The global market for interventional cardiology devices is characterized by stiff competition among vendors of all sizes – large, mid-sized, and small. The market is vast and dynamic, with new products being rolled out in rapid succession. Some of the dominant players in the market are: Abbott Laboratories, Boston Scientific, St. Jude Medical, Terumo Medical, Medtronic plc, Volcano Corporation, and Reva Medical. Of them, Boston Scientific Corporation was the market leader in 2013 with a share of 23.3%. Abbott Vascular came in a close second, followed by Medtronic. Together, the three accounted for over half of the market in terms of revenue.
The three players dominate the market because of the monopoly they enjoy due the new product drug eluting stents which they offer. Furthermore, Abbott also holds monopoly in the bio-absorbable vascular stents segment due to the first mover advantage (FMA) outside the U.S.
The global market for interventional cardiology devices is predicted to reach a value of US$11.16 bn by 2022 at a sluggish, single-digit CAGR of 2.9% from 2014 to 2022.
North America and Europe to Remain Dominant Markets
On the basis of product type, the global interventional cardiology devices market can be segmented into catheters, percutaneous transluminal coronary angioplasty (PTCA) guide wires, stents, percutaneous transluminal coronary angioplasty (PTCA) balloons, and other accessories. Catheters can be categorized further into intravascular ultrasound (IVUS) catheters, pulmonary artery catheters, angiography catheters, and percutaneous transluminal coronary angioplasty (PTCA) guiding catheters. The percutaneous transluminal coronary angioplasty (PTCA) balloon segment has been further divided into cutting balloons, normal balloons, drug eluting balloons, and scoring balloons. Stents can be further categorized into bare metal stents, drug eluting stents, and bio-absorbable stents. The global stents market is forecast to increase at a CAGR of 2.7% from 2014 to 2022 to reach US$6.89 bn by 2022.
Geographically, the market for interventional cardiology devices can be segmented into seven regions: Europe, North America, Latin America, Asia Pacific, North Africa, Middle East, and the Rest of the World (RoW). North America and Europe are the largest markets on account of hospitals eagerly adopting premium priced innovative products in these regions and also because of the rising number of patients with coronary artery disease. They are slated to remain major markets in the forecast period from 2014 to 2022. China and India dominate the Asia Pacific market and Brazil and Mexico are slated to record robust growth in Latin America.
Strict Regulatory Environment to Counteract Growth of the Market
As per the World Health Organization (WHO), cardiovascular diseases would claim 23.3 million lives by 2030. Among cardiovascular diseases, coronary artery disease would be the biggest killer. Such alarming numbers are slated to provide a fillip to the global market for interventional cardiology devices. Furthermore, a burgeoning geriatric population worldwide, particularly in the U.K., the U.S., Brazil, Japan, China, South Korea, and Thailand, will result in increasing occurrence of cardiovascular diseases. Alongside rising obesity, it would contribute to the global interventional cardiology devices market’s growth. New and advanced technologies for diagnosing and treating cardiovascular diseases such as imaging techniques and intravascular ultrasound, and minimally invasive procedures are improving the number of takers for such facilities, thereby boosting the market.
The market growth, however, will be countered by lack of reimbursement, strict regulatory environment, decrease in average selling price, and steady growth in number of PCI’s. Developed nations’ governments and private insurance agencies, for example, reimburse coronary heart disease patients requiring percutaneous coronary interventions (PCIs). But it is not so the case in less developed and emerging economies. This restrains market growth. “The average price for drug eluting stents (DES), which account for a share of over 60% of the interventional cardiology devices market in terms of revenue, has been declining slowly in the past few years. Coronary stenting procedures would witness constant growth in the near future, however decline in the average price of DES would result in lower revenue” states TMR analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Interventional Cardiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.”
Key Segments of the Global Interventional Cardiology Market
Global Interventional Cardiology Devices Market, by Device Type
- Bare Metal Stents
- Drug-Eluting Stents
- Bio-absorbable Stents
- Angiography Catheters
- Guiding Catheters
- Pulmonary Artery Catheters
- Intravascular ultrasound (IVUS) Catheters
- PTCA Balloons
- Normal Balloons
- Cutting Balloons
- Scoring Balloons
- Drug-eluting Balloons
- Imaging Systems
- IVUS (intravascular ultrasound)
- FFR (Fractional Flow Reserve)
- OCT (Optical Coherence Tomography)
- Percutaneous Transluminal Coronary Angioplasty Guidewires
Global Interventional Cardiology Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East North Africa (MENA)
- Saudi Arabia
- United Arab Emirates
- Rest of MENA
- Rest of the World (RoW)
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