Interventional Cardiology Devices And Equipment Market 2021 Global Trend, Segmentation and Opportunities, Forecast 2030

Interventional Cardiology Devices And Equipment Market:

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Executive Summary

The interventional cardiology devices and equipment market consists of sales of interventional cardiology devices and equipment and related services. Interventional cardiology devices and equipment are used in interventional cardiology, a branch that deals with the catheter based treatment of structural heart diseases. This segment is focused mainly on minimally invasive treatments for functional and structural heart diseases using catheter-based approaches to reach the heart under x-ray visualization.

The global interventional cardiology devices and equipment market is expected to decline from $7.9 billion in 2019 to $6.3 billion in 2020 at a compound annual growth rate (CAGR) of -20%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the demand for cardiovascular devices due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices to contain the spread of virus and keep the staff safe, contribute to this decline. The market is then expected to recover and grow at a CAGR of 10.2% from 2021 and reach $10.6 billion in 2023.

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The interventional cardiology devices and equipment market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American Market is the largest market for interventional cardiology devices and equipment and is expected to continue to be the largest market during the forecast period

The interventional cardiology devices and equipment market is being driven by an increase in cardiovascular diseases. Cardiovascular diseases are the health problems which are associated with the blood vessels, circulatory system as well as heart. The rise in cardiovascular diseases has led to rise in healthcare expenditure in medical equipment market which further drives the interventional cardiac devices and equipment market. According to an estimate by WHO, cardiovascular diseases accounted for 17.3 million deaths in 2015 and further claims 23.6 million deaths by 2030.

The intervention cardiology devices and equipment market is being restrained by high cost associated with the procurement and use of interventional cardiology devices. The interventional cardiology devices includes drug-eluting stents, tiny mesh tubes coated with medicines and pacemakers. For instance according to a study the implantable heart devices like pacemakers and stents cost two to six times more in US than in Germany and other European Union countries.

Advancement in the technology of Interventional cardiology devices is one of the major trends in the market. Advanced devices covers the technologically advanced imaging modalities such as IntraVenous Ultrasound (IVUS), Fractional Flow Reserve (FFR) and Optocal Cohorent Tomography (OCT). For instance, according to a study published by the US CDC (Centers for Disease Control and Prevention) the treatment of cardiovascular diseases has changed substantially due to introduction of new drug therapies and devices such as guidewires and stents which allows the patient to live quality and longer lives.

According to The International Standard for Medical Device Manufacturers ISO 13485:2012, which sets standards regarding both product quality and compliance with governmental regulations, the medical devices manufacturing companies should follow all the strictest regulations. Companies earning this certification have consistently met both regulatory and customer requirements. Within the United States, regulations for medical devices are known as Current Good Manufacturing Practices (cGMP). The FDA’s Center for Devices and Radiological Health (CDRH) is responsible for certifying medical devices should meet appropriate standards before they are made available for patient use.

Major players in the market are GE Healthcare, Abbott Laboratories, Boston Scientific Corporation, Medtronic Inc., and Johnson & Johnson.

Continuous…

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