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Interventional Cardiology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 140 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4771978
The interventional cardiology devices market is expected to record a CAGR of 7.48% over the forecast period 2022-2022.

The interventional cardiology devices market is anticipated to have been significantly impacted by the COVID-19 pandemic as most elective surgeries were deferred to contain the spread of the SARS-Cov2 viral transmission. According to a research article published in Best Practice and Research: Clinical Anaesthesiology, 2020, a combined risk was associated with cardiac surgery during the COVID-19 pandemic in which both patients and healthy healthcare workers were at higher risk of infection. Additionally, as per study results published in the journal of Annals of Thoracic Surgery, 2020, an estimated 53% decrease in the total cardiac surgery volume was observed in the United States in 2020 as compared to 2019, majorly attributed to the impact of COVID-19 pandemic. Thus, owing to the aforementioned factors, the market studied is expected to be impacted during the COVID-19 pandemic.

The major factors for the growth of the interventional cardiology devices market include the growing prevalence of coronary artery diseases (CADs), technological advancements in interventional cardiology devices, and the growing demand for minimally invasive treatment.

Heart-related diseases are the most serious health conditions and the leading cause of death globally. Coronary artery disease (CAD) is one of the most common causes of morbidity and mortality in low-income as well as middle-income and developed countries. According to the World Health Organization, an estimated 17.9 million people die due to cardiovascular diseases worldwide each year, amounting to 35% of global deaths. Additionally, 85% of these cardiovascular disease deaths are due to heart attack and stroke. ​In addition, according to the article published in Cureus Journal of Medical Science in July 2020, ischemic heart disease (IHD) is a leading cause of death worldwide. Ischemic heart disease affects around 126 million individuals (1,655 per 100,000) globally, which is approximately 1.72% of the world’s population. The global prevalence of ischemic heart disease is expected to exceed 1,845 per 100,000 by 2030. Additionally, the global CVD prevalence was estimated to have almost doubled from 271 million in 1990 to 523 million in 2019, and CVD deaths were found to have increased from 12.1 million in 1990 to 18.6 million in 2019, as per a research article published in the Journal of the American College of Cardiology, 2020. People suffering from cardiovascular diseases or those who are at high cardiovascular risk need early detection and management. Therefore, the increasing burden of cardiovascular diseases, including coronary artery diseases, is anticipated to boost the usage of coronary stents and drive the market studied over the forecast period.

The presence of sophisticated healthcare infrastructure, favorable government initiatives for product development, and high patient awareness levels, coupled with relatively high healthcare expenditures, is paving the way for the advancement of technology in the interventional cardiology devices market. Market players are competing to launch advanced products for better treatment and have invested in research and development programs to improve their existing products and launch new platforms. For instance, in 2019, Philips launched its new IntraSight Interventional Applications platform, which offers a comprehensive suite of clinically proven instant intravascular ultrasound modalities to simplify complex interventions and speed up routine procedures.​ Furthermore, in June 2019, Boston Scientific acquired Vertiflex Inc. to improve its portfolio of minimally invasive devices. The emerging companies are also trying to develop technologically advanced products in order to increase market penetration.​

Moreover, compared to conventional surgeries, the several advantages of minimally invasive surgeries, such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time, are encouraging an increasing number of patients to opt for minimally invasive balloon angioplasty surgeries. As per data reported by the American College of Cardiology, in 2020, approximately 1.2 million angioplasties were performed in the United States. Moreover, the high accessibility and affordability of hospitals, as compared to specialty clinics, are expected to attract a large patient population.​

However, a stringent regulatory scenario and the availability of effective first-line treatments are expected to restrain the market growth.

Key Market Trends


Drug-eluting Stents Segment Expected to Witness Significant Growth over the Forecast Period


The drug-eluting stents segment is predicted to dominate the market studied over the coming years. The growing adoption of advanced cardiovascular treatments and the increasing technological advancements in the field of drug-eluting stents development are expected to be the major drivers of the growth of the market studied.

