Interventional Cardiology Market Forecast
Global Interventional Cardiology Market held a value of USD 15,130.75 Million in 2018 and is expected to register a CAGR of 7.25% during the assessment period of 2019 to 2025.
Interventional Cardiology Market Synopsis
Interventional cardiology deals with the catheter-based treatment of heart diseases. Scrutinizing all the global territories, it has been noticed that there is a huge rise in the number of cardiac diseases. This can be attributed to the change in lifestyle, leading to lifestyle diseases. Each year cardiovascular diseases cause 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU).
In addition to that, the rise in the number of clinical trials of devices for use in interventional cardiology procedures is set to propel the growth of the market. For instance, in August 2018, B. Braun Melsungen AG announced that its drug-coated balloon ‘SeQuent Please’ for percutaneous transluminal coronary angioplasty showed positive results in the BASKET-SMALL 2 clinical trial. Moreover, the trend of bioresorbable stents going to contribute substantially to the growth of the market. For instance, in February 2019, Biotronik was granted approval from the FDA for its a drug-eluting stent system which is ultrathin and bioabsorbable for the treatment of patients with coronary artery disease.
Interventional Cardiology Market Influencer
Increasing provision and backing provided by regulatory authorities to companies operating in the interventional cardiology market, as well as the patients, act as a significant factor that pushes the growth of the Interventional cardiology market globally. Also, several prominent players are continuously involved in launching new and improved products in the market. Such initiatives also promise a massive level of growth in the Interventional cardiology market. In addition to that, the emergence of bioresorbable stents is catching the maximum attention of medical professionals due to its many benefits.
Interventional Cardiology Market Drivers
- Growing preference for minimally invasive procedures owing to less post-operative pain and speedy recovery
- Favorable reimbursement scenario in developed countries. In Germany, angioplasty with stenting using bare-metal stents is reimbursed solely via the diagnosis-related group (DRG).
- Support by government organizations. In February 2017, the National Pharmaceuticals Pricing Authority (NPPA), India’s drug pricing regulator, brought down the prices of stents by 85% in India.
- Rise in the incidence rates of cardiac diseases in developing as well as developed countries
- Partnerships and collaborations between key players and local players
- Increasing technological advancements and incorporation of innovation in the cardiac intervention industry
- High investment in research and development
- Growing awareness created by medical professionals and key players about the benefits of interventional cardiology procedures, in comparison to open surgeries among the patients
Interventional Cardiology Market Restraints
- Product Recalls: In March 2017, Abbott Vascular recalled three products i.e., Abbott NC Trek RX Coronary Dilatation Catheter, Abbott NC Traveler Coronary Dilatation Catheter, and Abbott NC Tenku RX PTCA Balloon Catheter. The recall was carried out as there were 19 reports of injury, and one report of a death associated with difficulty in removing the protective balloon sheath in case of these three products.
- Risk of bloodstream infections in patients can reduce the preference rate
Interventional Cardiology Market Segmentation
Interventional Cardiology Market By Product Type
- Stents: The stents segment is further segmented into drug-eluting stents, bare-metal stents, and bioresorbable vascular scaffolds. The stents segment held the largest share in 2018 due to a number of product launches by key companies such as Medtronic, Boston Scientific Corporation, and others.
- PTCA Catheters: This segment has been further divided into balloon catheters and guiding catheters. The PTCA catheters segment is expected to be the fastest-growing during the forecast period. The increase in rates of catheter induction in developing countries is likely to boost the growth of the market. Also, rising product launches by key players significantly contribute to the growth of the market. For instance, in June 2016, ASAHI INTECC Company Limited launched the ASAHI Caravel catheter in the US. This launch gave Caravel the lowest crossing profile of any of the purely braided microcatheters in the US. Such initiatives are expected to drive Interventional cardiology market growth.
- Plaque Modification Devices: The rising cases of atherectomy and thrombectomy cases worldwide is fueling the growth of this segment during the assessment period.
- Coronary Guidewires: The increasing use of guidewire technology acts as a major reason for the growth of this segment. Also, strategic initiatives by key players are also likely to drive Interventional cardiology market growth. For instance, in April 2018, ASAHI INTECC Company Limited announced the commencement of direct sales of its main product, PTCA guidewires in the US.
