Interventional cardiology has reduced the complications for patients as it provides, fast recovery, short hospital stay, and controlled bleeding. There is constant development in interventional cardiology devices, such as from bare metal stent to bio-absorbable stent.
The global interventional cardiology devices market is estimated to account for US$ 27,745.6 Mn in terms of value in 2020 and is expected to reach US$ 45,754.1 Mn by the end of 2027.
Global Interventional Cardiology Devices Market: Drivers
Approval and launch of new devices is expected to propel growth of the global interventional cardiology devices market over the forecast period. For instance, in May 2018, Abbott Laboratories received the U.S. FDA approval for XIENCE Sierra, the new generation of everolimus-eluting coronary stent. XIENCE received approval from the Japan’s regulatory body in April 2018.
Global Interventional Cardiology Devices Market: Opportunities
R&D in interventional cardiology devices is expected to offer lucrative growth opportunities for players in the global interventional cardiology devices market. For instance, according to the results of the single-blind, randomized, noninferiority DEBUT trial conducted by researchers from Harvard Medical School and published in The Lancet in May 2019, PCI with drug-eluting balloons is noninferior to PCI with bare-metal stents for treatment of de novo coronary artery lesions in patients with high bleeding risk.
Global Interventional Cardiology Devices Market: Restraints
Hike in prices of devices is expected to hinder growth of the global interventional cardiology devices market. For instance, in April 2019, National Pharmaceutical Pricing Authority (NPPA) approved hike in prices of cardiac stents by 4.2% in-line with the wholesale price index (WPI) of 2018.
Key Takeaways:
The global interventional cardiology devices market was valued at US$ 25,847.2 Mn in 2019 and is forecast to reach a value of US$ 45,754.1 Mn by 2027 at a CAGR of 7.4% between 2020 and 2027. Major factor driving the growth of global interventional cardiology devices market during the forecast period include technological advancement, and increasing product launches.
Stents held dominant position in the global interventional cardiology devices market in 2019, accounting for 84.5% share in terms of value, followed by PTCA Guidewires and Angiography Catheters, respectively. Product launches in the stents segment is supporting growth of the segment.
Market Trends
Major players in the global interventional cardiology devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in September 2019, OrbusNeich Medical K.K., a Japan-based company, received approval for its COMBO Plus Coronary Stent from Japan Ministry of Health, Labor, and Welfare (MHLW).
Major players in the global interventional cardiology devices market are also focused on R&D to expand their product portfolio. For instance, in November 2019, Boston Scientific announced positive data for Eluvia Drug-Eluting Vascular Stent for the treatment of femoropopliteal disease.
Global Interventional Cardiology Devices Market: Competitive Landscape
Major players operating in the global interventional cardiology devices market include, Abbott Laboratories, Terumo Medical Corporation, Boston Scientific Corporation, Cardinal Health, Medtronic, Cook Medical, SINOMED, Biotronik SE & Co. KG, and B. Braun Melsungen AG.
Global Interventional Cardiology Devices Market: Key Developments
Major players in the global interventional cardiology devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in February 2019, Biotronik SE & Co. KG received the U.S. Food and Drug Administration’s approval for its drug-eluting stent system for the treatment of patients with coronary artery disease. The DES is used during PCI and elutes sirolimus through a bioabsorbable polymer coating.
Segmentation
- By Device
- Angiography Catheters
- IVUS
- PTCA Guidewires
- Guiding Catheters
- Balloon Inflation Devices
- Stents
- By End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
