The global interventional cardiology devices market is expected to be worth US$25.16bn by 2020, according to a new report by Grand View Research.
Increasing prevalence of cardiovascular diseases coupled with adoption of minimally invasive surgeries is expected to boost the interventional cardiology device market over the forecast period. Unhealthy lifestyle habits such as high alcohol consumption, smoking, and lack of physical exercise are triggering incidences of cardiovascular diseases. Furthermore, the number of congenital heart disease patients is on a constant rise and this acts as a growth driver for the market.
According to a report published by the US Centers for Disease Control and Prevention in 2011, congenital heart defects are the most common birth defects in the USA, affecting approximately 1% of annual births. The treatment of cardiovascular disorders has changed dramatically due to the introduction of new drug therapies and devices such as guidewires and stents allowing the patient to live better quality and longer lives.
The advent of technologically advanced internal substitutes plays an integral role in this market and manufacturers focus on developing new products to curb problems associated with previous versions. For example, the evolution of stents began from bare metal stents and has now reached a completely new horizon in the form of disappearing bio-absorbable stents. Stents accounted for over 70% market share primarily owing to high usage rates in 2013.
Catheters in sync with stents are expected to register steady growth to reach up to a market size of over US$2.5bn by 2020. The growth is primarily driven by primarily the rising demand for minimally invasive medical procedures in the field of cardiovascular diseases. Faster patient recovery time and lesser procedure duration are two most significant factors contributing towards the rising demand of these medical procedures.
The North American interventional cardiology device market in 2013 was valued at over US$5.5bn, owing to factors such as the presence of favourable government initiatives encouraging new product development, sophisticated healthcare infrastructure and increasing patient awareness levels coupled with relatively higher healthcare expenditures in the region.
The Asia Pacific market is expected to be worth over US$6.4bn by 2022, growing at a lucrative rate over the forecast period. The growth is attributed to the presence of large untapped opportunities, rising healthcare expenditure, cardiovascular disease incidence rate, and disposable income levels. Prominent players operating in this industry include Cordis, Abbott, Medtronic, Terumo Medical, B Braun and Boston Scientific.