Rising incidence of cardiovascular diseases and increasing geriatric population are significant factor driving global interventional cardiology devices market growth.
The global interventional cardiology devices market size is expected to reach USD 26.84 Billion at a steady CAGR of 8.7% in 2028, according to latest analysis by Emergen Research. Steady growth of the interventional cardiology devices market can be attributed to rising incidence of cardiovascular diseases. Cardiovascular disease is the most common cause of death in the US, and is responsible for around 655,000 deaths every year. Coronary heart disease is the leading heart disease type that, in 2017, accounted for the deaths of 365,914 individuals in the US. Interventional cardiology devices deliver several benefits, including reduced chances of scar occurrence, reduced surgery complexity and time, and decreased pain. Additionally, rising incidence of cardiovascular diseases result in an increase in healthcare expenditure, which in turn, is driving revenue growth of the interventional cardiology devices market. According to the Centers for Disease Control and Prevention, heart attacks account for over USD 320.00 Billion in yearly healthcare expenditure and lost productivity, and this figure is expected to reach USD 818.00 Billion in 2030.
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The report is further furnished with the latest market scenario and economic landscape accredited to the currently unfolding COVID-19 pandemic. The pandemic has significantly affected the lives and markets worldwide and has caused disruptions in the business sphere. The report encompasses the effects of the coronavirus pandemic on the Interventional Cardiology Devices market along with impacts on the key segments of the industry.
The Global Interventional Cardiology Devices Market is anticipated to grow at a significant rate during the forecast timeline of 2020-2028, majorly bolstered by the surge in demand for the industry in the regional and global markets. The comprehensive analysis of the Interventional Cardiology Devices industry offers the businesses insightful data to assist them in capitalizing on the lucrative growth opportunities in the Interventional Cardiology Devices industry. The global Interventional Cardiology Devices report has been formulated with verified data of the industry and is curated to offer a comprehensive understanding of the leading manufacturers and suppliers with special focus on their pricing analysis, gross revenue, product portfolio, sales network and distribution channels, profit margins, market position, and financial standing.
Some Key Highlights in the Report
- In June 2019, Terumo Corporation signed a partnership agreement with Orchestra BioMed, Inc. This partnership provides Terumo Corporation with exclusive rights for the development and marketing of Virtue Sirolimus-Eluting Balloon (SEB).
- Angioplasty stents find application to restore blood flow occurring due to blockage and to reduce heart attack risk. Stents are considered beneficial in reducing damage caused to heart muscles in the event of a heart attack. Also, stents may instantly relieve or reduce symptoms comprising chest pain, fatigue, and shortness of breath.
- Among the end-use segments, the hospitals segment accounted for largest revenue share in 2020, which can be attributed to robust presence of experienced healthcare professionals for installation of interventional cardiology devices and more advanced and developed healthcare infrastructure, along with high purchasing power for advanced and dedicated interventional cardiology devices in countries in the region. Additionally, hospitals account for adverse event minimization in patients during critical procedures, including stent installation and cardiac catheterization.
- Among the regional markets, the interventional cardiology devices market in North America accounted for largest revenue share in 2020. This can be attributed to growing awareness about cardiovascular diseases, high deployment of advanced interventional cardiological treatments, and well-developed healthcare infrastructure in countries in the region. Additionally, robust presence of leading interventional cardiology device providers in the region is another key factor causative of steady market growth.
- Key players in the market include Abbott Laboratories, Terumo Corporation, iVascular, Boston Scientific Corporation, Edwards Lifesciences Corporation, B.Braun Melsungen, Medtronic PLC, Koninklijke Philips NV, Biosensors International Group Ltd., and Endocor GmbH.
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The report further sheds light on strategic initiatives and business expansion plans undertaken by the key companies operating in the Interventional Cardiology Devices industry. The report assesses the strategies such as mergers and acquisitions, government and corporate deals, partnerships and collaborations, joint ventures, brand promotions, and product launches, among others.
Emergen Research has segmented the global interventional cardiology devices market on the basis of product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Angioplasty Stents
- Angioplasty Balloons
- Structural Heart Devices
- Plaque Modification Devices
- Hemodynamic Flow Alteration Devices
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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