Interventional Cardiology and Peripheral Vascular Devices Market Overview :
Interventional Cardiology and Peripheral Vascular Devices Market is expected to garner $25,349 million by 2022, registering a CAGR of 9.7% during the forecast period 2016-2022. Interventional cardiology deals with catheter-based technologies for the treatment of structural heart diseases. The procedure involves the insertion of a device (may be a catheter, balloon, stent, or other devices) into the femoral artery or any large peripheral artery or vein, and cannulating the heart under X-ray visualization (commonly known as fluoroscopy). In addition, numerous interventional devices are used to treat peripheral vascular disorders that affect the circulatory system, and may lead to plaque built-up in the arteries of limbs. Some of the interventional devices used in the market include balloons, catheters, guidewires, stents, and filters.
The Interventional cardiology and peripheral vascular devices makes changes in lifestyle, which leads to cardiovascular disorders, growth in geriatric population, increase in prevalence of chronic diseases, technological advancements in cardiology devices, improvement of healthcare infrastructure in developing countries, development of minimally invasive procedures, and increase in patient awareness drive the market. However, stringent approval process for interventional cardiology & peripheral vascular devices & high treatment cost of some devices (such as stents and drug eluting balloons) have restricted the market growth.
Interventional Cardiology & Peripheral Vascular Devices Market Segmentation
According to the analysis carried out for each segment, the angioplasty stent systems accounted for the largest market share in 2015. This is mainly due to technological innovations, which have led to the development of bio-engineered stents, EPC capture stents, and dual therapy stents. In addition, stents have more advantage when compared to balloon catheters as they do not leave even a slight chance of plaque build-up or vessel collapse. Hence, ballooning is generally followed by a stent implant to ensure permanent relief.
Interventional Cardiology & Peripheral Vascular Devices Market By Product, 2015, (%)
India Interventional Cardiology & Peripheral Vascular Devices Market Snapshot:
With ageing population and changes in lifestyle, the prevalence of chronic diseases is rapidly increasing in India. According to National Institutes of Health, in 2010, the occurrence of heart failure in India due to obesity, coronary heart disease, diabetes, hypertension, and rheumatic heart diseases was estimated to range from 1.3 million to 4.6 million with the annual incidence rate of 0.5 million to 1.8 million. In addition, the affordability of the population is increasing with increase in insurance policies, which would further strengthen market growth. Therefore, India is a lucrative market for interventional cardiology & peripheral vascular devices.
India: Interventional Cardiology & Peripheral Vascular Devices, 2014 - 2022 ($Million)
Top Impacting Factors
Top Impacting Factors Interventional Cardiology & Peripheral Vascular Devices Market
Growing geriatric population and increasing prevalence of diseases
Rise in prevalence of chronic diseases along with rapid increase in geriatric population, worldwide, is set to increase the demand for interventional cardiology and peripheral vascular devices market. According to the American Heart Association, around 70.2% of men and 70.9% of women in the age group of 60‐79 years had cardiovascular disorders in the U.S, in 2013. Moreover, it has been predicted by World Health Organization that there will be an increase of 50% in cardiovascular disorders cases in China between 2010 and 2030 due to increase in geriatric population. Thus, increase in geriatric population and growing prevalence of chronic diseases and lifestyle changes are expected to drive the global market.
Development of minimally invasive procedures
The fear and reluctance in patients for surgeries decreases as surgeons prefer minimally invasive techniques over open surgeries. Minimally invasive techniques limit the size of incisions, reduces the time of wound healing, pain, and risk of infection. Therefore, these are preferred by patients as well as surgeons which in turn propels market growth.
Continuous technological innovations in the field of interventional cardiology and peripheral vascular devices are expected to drive the global market. Scientists have focused on developing new systems with improved attributes such as new generation of drug eluting balloons, and bioabsorbable stents. In addition to this, several companies have invested in their R&D activities to develop innovative products.
Increasing patient awareness
Awareness among patients about coronary heart diseases and peripheral vascular disorders plays a vital role in market growth. Several educational, government and non-governmental organizations, and key players have launched awareness programs to increase the awareness level about the treatment of these diseases among patients, doctors, and healthcare providers. The impact of this factor currently influences the market growth in the emerging economies, as the adoption of the advanced treatment devices is low in the developing nations.
Improving healthcare infrastructure in developing countries
Over the past decade, governments of various countries, especially emerging economies, have increased their expenditure on developing their healthcare infrastructure. Thus, increase in public and private expenditure to develop the health infrastructure in these regions will further boost the adoption of interventional cardiology and peripheral vascular devices in developing countries.
Stringent approval process
The approval processes in most counties are stringent for interventional cardiology & peripheral vascular devices, as these are highly specialized devices that are introduced in the body.
High treatment cost
The cost of stents increases with advancements in technology. For instance, drug-eluting stents are more expensive as compared to bare metal stents. In addition to this, this list price of bioabsorbable stents is twice as much as the cost of drug-eluting stents and the cost of drug-coated balloons is also high when compared to other interventional cardiology and peripheral vascular devices. This is a major restraint in the developing countries, where majority of the population does not have health insurance.
The key players that operate in the market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Cook Medical, Inc., Medtronic plc, St. Jude Medical, Inc., Terumo Corporation, and The Spectranetics Corporation.
Other market players in value chain includes, Edwards Lifesciences Corporation, ABIOMED, Inc., AngioDynamics, Inc., Becton, Dickinson & Co., Lepu Medical Technology (Beijing) Co. Ltd., Baxter International Inc., Siemens AG, 3M Company, Biotronik SE & Co. KG, Smith & Nephew plc, Sahajananad Medical Technologies Ltd., HeartWare International, Inc.
Interventional Cardiology & Peripheral Vascular Devices Market Key Benefits:
The study provides an in-depth analysis of the market along with current trends and future estimations to elucidate the imminent investment pockets.
The report provides a quantitative analysis for the period of 2014‐2022 to enable stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the market based on product helps understand the type of devices used to treat blockages associated with chronic diseases.
Competitive intelligence highlights the business practices followed by leading players across various regions.
Comprehensive analysis of all geographic regions helps determine the prevailing opportunities in these regions.
Key market players and their strategies are analyzed to understand the competitive outlook of the global market.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top contenders within the market framework.
Interventional Cardiology & Peripheral Vascular Devices Market Key Segments
Cutting and Scoring Balloons
Bare Metal Stents
Endovascular Aneurysm Repair Stent Grafts
Abdominal Aortic Aneurysm
Thoracic Aortic Aneurysm
Inferior Vena Cava (IVC) Filters
Plaque Modification Devices
Hemodynamic Flow Alteration Devices
Embolic Protection Devices
Chronic Total Occlusion Devices
Vascular Closure Devices
Balloon Inflation Devices
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA