[309 Pages Report] Global demand for interventional cardiology devices is anticipated to record a CAGR of 8.4% during the forecast period (2022 to 2032). The interventional cardiology devices market is expected to be valued at USD 16.4 Billion in 2022 and is likely to reach USD 36.9 Billion by 2032.
The trajectory of interventional cardiology device adoption trends is on the rise owing to the numerous advantages associated with minimally invasive Neurosurgery, such as reduced surgical pain, injury, and faster recovery time when compared to conventional surgeries, thereby proving to be a viable alternative to open surgery.
The market is supported by:
Demand for interventional cardiology devices is expected to positively drive the market over the forecast period owing to the focus on extensive Research and Development by manufacturers to support the healthcare sector with prominent offerings.
People with diabetes are more likely to have other conditions that raise the risk of coronary heart disease. Risk factors, such as diabetes and hypertension, also fuel the demand for interventional cardiology devices.
| Attributes | Details |
|---|---|
| Interventional Cardiology Devices Market CAGR (2022 to 2032) | 8.4% |
| Interventional Cardiology Devices Market Value (2022) | USD 16.4 Billion |
| Interventional Cardiology Devices Market Value (2032) | USD 36.9 Billion |
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According to the American Heart Association, by 2035, around 45% of the USA population is likely to suffer from heart disease due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues.
In the USA alone, 1.5 million Americans are diagnosed with diabetes each year. Growth in diabetes prevalence can largely be attributed to the growth in the geriatric population; it is estimated that 25% of all geriatric individuals (aged 60 years and above) suffer from diabetes in the US (Source: ADA)
The presence of sophisticated healthcare infrastructure, favorable government product development initiatives, and high patient awareness levels are some of the key drivers for the interventional cardiology devices market growth in the region. Moreover, strategic initiatives by key players have also fueled market growth.
For instance, in June 2021, Abbott received the USA Food and Drug Administration’s approval for its XIENCE family of stents for its one-month dual-antiplatelet therapy (DAPT) labeled for high bleeding risk (HBR) patients in the USA.
Similarly, in March 2021, the USA Food and Drug Administration approved the first in the world non-surgical heart valve to treat pediatric and adult patients with a native or surgically repaired right ventricular outflow tract (RVOT), the part of the heart that carries blood out of the right ventricle to the lungs.
Manufacturers are working hard for research and development of innovative offerings to serve a large customer base and that will allow the interventional cardiology devices market to grow.
Hence, manufacturers are adopting strategies such as mergers & acquisitions to expand their global footprint and add disruptive packaging advancements to their product portfolio. Further, a number of international market participants are entering into acquisitions and mergers and implementing new technology to increase commercial capacity to gain a major revenue share.
For instance, in July 2021, Abbott launched its XIENCE family of stents, which received the US Food and Drug Administration’s (FDA) approval for one-month DAPT labeling for high-bleeding risk (HBR) patients in the USA. In addition, XIENCE stents recently received the CE Mark approval for DAPT in 28 days, thus, ensuring XIENCE stents have the shortest DAPT indication in the world.
The interventional cardiology devices market is expected to be valued at USD 16.4 Billion in 2022 and is likely to reach USD 36.9 Billion by 2032.
The trajectory of interventional cardiology device adoption trends is on the rise owing to the numerous advantages associated with minimally invasive surgeries, such as reduced surgical pain, injury, and faster recovery time when compared to conventional surgeries, thereby proving to be a viable alternative to open surgery.
In addition, the interventional cardiology devices market is growing due to technological advancements in the areas of vascular closure devices, coronary guidewires, and drug-eluting stents, which increase the efficiency of interventional cardiology devices.
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Diabetes and hypertension are primary risk factors that drive the demand for interventional cardiology devices.
Diabetes is more likely to be associated with other conditions that increase the risk of coronary heart disease, and high blood sugar levels can damage the blood vessels that control the heart over time, thereby spiking the sales of interventional cardiology devices.
The adoption of interventional cardiology devices is on the surge as diabetes prevalence is increasing due to an increase in the geriatric population; it is estimated that 25% of all geriatric individuals (aged 60 and above) in the USA have diabetes.
