Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Intravascular Ultrasound (IVUS) - Market Insights, Competitive Landscape and Market Forecast-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Intravascular Ultrasound (IVUS) Market is expected to grow at a steady CAGR forecast till 2027 owing to the rising prevalence of cardiovascular diseases and its associated risk factors such as obesity, diabetes, high blood pressure, among others.
The Global Intravascular Ultrasound (IVUS) Market was valued at USD 714.85 million in 2021, growing at a CAGR of 7.10% during the forecast period from 2022 to 2027 to reach USD 1,065.26 million by 2027.
The demand for Intravascular Ultrasound (IVUS) is primarily being boosted due to the rising prevalence of cardiovascular diseases (CVDs) and its risk factors such as obesity, diabetes, and high blood pressure, increasing technological advancements coupled with increasing product launches, that are expected to create a positive impact on the market growth during the forecast period from 2022-2027.
Intravascular Ultrasound (IVUS) Market Dynamics:
The Intravascular Ultrasound (IVUS) market is witnessing a growth in product demand owing to the rising prevalence of cardiovascular diseases including coronary heart disease, peripheral arterial disease, and cerebrovascular disease, among others, becoming a major market driver for the intravascular ultrasound (IVUS) market.
According to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020. As per the same source, North Africa, the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of coronary (ischemic) heart disease in the world in 2020.
As per the data provided by British Heart Foundation 2022, worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men.
The increasing number of risk factors such as obesity, hypertension, diabetes, smoking, old age, alcohol consumption, unhealthy lifestyle, atherosclerosis, and others is the main reason for the development of cardiovascular diseases further driving the market growth for intravascular ultrasound (IVUS).
According to the data provided by the WHO (2022), in 2020, about one billion people across the world were over the age of 60. The elderly population aged 60 and above is expected to double in number representing about 2.1 billion people by 2050. Also, people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million.
Furthermore, the data published by International Diabetes Federation 2021 stated that around 537 million adults aged between 20 and 79 years were suffering from diabetes in 2021. As per the latest data provided by World Obesity Federation, obesity affected about 770 million people globally in 2020 and this number is expected to exceed one billion by 2030.
Thus, owing to the increased cases of cardiovascular diseases and their associated risk factors mentioned above, the prevalence of CVD will increase, which will drive the intravascular ultrasound (IVUS) market growth during the study period from 2022-2027.
Moreover, product development activities such as approvals for new IVUS launched products are further expected to aid in the growth of the global Intravascular Ultrasound (IVUS) market. In February 2020, Conavi Medical Inc. and Japan Lifeline announced that they received regulatory approval from the Ministry of Health, Labor and Welfare (MHLW) in Japan for the Novasight Hybrid intravascular imaging system.
However, the presence of alternatives such as optical coherence tomography (OCT) and angiography, along with multiple product recalls may restrict the intravascular ultrasound (IVUS) devices market growth.
Intravascular Ultrasound (IVUS) Market Segment Analysis:
Intravascular Ultrasound (IVUS) Market by Type (IVUS Consoles and IVUS Catheters), Application (Coronary and Peripheral Interventions), End-User (Hospitals and Clinics, Diagnostic Imaging Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the type segment, IVUS catheters segment is expected to have a revenue share of 66.65% in the year 2021. This can be ascribed to the applications of IVUS catheters in interventional cardiology and the recent product launches in the IVUS catheters sector.
IVUS catheters are composed of miniaturized transducer that via the use of sound waves helps in obtaining the images of coronary and peripheral arteries and then transmits the image to a dedicated console for image analysis.
These IVUS catheters can be either solid state (phased electronic array) or rotational (mechanical). Solid state IVUS catheters offer advantage for a broad depth of field and are suitable for analysis of larger vessels such as for peripheral interventions. These solid state multiple element catheters are composed mainly of mobile parts, are easy to set up and use. For example, Eagle eyeT by Koninklijke Philips N.V., is a solid state catheter with 64 separate transducer elements.
In addition, recent product launches in this sector are also expected to drive the demand for IVUS catheters in the upcoming years. In July 2022, I3 launched its proprietary 3-French NIRF-IVUS Catheter designed in collaboration with Massachusetts General Hospital; combining intravascular ultrasound, the dominant imaging approach used for coronary stent optimization during percutaneous coronary intervention (PCI), with near-infrared fluorescence imaging.
Therefore, the various advantages offered by IVUS catheters along with product launches, are predicted to contribute to increase in the overall demand for this product type, thereby driving the growth of the overall intravascular ultrasound (IVUS) market during the forecast period.