- Accessories: Accessories used in the interventional cardiology procedures include inflation devices, torquers, rotating hemostatic valves (Y-Connector), control syringes, manifold, extension lines, and others. The specificity and the necessity of accessories in the success of intervention procedures are likely to drive the segment growth.
Interventional Cardiology Market By End-User
- Hospitals: Hospitals held the majority share in 2018 owing to the high success rates of procedures conducted in a hospital. Approximately 200,000 cardiac arrests occur each year in hospitals, and 24 percent of those patients survive, whereas in less than six percent survive in an out-of-hospital cardiac arrest.
- Cardiac Catheterization Laboratories: This segment is anticipated to be the fastest growing during the forecast period owing to the increase in the number of cardiac intervention procedures conducted in these labs. The high uptake and adoption of patients and medical professionals towards the use of such labs boost the growth of this segment. For instance, more than one million diagnostic cardiac catheterizations (excluding percutaneous coronary
- intervention–only procedures) are performed each year in the nearly 2,000 cardiac catheterization laboratories in the US.
- Ambulatory Surgical Centers: With the increase in the number of cases for PCI procedures, the population is turning towards these centers for treatment due to reduced turnaround time. This factor is driving the growth of this segment.
- Others: Others include research firms, academic organizations, and simulation centers.
Interventional Cardiology Market By Region
- Americas: Americas was the largest regional market in 2018, owing to the increased cases of coronary diseases in this region. Percutaneous coronary intervention is one of the two most common procedures performed on patients with coronary artery disease in the US. For instance, a Percutaneous coronary intervention procedure is performed on 600,000 patients annually in the US and has the highest aggregate cost of all cardiovascular procedures. Also, the presence of major players, such as Boston Scientific Corporation, GE Healthcare, and Cardinal Health.
- Europe: The European region holds the second largest share owing to an increased number of hospitalizations for techniques such as carotid artery angioplasty and cerebral angioplasty.
- Asia-Pacific: The Asia-Pacific region is predicted to be the fastest-growing region in the global interventional cardiology market. Robust marketing initiatives by the manufacturers to consumers are playing a substantial role in increasing the target audience and thus increasing the Interventional cardiology market size in this region. Also, the increase in the setups of research and development centers, along with the rise in the number of partnerships and collaborations, is driving the growth of this region.
- Middle East & Africa: This region holds the least share but is expected to increase in the coming years due to the focus of key companies on such untapped regions.
Interventional Cardiology Market Key Players
- ABIOMED (US)
- Abbott (US)
- ACIST Medical Systems, Inc. (US)
- Braun Melsungen AG (Germany)
- BD (US)
- Biosense Webster, Inc (US)
- Biotronik SE & Co. KG (Germany)
- Boston Scientific Corporation (US)
- Cardinal Health (US)
- Cook Medical (US)
- Edwards Lifesciences Corporation (US)
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Life Vascular Devices Biotech S.L. (Spain)
- Medtronic (Ireland)
- Merit Medical Systems, Inc (US)
- Terumo Corporation (Japan)
- L. Gore & Associates, Inc. (US)
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors and Trends
By Type, End-User and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
ABIOMED (US), Abbott (US), ACIST Medical Systems, Inc. (US), Braun Melsungen AG (Germany), BD (US), Biosense Webster, Inc (US), Biotronik SE & Co. KG (Germany), Boston Scientific Corporation (US),Cardinal Health (US), Cook Medical (US), Edwards Lifesciences Corporation (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Life Vascular Devices Biotech S.L. (Spain), Medtronic (Ireland), Merit Medical Systems, Inc (US), Terumo Corporation (Japan), L. Gore & Associates, Inc. (US)
Key Market Opportunities
Rise in the number of clinical trials of devicesTrend of bioresorbable stents going to contribute substantially to the growth
Key Market Drivers
Favorable reimbursement scenario in developed countriesSupport by government organizationsPartnerships and collaborations between key players and local playersIncreasing technological advancements
Frequently Asked Questions (FAQ) :
Global interventional cardiology market is expected to grow substantially from its last recorded value of 15.13 billion by 2025.
Global interventional cardiology market is projected to register a moderate 7.25% CAGR in the forecast period (2019-2025).
The stents segment is expected to observe substantial demand over the review period.
The hospital segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global interventional cardiology market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), among others.