Interventional Cardiology Market, By Device Type (Conventional Device, Advanced Device), End User (Hospitals, Clinics, Cardiac Catheterization Laboratories, Ambulatory Surgical Centres, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Interventional Cardiology Market Overview
The global Interventional Cardiology market size was estimated at USD 17.1 billion in 2023 and is projected to reach USD 30.4 billion in 2030 at a CAGR of 7.5% during the forecast period 2023-2030.
The augmented occurrence of cardiovascular maladies along with the innovation and progress in technology have played a pivotal role in the notable enhancement of the pattern and operational efficiency of the interventional cardiology industry, thereby opening up the pathway for the exponential expansion of the market. Moreover, the escalating healthcare outlay and the mounting elderly populace have also served as a substantial driving force, thereby augmenting the market growth.
The escalation in the frequency of cardiovascular maladies, comprising coronary artery disease, heart attacks, and cardiac arrhythmias, constitutes a crucial catalyst for the expansion of the market. The exigency for efficacious identification and management of these ailments has given rise to a surge in the requisition for interventional cardiology procedures. In the realm of medical science and particularly in the field of cardiology, interventional procedures have garnered significant attention and acclaim due to their ability to minimize invasiveness and expedite the recovery period, as compared to traditional open-heart surgeries, by utilizing smaller incisions and surgical implements. This trend has been observed to be on the rise as both physicians and patients are increasingly inclined to favor minimally invasive procedures, thereby leading to a projected escalation in the demand for interventional cardiology.
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The market for devices employed in the practice of interventional cardiology is expected to have experienced a marked impact as a result of the ravaging COVID-19 pandemic, during which the majority of elective surgical procedures were postponed in an effort to curb the propagation of the SARS-Cov2 viral transmission. This observation is substantiated by the publication of an article in the National Library of Medicine bearing the title Electrophysiology and Interventional Cardiology Procedure Volumes During the Coronavirus Disease 2019 Pandemic.
Delvens Industry Expert's Standpoint
Healthcare expenditure refers to the amount of money spent on healthcare services and products by individuals, governments, and organizations. Increased healthcare expenditure means that more money is being allocated towards healthcare services and products, which can lead to improved access to advanced cardiac care, including interventional cardiology. Developing countries, in particular, have seen an increase in healthcare expenditure due to the growing demand for healthcare services and products, as well as government and organizational investments in upgrading medical infrastructure and facilities. Improved access to advanced cardiac care, including interventional cardiology, can lead to better outcomes for patients with cardiovascular diseases, as well as increased demand for interventional cardiology procedures. As the interventional cardiology market expands due to increased healthcare expenditure, there may be opportunities for healthcare providers and organizations to invest in new technologies and techniques to improve patient outcomes and meet the growing demand for interventional cardiology procedures.
Key Findings
- On the basis of device type, the two main categories of device types in interventional cardiology are conventional devices and advanced devices. Conventional devices are typically simpler and less technologically advanced than advanced devices. They may include items such as catheters, guidewires, and balloons, which are used to access and treat blockages in the arteries. Advanced devices, on the other hand, are typically more complex and may incorporate advanced technologies such as robotics, imaging, and artificial intelligence. Examples of advanced devices used in interventional cardiology include drug-eluting stents, bioresorbable stents, and transcatheter aortic valve replacement (TAVR) devices.
- On the basis of user-end, In the context of interventional cardiology, the end users are the healthcare facilities that provide cardiac care services to patients. Hospitals are the primary end users of interventional cardiology products and services. They offer a wide range of cardiac care services, including diagnostic tests, medical treatments, and surgical procedures. Clinics are another type of healthcare facility that provides cardiac care services to patients. They are usually smaller than hospitals and may specialize in a particular area of cardiac care, such as preventive care or rehabilitation. Cardiac Catheterization Laboratories (CCLs) are specialized facilities that perform diagnostic and therapeutic procedures for patients with heart disease. These procedures involve the use of catheters, which are thin, flexible tubes that are inserted into the blood vessels to access the heart. Ambulatory Surgical Centers (ASCs) are outpatient facilities that provide surgical procedures for patients who do not require hospitalization. They may offer a range of cardiac procedures, including angioplasty, stenting, and pacemaker implantation.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America dominates the global interventional cardiology market due to the presence of major key players, high disposable income, high healthcare expenditure, and a well-developed healthcare sector in this region.
Interventional Cardiology Market Regional Analysis
North America to Dominate the Market
- North America overwhelmingly exerts its influence over the interventional cardiology market on a global scale, acting as the hegemonic force in this domain.
- This can be attributed to several key factors, including but not limited to the presence of major key players who have established a formidable presence in this sphere, the high levels of disposable income enjoyed by the population residing within the confines of this region, the concomitant high healthcare expenditure that is frequently channeled towards the interventional cardiology market.
Interventional Cardiology Market Competitive Landscape
- ABIOMED, Inc.
- ACIST Medical Systems
- B. Braun Melsungen AG
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- BD
- Cardinal Health
- Edwards Lifesciences Corporation
- Ivascular
- Johnson & Johnson Services, Inc.
- Medtronic
- Merit Medical Systems
- Koninklijke Philips N.V.
- Abbott
- Terumo Corporation
- Rontis Corporation
- W. L. Gore & Associates, Inc.
- Biosensors International Group, Ltd.
- GENERAL ELECTRIC COMPANY
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Interventional Cardiology Market Recent Developments
- In July 2021, Abbott, a leading pharmaceutical company, recently unveiled its highly acclaimed XIENCE family of stents, which have been bestowed with the prestigious and much-coveted approval of the United States Food and Drug Administration (FDA) for their remarkable efficacy in treating high bleeding risk (HBR) patients. This revolutionary development in the field of medical science is set to revolutionize the way stents are perceived and incorporated in the treatment of cardiovascular diseases.
- In May 2021, NiTiDES, an innovative stent manufactured by Alvimedica, which does not contain any polymer and has the ability to expand on its own, has been introduced as a new therapeutic option for the treatment of superficial femoral artery (SFA) lesions. This self-expanding Amphilimus eluting stent has recently been granted the CE mark, indicating that it complies with all the relevant European regulations and standards.
Reasons to Acquire in the Interventional Cardiology Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Interventional Cardiology Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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