Rising geriatric population and growing incidence of cardiovascular diseases worldwide are among the key factors driving market revenue growth over the forecast period
According to Emergen Research, the global interventional cardiology devices market size was USD 13.72 billion in 2020 and is expected to reach USD 26.84 billion in 2028 and register a revenue CAGR of 8.7% during the forecast period, 2021-2028.
The global interventional cardiology devices market revenue growth is majorly driven by factors such as rapidly growing geriatric population, rising prevalence of cardiovascular diseases including coronary artery disease, increasing incidence of lifestyle-induced diseases such as diabetes, hypertension, and obesity, and increasing government approvals for new and advanced cardiology solutions. As per a recent study by the Centers for Disease Control and Prevention (CDC), coronary artery disease is the most common heart disease in the United States, and approximately 18.2 million people in the country – aged above 20 years – are suffering from coronary artery disease at present. The British Heart Foundation claimed that nearly 2.3 million people in the United Kingdom were diagnosed with coronary artery disease in June 2020, and up to 170,000 people in the country die of circulatory and heart diseases each year.
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Increasing demand for minimally invasive surgeries and growing adoption of cutting-edge interventional cardiology devices and solutions due to higher efficiency and accuracy are other major factors driving market revenue growth. However, increasing product failures and recalls and growing availability of alternative treatments are some unfavorable factors expected to restrain market growth to a significant extent over the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Angioplasty Stents Product Type Segment to Account for Largest Revenue Share:
Based on product type, the angioplasty stents segment is expected to account for largest revenue share in the global interventional cardiology devices market over the forecast period. Rising incidence of coronary artery disease, increasing use of angioplasty stents including drug-eluting, bare metal, and bio-absorbable stents in cardiology procedures to restore blood flow and reduce risks of cardiac arrest, and growing healthcare expenditures are some of the major factors expected to contribute to the revenue growth of this segment.
Hospitals End-use Segment Accounted for Largest Revenue Share in 2020:
Based on end-use, the hospitals segment accounted for the largest revenue share in the global interventional cardiology devices market in 2020 and is expected to register significant revenue growth over the forecast period. Rising prevalence of cardiovascular diseases, growing demand for technologically advanced interventional cardiology devices among healthcare professionals, rapidly advancing global healthcare infrastructure, and introduction of advanced angioplasty stents and cardiac catheterization solutions are key factors supporting revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among the regional markets, the North America interventional cardiology devices market accounted for largest revenue share in the global market in 2020. Factors majorly contributing to the regional market revenue growth are increasing prevalence of and awareness about cardiovascular diseases, increasing rate of hospitalization due to heart attacks or stroke, growing use of advanced interventional cardiology devices, and presence of state-of-the-art healthcare infrastructure in the region.
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Major Companies in the Market Include:
- Abbott Laboratories
- Terumo Corporation
- iVascular – Dispositivos Cardiovasculares
- Boston Scientific Corporation
- Edwards Lifesciences Corporation
- Braun Melsungen
- Medtronic Plc
- Koninklijke Philips N.V.
- Biosensors International Group Ltd.
- Endocor GmbH
For the purpose of this report, Emergen Research has segmented the global interventional cardiology devices market based on product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Angioplasty Stents
- Angioplasty Balloons
- Structural Heart Devices
- Plaque Modification Devices
- Hemodynamic Flow Alteration Devices
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Ambulatory Surgical Centers
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Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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