Dublin, July 02, 2024 (GLOBE NEWSWIRE) -- The "Interventional Cardiology Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The interventional cardiology devices market was valued at USD 13.21 billion in 2023, growing at a CAGR of 6.53% during the forecast period from 2024 to 2030, to reach USD 19.31 billion by 2030
The demand for interventional cardiology devices is primarily being boosted by the growing prevalence of cardiovascular diseases (CVDs) in the rising geriatric population, technological advancements in product development, the increasing adoption rates of minimally invasive surgeries, and increasing awareness programs regarding cardiovascular diseases among others during the forecast period.
Interventional Cardiology Devices Market Dynamics:
One of the key factors influencing the growth of the interventional cardiology devices market is the increasing prevalence of various cardiovascular diseases across the globe. 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 data provided by British Heart Foundation 2022, worldwide around 550 million were living with heart and circulatory diseases in 2019. The source further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the most prevalent cardiovascular conditions worldwide in 2019.
According to Pan American Health Organization (PAHO) 2022, cardiovascular diseases cause more deaths yearly than any other disease. Heart disease and stroke-related fatalities account for more than three-quarters of all deaths in low- and middle-income nations, in 2021.
The increasing number of risk factors such as old age, obesity, smoking, and others causing the development of cardiovascular diseases in one or another way are further driving the market growth for interventional cardiology devices. For instance, according to the data provided by the WHO (2023), 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.
Thus, the increasing prevalence and mortality rate from the above-mentioned disorders can be either managed or reduced by providing proper treatment using interventional cardiology devices, thereby leading to an increased demand for the device. Therefore, the afore-said factor will propel the overall market of interventional cardiology devices in the upcoming years.
However, the availability of alternative treatments and product recalls may prove to be certain restraints to the interventional cardiology devices market growth.
Interventional Cardiology Devices Market Segment Analysis:
In the product segment of the interventional cardiology devices market, the drug-eluting balloons category under the angioplasty balloons segment will hold the majority of the global interventional cardiology devices market. This can be attributed to the advantages offered by drug-eluting balloons.
Drug-eluting balloons lead to an effective reduction in the narrowing of arteries, resulting in improved blood flow. It is considered one of the safest approaches with minimal procedural complications, and faster recovery periods. They offer immediate, homogenous, and sustained release of drug particles to the vessel wall.
They can be used alone or in combination with a bare metal stent without many issues. These balloons are devised in such a way that they hold the potential to inhibit cell division which in turn helps in limiting the amount of restenosis, or blockage re-growth after treatment. In order to cure atherosclerosis, in-stent restenosis, and lower the risk of late thrombosis without implanting a permanent foreign object, drug-eluting balloons serve to restore luminal vascularity. In comparison to drug-eluting stents, the drug-eluting balloons can release and spread the drug more equivalently to the endothelial lining.
With the growing demand for drug-eluting balloons, numerous new products are being developed, approved, and launched in the market. For example, in February 2020 SELUTION SLR drug-eluting balloon by MedAlliance was awarded CE Mark approval for the treatment of peripheral artery disease.
Therefore, the above-mentioned factors are predicted to contribute to the increasing demand for this product type, thereby driving the growth of the overall interventional cardiology devices market.
North America is expected to dominate the overall Interventional Cardiology Devices Market:
North America is expected to dominate the overall interventional cardiology devices market during the forecast period. This domination is due to the increasing prevalence of cardiovascular diseases, rising geriatric population base prone to CVDs, and increasing product launches and approvals, among others which will propel the market of interventional cardiology devices in the United States.
The well-established healthcare infrastructure in the country with supportive reimbursement programs covering the costs for the implantable devices as well as the procedure further encourage people to opt for such devices.
Key Takeaways from the Interventional Cardiology Devices Market Report Study
- Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the interventional cardiology devices market.
- Various opportunities are available for the other competitor in the interventional cardiology devices market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for interventional cardiology devices market growth in the coming future?
Interventional Cardiology Devices Market Key Factors Analysis
Interventional Cardiology Devices Market Drivers
- Growing prevalence of cardiovascular diseases (CVDs) and their risk factors
- Technological advancements in product development
- Increasing adoption rates of minimally invasive surgeries
- Increasing awareness programs regarding cardiovascular diseases
Interventional Cardiology Devices Market Restraints and Challenges
- Availability of alternative treatments
- Product recalls
Interventional Cardiology Devices Market Opportunities
- Increasing health awareness in emerging countries
- Use and availability of stents - which is bio-adaptive, smart, and anti-bacterial
Company Profiles
- Edwards Lifesciences Corporation
- Abbott Laboratories
- Boston Scientific Corporation
- ACIST Medical Systems
- F. Hoffmann-La Roche Ltd
- Siemens Healthcare GmbH
- Medtronic PLC.
- Teleflex Incorporated
- B Braun Melsungen AG
- MicroPort Scientific Corporation
- SIS MEDICAL AG Lepu Medical Technology Co. Ltd.
- Terumo Corporation
- Sahajanand Laser Technology Limited
- Biotronik SE & Co. KG, and others.
For more information about this report visit https://www.researchandmarkets.com/r/5n595v
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