Coronary artery bypass surgery (CABG) was invented 50 years ago for the treatment of complex ischemia and multi-vessel coronary artery disease (CAD). However, CABG procedures (according to the studies conducted by the NCBI) is witnessing decline due to evolution of interventional techniques. Interventional cardiology is a minimally invasive catheter based technology that enables treatment of coronary artery disease. Minimally invasive surgeries have advantages such as shorter hospital stay, reduced cost, minimal incision, less post-surgical complications and shorter recovery time. Geriatric population and rising prevalence of coronary artery diseases are the prime reasons driving the growth of global interventional cardiology. Rising prevalence of lifestyle habits such as smoking, rising incidence of obesity, and dietary irregularities are responsible for the growth of cardiac artery disease prevalence in the world. In Europe, CAD accounts for 1.9 million deaths each year. Moreover, 1 individual in 5 (21% men, 22% women) dies from coronary artery disease in the Europe. The disorder is also one of the most common causes of premature deaths (aged <65 years) and accounts for 401,000 deaths in Europe each year. Hence, high prevalence of coronary artery diseases would increase demand for percutaneous coronary interventions (PCIs), which in turn would propel the growth of the interventional cardiology devices market.
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The global interventional cardiology devices market has been estimated based on various device types: stents, catheters, percutaneous transluminal coronary angioplasty (PTCA) balloons, percutaneous transluminal coronary angioplasty (PTCA) guide wires, and other accessories. The stents segment held the largest share of the market in 2013 which is further subdivided into bare metal stents, drug eluting stents and bio-absorbable vascular stents. Coronary stents are used for variety of coronary artery diseases including bifurcation lesions, small lesions and narrow lesions. Coronary stents have improved the clinical outcome for all the approved indications and quality life of patients. Drug eluting stents accounted for the largest market share of the overall interventional cardiology devices market in 2014 and continues to be the leader during the forecast period. The leadership of DES segment was primarily attributed to improved patient outcome as compared to bare metal stents and reduced need for repeated interventions. Rising prevalence of coronary artery disease and requirement of effective therapies for the reducing the rate of restenosis would also fuel the market growth.
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Percutaneous transluminal coronary angioplasty (PTCA) balloons have been subdivided into normal balloons, cutting balloons, scoring balloons, and drug eluting balloons. Normal balloons accounted for the largest share of PTCA balloons market and would continue to dominate the market during the forecast period as well. The growth of this segment has been attributed to the increasing volume of stents in emerging countries and first mover advantage as compared to other types of balloons. The imaging systems interventional cardiology devices market is further categorized into intravascular ultrasound (IVUS) systems, fractional flow reserve (FFR) systems, and optical coherence tomography (OCT) systems. Intravascular ultrasound (IVUS) imaging system held majority share of the market in 2013. IVUS has emerged as an effective diagnostic tool over traditional angiography for the diagnosis of atherosclerosis. The system provides detailed cross sectional view of coronary artery and also enables optimal choice of appropriate angioplasty technique for better deployment of stents.
Geographically, the interventional cardiology devices market has been categorized into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa, and Rest of the World (RoW). North America dominated the global interventional cardiology devices market followed by Europe owing to the continued adoption of premium priced drug eluting stents and rising incidence of cardiovascular diseases. Asia Pacific was the third largest market for interventional cardiology devices, the region is expected to register the fastest CAGR during the forecast period. Large untapped opportunities, improving health care infrastructure, increasing prevalence of coronary artery disease, expansion of market players, and rising geriatric population in the region would contribute to the market growth.
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Abbott Laboratories, Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Cook Medical, Cordis Corporation, Medtronic, plc, St. Jude Medical, Inc., Smiths Medical, and Terumo Medical Corporation are the major players operating in the global interventional cardiology devices market. Most of these players are constantly striving to retain or enhance their market share by developing technologically advanced products.
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