According to the report by Transparency Market Research (TMR), the global interventional cardiology devices market has highly consolidated landscape. Some of the key players operating in the global interventional cardiology devices market are Boston Scientific, Medtronic, Abbott Vascular, St Jude Medical, and Volcano Corporation. Among these, the three players including Boston Scientific, Medtronic, and Abbott Vascular are accounting for the share of 66.9%.
According to a report by Transparency Market Research (TMR), the global interventional cardiology devices market is expected to expand with a CAGR of 2.9% from 2014 to 2022, to attain the value of US$11.16 bn by the end of 2022 from US$9.36 bn in the year 2016. On the basis of product type, the stents segment is dominating the global market for interventional cardiology devices and expected to continue its dominance over the forecast period by collecting revenue of about US$6.89 bn until the end of 2022. On the basis of region, North America is dominating the global market for interventional cardiology devices and expected to continue its dominance by collecting US$4.04 bn by the end of 2022. This growth is attributable to the high adoption of the stents.
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Technological Advancements to Fuel Adoption
Increasing geriatric population and obesity are leading to an increase in the prevalence of cardiovascular disease. Additionally, changing lifestyle that is characterized by smoking, high alcohol consumption, and lack of physical exercise have increased the prevalence of coronary artery diseases. The interventional cardiology devices help cardiologists to perform the procedures quickly, without letting the procedure to get complicated. Rising demand for the safe and advanced technology is fuelling growth of the global interventional cardiology devices market.
The treatment of cardiovascular disorders has changed from past few years owing to introduction of new drugs and advanced therapies which helps to live better and longer lives. Advancement in research and development (R&Ds) activities to develop novel drugs and devices plays a key role in the growth of the market. The continuous technological advancement in the interventional cardiology devices market is boosting adoption which is likely to fuel growth of the global interventional cardiology devices market.
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Government Initiatives for Improving Knowledge to Create Opportunities
Despite these growth opportunities, high manufacturing cost of these devices is a major factor hampering growth of the global interventional cardiology devices market. Additionally, price cut by the local players is pressurizing global players to reduce their prices which is crimping growth of the global interventional cardiology devices market. Nevertheless, numerous initiatives by the governments to increase awareness level about cardiovascular diseases and importance of regular medical checkup camps are creating lucrative opportunities for the growth of market.