Published on : Dec 30, 2016
Interventional cardiology is a minimally invasive catheter based technology that enables treatment of coronary artery disease, such as coronary blockages or narrowing of the coronary artery restricting normal blood flow. Continuous increase in number of percutaneous interventions (PCI), growing demand for minimally invasive procedures, rapidly increasing elderly population and technical advances leading to advent of innovative products with improved outcomes are some of the major factors expected to drive the market growth during the forecast period. Rising incidences of coronary artery disease, increasing lifestyle disorders such as obesity and growing disposable income are the key factors that will lead to increase in the number of percutaneous interventions. Furthermore, rise in elderly population, which is more susceptible to various disease conditions, will also help boost the growth of overall interventional cardiology devices market during the forecast period. However, the market for interventional cardiology devices is anticipated to witness single digit growth rate due to strict regulatory environment, lack of reimbursement, decrease in average selling price and steady growth in number of PCI’s.
A recent report by Transparency Market Research (TMR) estimates the global market for interventional cardiology devices to rise at a CAGR of 2.9% during the forecast period of 2014 to 2022, reaching a valuation of US$11.2 bn by the end of 2022.
North America Continues to Serve Maximum Demand
North America held the largest share of the global interventional cardiology devices market in 2014, with an opportunity of US$3.3 bn. The market in the region is anticipated to expand at a healthy rate, which is attributed to several factors including the continued adoption of premium priced drug eluting stents and rising incidence of cardiovascular diseases. However, the decrease in average selling price and saturation in procedural volume is likely to hinder the growth rate of this regional market. On the other hand, Asia Pacific is projected to rise at most significant rate during the forecast period, owing to reasons such as large population base, increasing disposable income among urban class, and the rising number of patients diagnosed with cardiac artery disease.
Highly Consolidated Competitive Landscape
The global interventional cardiology devices market displays intense rivalry among the existing players, as the market comprises both large, mid-sized, and small players. The top three companies in the global interventional cardiology devices market are Boston Scientific, Medtronic, and Abbott Vascular, who hold more than half of the shares. These players dominate the market primarily due to drug eluting stents, where these three p layers have monopoly in the market.