The rise in geriatric population, bioresorbable vascular scaffolds, developments in interventional cardiology devices have resulted in boosting the Interventional Cardiology Devices market.
The global interventional cardiology devices market is forecast to reach USD 26.71 Billion by 2028, according to a new report by Reports and Data. Interventional cardiology can be defined as a branch of cardiology that focuses specifically on the treatment of structural heart diseases, based on catheters. It is contrary to noninvasive or preventive treatments such as lifestyle changes and most imaging techniques, wherein this method of treatment mainly deals with more invasive treatments, involving stenting and catheters. Previously open-heart surgery was considered as the only option for care users having narrowing aortic heart valve or at a high risk of aortic stenosis. The fact that this form of cardiovascular treatment is a non-surgical option has resulted in its growing popularity, which in turn is boosting the demand for interventional cardiology devices. Furthermore, growing geriatric population and developments in interventional cardiology devices are some of the factors further propelling the growth of the market.
In context to region, Europe can be seen to occupy a prominent market share. The increasing occurrence rate of lifestyle diseases, continuous growth in the geriatric population, and expansion of the healthcare sector are some of the factors supporting the growth of the market in this region.
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The global pharma & healthcare market revenue growth majorly driven by factors such as increasing prevalence of chronic and acute illnesses around the world, substantially growing patient pool, rise in demand for personalized medicine, increasing pharmaceutical and biotechnological research & development projects, and rapid incorporation of emerging technologies such as artificial intelligence (AI), Internet of Things (IoT), big data analytics, robotics, and blockchain in healthcare. Rising cases of COVID-19 worldwide, surge in demand for advanced healthcare services during the COVID-19 pandemic, growing trends of telehealth and telemedicine, rising demand for advanced point-of-care diagnostics, and increasing government and private funding for development of COVID-19 vaccines are other key factors driving market revenue growth. Furthermore, increasing investments in new drug discovery & development and rising government focus on reinforcing the healthcare supply chain to meet growing medical needs are factors boosting revenue growth of this market.
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Further key findings from the report suggest
- The Interventional Cardiology Devices market held a market share of USD 15.49 Billion in the year 2018 that is forecasted to grow at a rate of 7.1% during the forecast period.
- In context to Product Type, the Stents segment generated the highest revenue of USD 8.52 Billion in the year 2018, with a growth rate of 7.4% during the forecast period. The extensive application of the cardiology devices in angioplasty procedures, wherein it is applied in more than 70% of these procedures, contributes to the revenue generated by this segment. A combination of stenting and angioplasty helps in enhancing the quality of life, particularly when performed after a heart attack, also contributes to its high acceptance and recommendation among care service providers.
- In context to Application, the Coronary angioplasty segment can be seen to generate the highest revenue of USD 4.34 Billion in 2018, with a growth rate of 7.3% during the forecast period. The high incidence rate of coronary artery diseases and applicability of angioplasty and associated devices in the treatment of the condition contributes to the revenue generated by this segment.
- In context to End-user, the Hospital segment is dominating that generated the highest revenue of USD 8.67 Billion in 2018, with a CAGR of 7.2% during the forecast period. The revenue generated by the segment is resultant of an increasing rate of hospitalization associated with cardiovascular diseases and elevated demand for interventional cardiology devices for providing treatment to these care users in hospitals.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 8.1% during the forecast, which is expected to hold 0% of the market by 2027. The growth rate witnessed by the region is resultant of developing healthcare infrastructure and increasing incidence rate of cardiovascular diseases in this region.
Table of Contents (ToC) – Global Interventional Cardiology Devices Market
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
Key Regional Markets Covered in the Report:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Top Companies Profiled in the Report:
Abbott, Terumo Medical Corporation, Medtronic Inc., Boston Scientific Corporation, B Braun Melsungen, Johnson & Johnson, Ivascular, C. R. Bard, Terumo Corporation and Biotronik.
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