The global interventional cardiology devices market size was valued at USD 11.95 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. Declining ASPs will constrain the industry growth due to a variety of causes, including fierce price rivalry. These losses will be partially offset by the rising occurrence of complex lesions and the development of specialized, expensive methods to identify and treat these complex CADs. For instance, companies like Abbott Laboratories continue to profit by providing a wide range of products in the IC device market. By focusing on introducing new products, the company has been able to maintain a notable position in this market.
Delays in clinical trials, broken supply chains, and a greater emphasis on medical supplies and related critical care devices are factors that have had a detrimental influence on the industry growth. In 2020, semi-urgent to elective PCI procedures, which are often more postponable, witnessed a high reduction. However, situations requiring an urgent operation are more serious and observed a significantly slower drop in 2020.
Likewise, IC procedure volumes, followed by unit sales and revenues, declined in 2020, and the market recovered mainly in the beginning of 2021. Annual growth will resume when a backlog of deferred procedures is handled in 2021 and 2022, and recovery levels of deferred procedures will be significantly affected by healthcare system capacity as well as hospitals' and doctors' ability to handle the increased patient load.
Moreover, government initiatives to increase the accessibility and cost of IC treatments, such as the Ayushman Bharat Yojana in India, would encourage rising patient numbers throughout the projection period. The largest publicly financed healthcare program in the world, Ayushman Bharat Yojana, was introduced by the Indian government in September 2018. With a focus on disadvantaged families in rural areas, the government hopes to create a network of primary healthcare facilities centered in the community and offer insurance coverage for secondary and tertiary services to roughly half of the nation's residents.
The coronary stents segment held the largest revenue share of over 35.0% in 2021. In general, DES makes up the majority of sales in the coronary stent market category as a whole. The market has benefited from the introduction of next-generation DES like Abbott Laboratories' XIENCE series, Medtronic's Resolute Onyx, and many other well-known stents including the SYNERGY and Orsiro DES from Boston Scientific and BIOTRONIK. These more contemporary stents provide superior deliverability, stent integrity, and reduced rates of problems as compared to their older counterparts.
The market for PTCA balloon catheters will also continue to rise significantly over the course of the projection period. This is partly because more PCI procedures will be performed, especially in places like India, China, and Latin America where untreated CAD is more prevalent.
The growth of the market for companion devices is significantly influenced by the total number of IC processes. As more patients in the covered regions become eligible for Percutaneous Coronary Intervention, accessory device sales will increase, leading to an increase in accessory device revenues up until the COVID-19 pandemic's impacts have waned. As several devices must be used in every IC method, the accessory device market is rather large despite typically low ASPs when compared to other device categories in the market.
Asia Pacific held the largest revenue share of over 55.0% in 2021 due to the rising CAD incidence and better CAD screening, economic development, increased government investment in healthcare, favorable reimbursement in South Korea and Australia, the expansion of the healthcare infrastructure in India and China, and the rising prevalence of a number of CAD risk factors like poor diets, smoking, and unhealthy lifestyles.
While there are many initiatives encouraging market expansion, the government has also taken several actions that could potentially impede such progress. For instance, the Chinese government implemented a centralized procurement procedure for high-value medical consumables in January 2021, which significantly reduced the cost of DES. The average price of DES has decreased by 93% from 2019 in order to win the national tender. Furthermore, domestic product ASPs would fall by 92% and imports will fall by 95% in China. Because a significant amount of IC device revenues come from coronary stents, this move will cause a slight decline in the Chinese IC device market throughout the projection period.
Latin America is anticipated to witness exponential growth during the forecast period. The market will continue to grow as a result of ongoing innovations, regional approval of newer technologies, such as next-generation DES and BRS, and subsequent acceptance of these expensive technologies due to their benefits in revascularization treatments.
Furthermore, usage of reusable devices is high in Latin America because they are an economical option for organizations trying to reduce PCI spending. This reuse restriction will have a significant effect on the markets for conventional PTCA balloon catheters and related accessory devices.
