Coronary artery bypass surgery (CABG) was discovered around 50 years ago as a surgical procedure of treating coronary complications. Since then, CABG has remained one of the most commonly administered surgical procedures to treat coronary complexities such as ischemia and multi-vessel coronary artery disease (CAD). However, with technological advances in the healthcare sector, demand for CABG has registered a continuous decrease. The emergence of technologies such as interventional cardiology has ushered in a new era of minimally invasive coronary surgeries.
Interventional Cardiology Devices Market to Reach US$11.2 billion in 2020
Interventional cardiology is a catheter-based minimally invasive surgery that offers a myriad advantages such as minimal incision, reduced post-surgical complications, lesser expenditure, and shorter hospital stay and shorter recovery time. Owing to such advantages, the demand for interventional cardiology devices has exhibited a steady rise. A market study published by Transparency Market Research states that the global interventional cardiology devices market will demonstrate a 2.9% CAGR between 2014 and 2020. The market is likely to reach US$11.2 billion in 2020 as against its market valuation of US$8.7billion in 2013.
High Incidence of Coronary Artery Diseases (CAD) to Boost Global Market
Expanding global geriatric population, coupled with rising incidence of coronary artery diseases, are the primary factors driving the global interventional cardiology devices market. Adherence to hazardous habits and lifestyle patterns such as smoking, unhealthy diet, and hectic schedules has led to rise in obesity and dietary irregularities, the two most common causes of coronary artery diseases.Studies have revealed that in Europe alone, CAD accounts for 1.9 million deaths every year. It has been observed that 1 individual among 5 in Europe dies as a result of coronary artery diseases. The ailment is also one of the most common causes of premature deaths. Studies indicate that the high prevalence of the disease will boost the demand for PCIs or percutaneous coronary interventions. This will aid the interventional cardiology devices market to gain momentum
Demand for Bioabsorbable Stents Likely to Increase
Among the most commonly used interventional cardiology devices, including catheters, stents, PTCA guidewires, PTCA balloons, and others, stents accounted for the largest share in the market in 2013. The stents market is sub-categorized into drug eluting stents, bioabsorbable vascular stents, and bare metal stents. Of these, drug eluting stents (DES) enjoyed dominance in the market in 2013. The incumbent trends indicate continuous growth in demand for drug eluting stents in the forthcoming years. High rate of recovery observed in patients using drug eluting stents compared to metal stents has significantly contributed to the high demand for DES. However, in the next couple of years, the DES segment is likely to lose its market share to bioabsorbable vascular stents (BVS). Complete absorption of stent material into the bloodstream is possible in BVS, which significantly reduces the chances of late-stent restenosis. Owing to such factors, the BVS segment in the interventional cardiology devices market is likely to register the fastest growth in the near future.
North America Leads the Global Interventional Cardiology Devices Market
The global interventional cardiology devices market can be classified into North America, Latin America, Asia Pacific, Europe, Middle East and North America, and Rest of the World. North America led the global interventional cardiology devices market. Europe and Asia Pacific were the second and third largest interventional cardiology devices market respectively. The market opportunities in Asia Pacific is largely untapped, this along with rising healthcare expenditure will help the interventional cardiology market in the region gain tremendous momentum.
Some of the leading players in the market include Boston Scientific Corporation, Abbott Laboratories, Inc., B. Braun Melsungen AG, Abbott Laboratories, Inc., Medtronic, plc, Boston Scientific Corporation, Smiths Medical, Cordis Corporation, St. Jude Medical, Inc., Cook Medical, and Terumo Medical Corporation. Key players in this market compete against each other to obtain enhanced market share and sustain the same in the near future.
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