In addition, cardiology medical devices can be used to treat a variety of heart and artery problems, encouraging people from around the world to opt for the same.
Technological advancements have greatly boosted the interventional cardiology devices market share.
The rapid growth of the healthcare industry in developing countries has a positive impact on the interventional cardiology devices market growth, and the rising demand for minimally invasive treatment are the major factors fostering the interventional cardiology devices market key trends & opportunities.
One of the vital factors propelling the interventional cardiology devices market opportunities is advancements in developing-country healthcare facilities.
Favorable government initiatives for product development, as well as high patient awareness levels, augur well for the interventional cardiology devices market outlook.
There are cardiology medical device companies competing to launch advanced products for better treatment and have invested in research and development to improve their existing products and launch new platforms, and the same has facilitated the interventional cardiology devices market trends and forecasts.
However, a stringent regulatory environment and a lack of effective first-line treatments limit the interventional cardiology devices market growth.
During the forecast period, the angioplasty stents segment is expected to advance at a CAGR of 8.0% in the global interventional cardiology devices market.
Increased cases of coronary artery disease and increased use of angioplasty stents, including bare metal, drug-eluting, and bio-absorbable stents, in surgical procedures, are all combinedly contributing to the segment’s high interventional cardiology devices market share.
Rising individual healthcare expenditures, as well as the growing elderly population, are some other major factors driving revenue growth in this segment.
Demand for minimally invasive procedures in developing countries, as well as the development of improved cardiology medical equipment, are also considered factors primarily influencing the segment’s growth.
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| Regions | CAGR (2022 to 2032) |
|---|---|
| USA Market | 8.2% |
| UK Market | 7.5% |
| China Market | 7.8% |
| Japan Market | 6.7% |
| South Korea Market | 6.2% |
The US interventional cardiology devices market is likely to lead the market globally with a CAGR of 8.2% during the forecast period.
The presence of sophisticated healthcare infrastructure, favorable government product development initiatives, and high patient awareness levels are some of the key drivers for the interventional cardiology devices market growth in the region.
The US has a high consumption rate of premium-priced interventional cardiology devices, and it is the region that can accommodate a high rate of medical device innovation, thus holding a large interventional cardiology devices market share globally.
Relatively high healthcare expenditures in the region are also considered a vital factor in opening up a wide array of interventional cardiology device market opportunities in the region.
A few of the region's key cardiology medical device companies are developing novel products and technologies to compete with existing products, while others are acquiring and partnering with other companies trending in the market.
The UK is projected to hold the second-largest interventional cardiology devices market share on account of rising obesity rates and changing lifestyle habits such as dietary irregularities, and an increasing number of global smokers driving the rise in cardiovascular disease prevalence.
The expansion of these products in this region is also dependent on the reimbursement policies established by other individual European countries.
The interventional cardiology devices market growth in China, Japan, and South Korea is primarily due to the rising prevalence of cardiovascular disorders in both the geriatric and pediatric populations, rising awareness about the cost-effectiveness and convenience offered by cardiology medical devices, and rising healthcare expenditure levels.
The market for interventional cardiology devices is moderately competitive.
To secure their position in the global competitive market, various cardiology device companies are implementing strategies such as investment in Research and Development activities, forming alliances such as acquisitions and collaborations, and new product launches.
Key market players are attempting to gain a competitive advantage by capitalizing on untapped opportunities thereby enlarging their interventional cardiology devices market share.
Some of the recent developments in the interventional cardiology devices market are as follows:
The interventional cardiology devices market is projected to register a CAGR of 8.4% during the forecast period (2022 to 2032).
During the forecast period, the USA is expected to lead the interventional cardiology devices market with a CAGR of 8.2% through 2032.
Angioplasty Stents is expected to dominate the interventional cardiology devices market during the forecast period with a CAGR of 8.0% by the end of 2032.
The interventional cardiology devices market is poised to be worth USD 36.9 Billion by 2032.
The interventional cardiology devices market size was valued at USD 15.1 Billion in 2021.
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