The interventional cardiology devices market size is expected to grow at an 8.4% CAGR from USD 16.4 Billion in 2022 to USD 36.9 Billion by 2032.
The fast expansion of the geriatric population and the corresponding increase in the prevalence of coronary artery diseases, the approval of new and sophisticated products, and the growing incidence of diabetes are all driving growth in the interventional cardiology devices market.
However, the availability of alternative therapies, as well as product failures and recalls, are the primary factors projected to hinder interventional cardiology devices market growth over the projection period.
COVID-19 has had a global influence on every element of the medical device business, including the market for interventional cardiology equipment.
Despite the fact that emergency and outpatient treatments are offered in cardiology departments, the number of patient visits to hospitals has decreased dramatically in the last six months. Patient visits have been drastically decreased as a result of nationwide lockdowns and social distancing tactics. This has resulted in even lower sales of interventional cardiology goods.
Many of the interventional cardiology devices market’s major companies, including Boston Scientific, Medtronic, and Abbott, have reported revenue declines for the second and third quarters of 2020.
In the United Kingdom, 170,000 individuals die each year as a result of heart and circulation illnesses. With such a large patient population and a high mortality rate, the demand for interventional cardiology equipment is likely to rise in the future years.
Diabetes and hypertension are other risk factors that drive the demand for interventional cardiology equipment. Diabetes is more likely to be associated with other illnesses that increase the risk of coronary heart disease. High blood sugar levels might harm the blood arteries that regulate the heart over time.
The prevalence of interventional cardiology illnesses is predicted to rise as the world’s elderly population grows in all major areas. During the projection period, this will enhance the demand for the uptake of interventional cardiology devices in key interventional cardiology devices markets.
India, China, and Brazil are largely untouched interventional cardiology devices markets. Diabetes prevalence and a large geriatric population in these and other rising interventional cardiology devices markets provide considerable potential possibilities for the interventional cardiology devices market.
The type category accounted for the highest proportion of the interventional cardiology devices market among all angiography catheters. This is due to the high and increasing prevalence of coronary artery disease (CAD), as well as increased knowledge about the advantages of CAD early detection.
North America accounted for the biggest share of the interventional cardiology devices market by region. The substantial proportion of North America may be attributable to variables such as increased diabetes prevalence, an ageing population, reimbursement availability, and the presence of all important companies.
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Medtronic (US), Boston Scientific Corporation (US), Abbott (US), Edward Lifesciences Corporation (US), Cardinal Health (US), iVascular (Spain), Becton, Dickinson, and Company (US), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Biosensors International Group (Singapore), and BIOTRONIK SE Co. KGaA are prominent interventional cardiology devices market players (Germany).
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