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According to the new market research report Interventional Cardiology Devices Market Size by type (Stents, Structural Heart, Catheters, Plaque Modification (Atherectomy), Hemodynamic Flow Alteration (Embolic Protection, Total Occlusion), Guidewire, Introducer Sheath, IVUS)) - Global Forecast to 2025, published by MarketsandMarkets™, the global Interventional Cardiology Devices Market size is projected to reach USD 21.2 billion by 2025 from USD 13.8 billion in 2020, at a CAGR of 8.9%. The Growth in this market is driven mainly by the rapid growth in the geriatric population and the associated increase in the prevalence of coronary artery diseases, approval of new and advanced products, and the growing preference for minimally invasive surgeries.
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Boston Scientific is the leading player in the interventional cardiology devices market. The company offers a wide range of guidewires, stents, catheters, angioplasty balloons, and structural heart devices. In the last three years, the company has been focusing on expanding its interventional cardiology portfolio by adopting various organic and inorganic strategies. Apart from this, the company has a strong presence in the US. As a result, in 2019, the company registered ~46% of its total interventional cardiology revenue from the US alone.
Medtronic is the second-leading player in the interventional cardiology devices market share. The company’s wide range of products and good brand image helps it maintain its leading position in the market. The company actively adopts organic strategies to gain a competitive edge in the market. It has launched various interventional cardiology products in the last few years. Besides this, the company also has a strong presence in developed economies, such as the US. As a result, in 2019, the company generated 50% of its total revenue from the US alone
The availability of alternative treatments and product failures and recalls are the major factors that are expected to restrain the growth of the interventional cardiology market trend during the forecast period. In the past six months, the number of patient visits to hospitals has reduced significantly, despite the fact that emergency and OPD services are available in cardiology departments. Nationwide lockdowns and social distancing measures have reduced patient visits significantly. This has further reduced the sales of interventional cardiology products. Many of the leading players in the interventional cardiology devices market, such as Boston Scientific, Medtronic, and Abbott, have registered a decline in sales for Q2 and Q3 of 2020
Opportunity: Emerging Markets
India, China, and Brazil are relatively untapped markets for interventional cardiology. The high incidence of diabetes and the large geriatric population in these and other emerging countries offer significant growth opportunities for the interventional cardiology devices market.
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North America accounted for the largest share of the interventional cardiology market in 2019. The large share of this segment can primarily be attributed to the rising incidence of cardiovascular diseases, the growing geriatric population, and the strong presence of industry players in the region.
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Article source: https://article-realm.com/article/Finance/29591-Interventional-Cardiology-Devices-Market-Size-2020-to-2025.html
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