The market for interventional cardiology is highly competitive. The well-known market leaders in the IC devices sector include Boston Scientific, Medtronic, and Abbott Laboratories. Due to their extensive product portfolios and the ability to serve a variety of market niches, these companies have become dominant players.
Because they could sell whole product bundles of the IC devices required in cardiac catheterization labs at significantly lower prices, they are able to utilize aggressive pricing techniques. These businesses have also been making investments in the development of new products for the lucrative intravascular imaging sector and the coronary stent market.
Companies are employing strategies such as new product launches and technological advancements for sustaining the competition and better market penetration. For instance, both Boston Scientific and Medtronic saw increases in share after the introduction of their respective next-generation DES. Furthermore, with the introduction of XIENCE Sierra DES in 2018 and XIENCE Skypoint in 2021, Abbott Laboratories has been able to regain its notable market presence. Some prominent players in the global interventional cardiology market include:
Abbott Laboratories
Medtronic
Boston Scientific
Spectranetics
Cardinal Health
Philips Healthcare
Terumo
Alvimedica
Teleflex Medical
B. Braun
Biosensors International
Meril Life Sciences
BIOTRONIK
ACIST Medical Systems
ASAHI INTECC
CID Vascular
Cook Medical
Medinol
Merit Medical Systems
NuMED
Opsens
Vascular Solutions
Zeon Medical
Report Attribute |
Details |
Market size value in 2022 |
USD 12.01 billion |
Revenue forecast in 2030 |
USD 16.11 billion |
Growth rate |
CAGR of 3.7% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Procedure (000’ units), unit volume (000’ units), ASP in USD, revenue in USD million/billion, CAGR from 2022 to 2030 |
Report coverage |
Volume forecast, revenue forecast, company share, competitive landscape, growth factors and trends |
Segments covered |
Product, region |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; Germany; U.K.; France; Spain; Italy; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Turkey |
Key companies profiled |
Abbott Laboratories; Medtronic; Boston Scientific; Terumo; B. Braun; BIOTRONIK; Biosensors International; Koninklijke Philips N.V.; Teleflex Medical; Meril Life Sciences; Merit Medical Systems; Becton; Dickinson and Company (BD) |
Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global interventional cardiology market report on the basis of product and region:
Product Outlook (Procedure; Unit Volume; ASP; Revenue, USD Million, 2017 - 2030)
Coronary Stents
DES
BMS
BRS
PTCA Balloon Catheters
Normal
Specialty (Includes cutting, scoring, and lithotripsy balloons)
DCB
Accessory Devices
PTCA Guidewires (Workhorse, Specialty)
Diagnostic Catheters
PTCA Guiding Catheters
Introducer Sheaths
Intravascular Imaging Catheters and Pressure Guidewires (IVUS Catheters, OCT Catheters, FFR Guidewires)
Regional Outlook (Procedure; Unit Volume; Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe (EU-5)
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
Japan
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
Turkey
b. The global interventional cardiology devices market size was estimated at USD 11.95 billion in 2021 and is expected to reach USD 12.01 billion in 2022.
b. The global interventional cardiology devices market is expected to grow at a compound annual growth rate of 3.7% from 2022 to 2030 to reach USD 16.11 billion by 2030.
b. Asia Pacific dominated the industry in 2021 with a revenue share of 57% due to rising CAD incidence and better CAD screening, economic development, increased government investment in healthcare, favorable reimbursement in South Korea and Australia, the expansion of the healthcare infrastructure in India and China, and the rising prevalence of several CAD risk factors like poor diets, smoking, and unhealthy lifestyles.
b. Some key players operating in the interventional cardiology devices market include Abbott Laboratories; Medtronic; Boston Scientific; Terumo; B. Braun; BIOTRONIK; Biosensors International; Koninklijke Philips N.V.; Teleflex Medical; Meril Life Sciences; Merit Medical Systems; Becton, Dickinson and Company (BD)
b. Key factors that are driving the market growth include an increase in government initiatives in mature markets, rising initiatives by competitors, rising adoption of new generation devices, increasing prevalence of Coronary Artery Disease (CAD), and a rise in patient volume.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
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