According to a new report by
Grand View Research, the global interventional
cardiology device market is expected to reach USD 26.06
billion by 2020. 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.
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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. Drug eluting and bio-absorbable
stent are the major boosters of this product especially in Asia Pacific region.
Catheters in sync with stent
are expected to register steady growth to reach up to a market size of over USD
2,000.0 million 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 5.0
billion, owing to the factors such as favorable government initiatives
pertaining to 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 6.0 billion, 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.
Grand View Research has
segmented the global interventional cardiology devices market on the basis of
product, application and region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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