Demand For Interventional Cardiology Devices Is Increased Due To Increasing Prevalence Of Coronary Artery Diseases
The
primary driver of the demand for interventional cardiology devices is
the increasing prevalence of coronary artery diseases. Organizations
such as the WHO and CDC are consistently calling out the rampant
growth in the number of patients suffering from heart problems and
coronary artery complications. It has been predicted by the WHO that
coronary artery disease will be responsible for almost 23.3 mn deaths
by 2030. The causes of this growth in projected patients range from
the increasing geriatric population to the obesity epidemic that has
especially gripped the developed economies of the world. Both causes
are at very high priority in terms of being causes for heart
complications and relevant steps need to be taken to treat the
increasing number of patients.
From
the technological perspective, a lot of focus has been given to the
development of existing interventional cardiology devices and the
innovation of new ones. For instance, the advancements in diagnostic
tools and monitoring tools have drastically improved the success rate
of coronary artery disease treatment. Another parallel aspect driving
the demand for interventional cardiology devices is the increasing
demand for minimally invasive surgeries. Such procedures can
dramatically reduce pain of surgery and healing period for heart
problem treatments. Therefore, the inculcation of minimally invasive
interventional cardiology devices into the healthcare industry on
larger scales will certainly promote their use.
The
global market for interventional cardiology devices is, however,
currently subject to an intense level of competition. Market players
are locked in a battle to increase sales volumes and are resorting to
price cuts in order to achieve this. This practice is followed
largely by regional players and globally prominent companies have to
follow suit to hold the majority in global market values. This
severely reduces the funds available for further research and
development of interventional cardiology devices.
Theglobal market for interventional cardiology devices is expected to be
valued at US$9.36 bn by the end of 2016 and US$11.16 bn by the end of
2022. It is projected at a CAGR of 2.9% from 2014 to 2022.
North
America to Dominate Interventional Cardiology Devices Demand
North
America is expected to continue leading the consumption of
interventional cardiology devices. By the end of 2022, North America
is expected to generate a revenue of US$4.04 bn through its demand
for interventional cardiology devices. This dominant share in the
market is attributed to an advanced healthcare infrastructure that
largely provides premium medical devices and is more open to
incorporating innovative devices. This allows interventional
cardiology device manufacturers to maintain profits while achieving a
higher rate of research and development, thereby creating a constant
cycle of improvements. The North America market for interventional
cardiology devices is, however, expected to saturate over the coming
years owing to a slower growth in the demand for relevant surgical
procedures.
On
the other hand, the growth of demand for interventional cardiology
devices in Asia Pacific has just begun. This region houses a rapidly
developing healthcare infrastructure. Coupled with the rising rate of
medical tourism and the introduction of minimally invasive
interventional cardiology devices, Asia Pacific is projected to show
a CAGR of 4.8% from 2014 to 2022 in this market.
Drug-eluting
Stents to Remain Leading Type of interventional cardiology device
Used
Stents
have consistently taken up the majority share in interventional
cardiology device types. By the end of 2022, a projected US$6.89 bn
will be generated through the sale of stents. Bare-metal,
drug-eluting, and bio-absorbable stents are now commonly found.
However, drug-eluting stents currently hold the greater demand,
primarily due to their higher efficiency of treatment and the
significantly reduced chances of the patient needing in-stent
restenosis. The overall advantages of using drug-eluting stents are
far greater than their predecessors, the bare-metal stents. At the
same time, bio-absorbable stents have not caught on yet, although
they are showing a steep increase in demand. This currently puts
drug-eluting stents and their manufacturers at an advantage till
2022.
The
top providers of interventional cardiology devices in the world
include Boston Scientific, Abbott Vascular, Medtronic, St Jude
Medical, and Volcano Corporation.
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