Interventional Cardiology Devices Market to Grow at USD 25.16 Billion by 2020
by Susan Hill Business ConsultantThe global interventional cardiology devices market is expected
to reach USD 25.16 billion by 2020, according to a new report by Grand View
Research. Increasing prevalence of cardiovascular diseases coupled with
adoption of minimally invasive surgeries is expected to boost the
interventional cardiology device market over the forecast period. Unhealthy
lifestyle habits such as high alcohol consumption, smoking, and lack of
physical exercise are triggering incidences of cardiovascular diseases. Furthermore,
the number of congenital heart disease patients is on a constant rise and this
acts as a growth driver for the market.
According to a report
published by the U.S. CDC (Centers for Disease Control and Prevention) in 2011,
congenital heart defects are the most common birth defects in the U.S.,
affecting approximately 1% of the births every year. The treatment of
cardiovascular disorders has changed dramatically due to the introduction of
new drug therapies and devices such as guidewires and stents allowing the
patient to live better quality and longer lives.
The advent of
technologically advanced internal substitutes plays an integral role in this
market and manufacturers focus on developing new products to curb problems
associated with previous versions. For example, the evolution of stents began
from bare metal stents and has now reached a completely new horizon in the form
of disappearing stents (bio-absorbable stents). Stents accounted for over 70%
market share primarily owing to high usage rates in 2013.
Catheters
in sync with stent are expected to register steady growth to reach up to a
market size of over USD 2.5 billion in 2020. The growth is primarily driven by
primarily the rising demand for minimally invasive medical procedures in the
field of cardiovascular diseases. Faster patient recovery time and lesser
procedure duration are two most significant factors contributing towards the
rising demand of these medical procedures.
The North America
interventional cardiology device market in 2013 was valued at over USD 5.5
billion, owing to factors such as the presence of favorable government
initiatives encouraging new product development, sophisticated healthcare
infrastructure and increasing patient awareness levels coupled with relatively
higher healthcare expenditures in the region.
On the other hand, the Asia
Pacific market is expected to reach over USD 6.4 billion by 2022, growing at a
lucrative rate over the forecast period. The growth is attributed to the
presence of large untapped opportunities, rising healthcare expenditure,
cardiovascular disease incidence rate, and disposable income levels. Prominent
players operating in this industry includes Cordis Corporation, Abbott
Laboratories, Medtronic, Inc, Terumo Medical Corporation, B. Braun Melsungen
AG, and Boston Scientific.
Access full research report on global interventional
cardiology devices market:
www.grandviewresearch.com/industry-analysis/interventional-cardiology-devices-market-analysis
Sponsor Ads
Created on Mar 18th 2020 07:13. Viewed 461 times.