North America is expected to dominate the overall Intravascular Ultrasound (IVUS) Market:
Among all the regions, North America is expected to hold the largest share of 44.65% in the Intravascular Ultrasound (IVUS) market in 2021. This can be ascribed to the increasing prevalence of various cardiovascular diseases such as peripheral artery disease (PAD), coronary artery disease (CAD), arteriosclerosis, blood clots, among others across the region. The rising research and development activities in the region associated with the launch of new intravascular ultrasound devices, and the strategic business activities by the key players to expand their product portfolio, and others are also driving the market growth in North America.
For instance, the American Heart Association in 2021 projected that by 2035, more than 130 million US adults will have some type of heart disease. PAD which is one of the most prevalent in the US affected around 8.5 million U.S. adults over the age of 40, in 2021. As per the same source, African Americans are twice more likely to screen positive for PAD than non-Hispanic adults.
According to the latest study conducted by Centre of Disease Control and Prevention (CDC), one person dies every 34 seconds in the United States from cardiovascular disease. Also, as per the same source, about 697,000 people in the United States died from heart disease in 2020, in the United States and about 20.1 million adults aged 20 and above had coronary artery disease (CAD).
Thus, the increasing prevalence of various cardiovascular diseases and developmental activities such as merger acquisitions by key players in the IVUS segment will increase the demand for intravascular ultrasound in the North American region, during the forecast period from 2022-2027.
Recent Developmental Activities in the Intravascular Ultrasound (IVUS) Market:
- In September 2022, Insight Lifetech was granted NMPA (National Medical Products Administration) approval for its first self-designed and developed IVUS (Intravascular Ultrasound) systems- VivoHeart IVUS console and TrueVision IVUS Imaging Catheter.
Key Takeaways from the Intravascular Ultrasound (IVUS) Market Report Study
- Market size analysis for current Intravascular Ultrasound (IVUS) market size (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Intravascular Ultrasound (IVUS) market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the Global Intravascular Ultrasound (IVUS) Market.
- Various opportunities available for the other competitor in the Intravascular Ultrasound (IVUS) Market space.
- What are the top-performing segments in 2021? How these segments will perform in 2027.
- Which are the top-performing regions and countries in the current Intravascular Ultrasound (IVUS) market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Intravascular Ultrasound (IVUS) market growth in the coming future?
Frequently Asked Questions For The Intravascular Ultrasound (IVUS) Market:
1. What is Intravascular Ultrasound?
Intravascular ultrasound (IVUS), is a catheter-based invasive imaging modality that has applications in interventional cardiology for the characterization of lesion morphology, quantification of plaque burden, stent size guidance, assessment of stent expansion, and in the identification of procedural complications.
2. What is the market for Global Intravascular Ultrasound (IVUS)?
The global Intravascular Ultrasound (IVUS) Market was valued at USD 714.85 million in 2021, growing at a CAGR of 7.10% during the forecast period from 2022 to 2027 to reach USD 1,065.26 million by 2027.
3. What are the drivers for Global Intravascular Ultrasound (IVUS) Market?
The demand for Intravascular Ultrasound (IVUS) is expected to increase substantially due to the rising prevalence of cardiovascular diseases (CVDs) and its risk factors such as obesity, diabetes, and high blood pressure, increasing technological advancements coupled with increasing product launches that are expected to create a positive impact on the market growth during the forecast period 2022-2027.
4. Who are the key players operating in Global Intravascular Ultrasound (IVUS) Market?
Some of the key market players operating in the Intravascular Ultrasound (IVUS) market include Koninklijke Philips N.V., Boston Scientific Corporation, Terumo Corporation, Nipro, Conavi Medical, Bracco, Intravascular Imaging Incorporated (i3), Insight Lifetech Co., Ltd., Shanghai Pulse Medical Technology Inc., and others.
5. Which region has the highest share in the Intravascular Ultrasound (IVUS) market?
North America is expected to dominate the overall Intravascular Ultrasound (IVUS) market during the forecast period from 2022-2027. This can be ascribed to the increasing prevalence of various cardiovascular diseases such as peripheral artery disease (PAD), coronary artery disease (CAD), arteriosclerosis, blood clots, among others across the region. The rising research and development activities in the region associated with the launch of new intravascular ultrasound devices, and the strategic business activities by the key players to expand their product portfolio, and others are also driving the market growth in North America.
A selection of companies mentioned in this report includes
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Terumo Corporation
- Nipro, Conavi Medical
- Bracco
- Intravascular Imaging Incorporated (i3)
- Insight Lifetech Co., Ltd.
- Shanghai Pulse Medical Technology Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f6sbqp
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