.g. the introduction of Runthrough NS by Terumo which performs multi-vessel procedures with one wire is expected to improve usage rates.
North America interventional cardiology devices market, by product, 2012-2020 (USD Million)
Interventional cardiology stents dominated demand in 2013 with over 70.0% of global revenue. High usage rates in procedures and growing adoption rates of technological advancements such as bio-absorbable stents are some factors accounting for its large revenue share.
Stents include bare metal, drug eluting and bio absorbable stents. Introduction of stents placed in the coronary artery to clear artery blockages or coronary artery stenosis are gaining value. They are used in minimally invasive percutaneous coronary intervention (PCI) or coronary angioplasty procedures. Technology plays an integral role in the stents development. Manufacturers make rigorous R&D to develop nascent products that are functionally superior to the previous versions
Catheters are identified as one of the fastest growing products, owing to the rising demand for minimally invasive medical procedures in the field of cardiovascular diseases. Angiography catheters hold the major share of catheter segment. Factors such as rising incidence rates of congenital and structural heart diseases, patient awareness levels and technological improvements are expected to drive growth over the forecast period.
North America interventional cardiology devices market was the largest with revenue share estimated at over 35.0% in 2013. Presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to product development, and high patient awareness levels coupled with relatively higher healthcare expenditures in the region are some prominent drivers.
Europe was the second largest region in 2014, with rising incidences of obesity and changing lifestyle habits such as; dietary irregularities and growing number of global smokers are responsible for the growth of cardiovascular disease prevalence. The growth of these products in this region also depends on the reimbursement policies laid out by individual European nations.
The Asia Pacific interventional cardiology devices market is expected to witness significant gains, at a CAGR of over 9.0% from 2014 to 2020 due to the increasing prevalence of cardiovascular disorders in geriatric as well as in pediatric population, rising awareness about the cost effectiveness and convenience offered by these device and rising health care expenditure levels. For the aortic endografts, three industrial companies are having their presence in Asia namely Cook Medical, Gore and Medtronic.
Companies that dominate the global interventional cardiology devices market share include Abbott Laboratories, Cordis Corporation, Terumo Medical Corporation, Medtronic, Inc, Boston Scientific., and B. Braun Melsungen AG.
Advanced products such as VeriFLEX Bare-Metal Coronary Stent System by Boston Scientific, Heartrail III Coronary Guiding Catheters by Terumo Medical Corporation, and INFINITI range from Cordis Corporation are some new products introduced in this marketplace. The industry is competitive in nature marked by high industry rivalry levels. Players are striving to gain competitive advantage via capitalizing on available untapped opportunities.