According to a new report published by Allied Market Research, titled, “Interventional Cardiology and Peripheral Vascular Devices Market," The interventional cardiology and peripheral vascular devices market was valued at $18.0 billion in 2020, and is estimated to reach $41.9 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
By product the market is segmented into angioplasty balloons, angioplasty stents, angioplasty catheters, endovascular aneurysm repair stent grafts, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and accessories. Among these, the angioplasty balloons segment accounted for the highest market share in 2020 and accessories segment is expected to witness significant growth during the market forecast period owing to rise in number of patients suffering from chronic diseases. The market is analyzed with respect to different applications in industrial verticals such as hospitals, ambulatory surgical centers, and others. The interventional cardiology market is mainly driven by increase in number of patients suffering from cardiovascular diseases owing to rising geriatric population. However, factors such as high treatment cost and stringent approval procedure for interventional cardiology technology can restraint the growth of interventional cardiology market.
In 2020, North America dominated the global interventional cardiology and peripheral vascular devices market share, in terms of revenue, accounting for around 41% share of the interventional cardiology and peripheral vascular devices industry, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to effectiveness of interventional cardiology and peripheral vascular devices in treatment of various cardiovascular diseases.
Interventional cardiology is a branch of cardiology that focuses on catheter-based technologies for the treatment of structural heart diseases. Catheterization is used for performing large number of procedures on the heart. It involves the insertion of a sheath into the femoral artery or any large peripheral artery or vein, and cannulating the heart under X-ray visualization (commonly known as fluoroscopy). Thus, interventional cardiology and peripheral vascular devices are suitable for treatment for a wide range of cardiovascular ailments. Furthermore, increased number of patients suffering from chronic diseases, owing to rise in geriatric populations has driven the growth of the market. Also, growth of healthcare industry in emerging countries and advanced healthcare facilities in developed countries has propelled the interventional cardiology and peripheral vascular devices market size.
Furthermore, on the basis of end user, the ambulatory surgical centers is anticipated to grow rapidly, with a CAGR 9.3% during the interventional cardiology and peripheral vascular devices market forecast period owing to increase in demand for healthcare facility due to rise in geriatric population.
For instance, according to World Health Organization, the number of people aged 60 years and older was 1 billion in 2019, and is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. Thus, the rise of geriatric population has increased the number of patients suffering from various chronic diseases, thereby positively influencing the market.
However, during the pandemic lockdown, various players in the interventional cardiology market reduced their business in countries such as China, the U.S., and India owing to disruption of supply chain. This break directly impactedcompanies involved in interventional cardiology and peripheral vascular device manufacturing. In addition, extensive focus of major countries on development of vaccineshas also negatively influenced the interventional cardiology market. However, reopening of research and manufacturingfacilities and introduction of vaccines for coronavirus disease are anticipated to boost the interventional cardiology and peripheral vascular devices industry.
The key players profiled in the interventional cardiology and peripheral vascular devices market report includeAbbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Company, Biotronik SE & Co. KG, Boston Scientific Corp., Cardinal Health Inc., Cook Medical, Koninklijke Philips N.V., Medtronic plc. and Terumo Corporation.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging interventional cardiology and peripheral vascular devices market trends and dynamics.
- Depending on product, the angioplasty balloons dominated the interventional cardiology and peripheral vascular devices market, in terms of revenue in 2020 and the accessories segment is projected to grow at a significant CAGR during the forecast period.
- By end user, the hospitals segment registered highest revenue in2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the interventional cardiology and peripheral vascular devices market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of theradiology information systemindustry.
- The report provides an extensive analysis of thecurrent trends and emerging opportunities of the market.
- In-depthinterventional cardiology and peripheral vascular devices market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.