Published: Feb, 2018
Some of the eminent names such as Medtronic, Abbott Vascular, and Boston Scientific were the leading manufacturers of interventional cardiology devices in the year 2014, collectively garnering market share of about 66.9% of the total market in value. Apart from this majority of shares, the remaining competitive landscape is evenly spread out across the world in medium and small sized market players.
As per a market research report by Transparency Market Research, the world market for interventional cardiology devices is considered to be extremely dynamic and accounts for large opportunity for consolidation. The competition between these market players is severe and is most likely to increase over due course of time owing to the apparent launch and implementation of innovative devices of interventional cardiology.
However, on the other hand, the existing threat of new market aspirants is anticipated to stay moderate over the forthcoming years. Various regulatory frameworks are becoming increasingly strict and expenses pertaining to research and development are becoming a strong segment in the market. This is expected to avert the entry of medium and small sized market players into the said market for some time.
The world market for interventional cardiology devices is anticipated to progress at a steady growth rate of 2.9% throughout the period of forecast that extends from the year 2014 to 2022, when it comes to revenue. This market revenue was estimated to reach US$ 9.36 bn by the end of the year 2016 and a market value of US$11.16 bn by the end of the year 2022.
North America to Fuel Market Demand
A sizeable segment of the interventional cardiology devices production and requirement is taken up by the region of Europe and North America. The region of North America is anticipated to continue to be the dominant one till the year 2022 and is further expected to reach market revenue of around US$ 4.04 bn by that time. Both the regions of Europe and North America exhibit a high rate of consumption of premium quality and highly priced interventional cardiology devices and the same regions can cater to a high rate of innovation in medical devices, thus resulting in their market dominance.
Expanding Geriatric Population to Impact Market Positively
Taking cue from the data of World Health Organization, TMR Analyst states that around 23.3 mn casualties are anticipated to take place by the year 2030 owing to cardiovascular diseases. Furthermore around 80% of these casualties are expected to occur in the underdeveloped countries. This is an alarming call to the manufacturers of medical devices and that includes makers of interventional cardiology devices.
Furthermore, increased number of patients is directly linked to two significant factors: the expanding base of the elderly population and the increasing problem of obesity which ahs turned into an epidemic in various developed nations.
The information shared that ahs been in this review is based on a TMR report, titled, “Interventional Cardiology Devices Market: (By Device Types: Stents (Bare-metal, Drug-eluting, Bio-absorbable), Catheters (Angioplasty, Guiding, Pulmonary Artery, IVUS), PTCA Balloons (Normal, Cutting, Scoring, Drug-eluting) , Systems (IVUS, FFR, OCT), PTCA Guidewires, Others; By Mode of Operation: Premise-based, Cloud-based, and Web-based; By End-user: Health Care Providers, Government Insurance Providers, Private Insurance Providers, Pharmaceuticals Companies, Medical Device Organizations, and Others (employers, diagnostic and imaging centers, and research institutions)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”
For the study the market has been segmented as follows:
Global Interventional Cardiology Devices Market Segmentation
- By Source
- Pulmonary Artery
- PTCA Balloons
- PTCA Guidewires
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