Drug-eluting stents are coated with medication that is slowly released to help prevent the growth of scar tissue in the artery lining. This helps the artery remain smooth and open, ensuring good blood flow.​ Drug-eluting stents, however, require prolonged treatment with blood thinners to prevent the stents from closing because of blood clotting. This makes them less desirable for people with bleeding problems or those who need some type of surgery within a year after the stent is put in.​ Drug-eluting stents are usually used for the lower extremities, and they provide results that are better than self-expanding and balloon-expanding stents. ​​

The advancements and recent product launches of drug-eluting coronary stents are fueling the segment’s growth. For instance, in February 2019, Biotronik received pre-market approval from the US FDA for its Orsiro ultrathin drug-eluting stent, intended for use in percutaneous coronary intervention procedures. Additionally, in July 2020, the Inspiron coronary sirolimus drug-eluting stent of Scitech received CE mark approval.

In August 2021, SINOMED, a leading international medical device company, announced the first commercial implantation of the HT Supreme Drug-eluting Stent (DES) at the University Hospital Galway, in partnership with the National University of Ireland Galway, marking the start of its European launch.​

Additionally, governments in various regions are introducing initiatives to make stents affordable for those who need them. For instance, according to the National Pharmaceutical Pricing Authority (NPPA) (2018), the prices of drug-eluting stents in India were fixed at INR 29,600, while bare-metal stents were priced at INR 7,260. ​

Thus, owing to the aforementioned factors, the drug-eluting stents segment is expected to register healthy growth over the forecast period.



North America Expected to Dominate the Market over the Forecast Period


The presence of sophisticated healthcare infrastructure, favorable government initiatives for product development, and high patient awareness levels, coupled with relatively high healthcare expenditures in the region, are expected to be some of the prominent drivers for the growth of the interventional cardiology devices market over the coming years. North America has a high consumption rate of premium-priced interventional cardiology devices, and it is the region that can cater to a high rate of innovation in medical devices, thus, dominating the market studied.

As per the Heart and Stroke Foundation 2019 report, each year, more than 62,000 people get a stroke in Canada, and that number is expected to rise. More than 405,000 people in the country live with the effects of stroke. Furthermore, the number of people who die in the hospital within 90 days is 7.6 times higher for people with heart valve disease and heart failure than for heart valve disease alone. This scenario is leading to higher demand for interventional cardiology devices for efficient treatment, which in turn, is expected to drive the market in the United States.

Additionally, a few key market players in the region are developing novel products and technologies to compete with existing products, while others are acquiring and partnering with the other companies trending in the market. For instance, in May 2020, Philips Image Guided Therapy Corporation received US FDA 510 (K) approval for its Reconnaissance PV .018 OTW Digital IVUS Catheter, which is indicated for use as an adjunct to conventional angiographic procedures to aid in diagnostic imaging of the vessel lumen and wall structures. In June 2021, Abbott received the US Food and Drug Administration’s approval for its XIENCE family of stents for its one-month dual-antiplatelet therapy (DAPT) labeled for high bleeding risk (HBR) patients in the United States. Similarly, in October 2020, Boston Scientific Corporation received the US Food and Drug Administration’s approval for its product named Ranger Paclitaxel-Coated PTA Balloon Catheter, indicated for percutaneous transluminal angioplasty (PTA) procedures.

Thus, owing to the aforementioned factors, the market studied is anticipated to witness steady growth in the North American region over the forecast period.



Competitive Landscape


The interventional cardiology devices market is moderately competitive. Some key market players are Abbott Laboratories, B. Braun Melsungen AG, Biosensors International Ltd, Biotronik, Boston Scientific Corporation, Cardinal Health Inc., Cook Medical Inc., Medtronic PLC, and Terumo Medical Corporation. The major players are involved in strategies such as investing in research and development activities and new product launches, along with forming alliances such as acquisitions and collaborations to secure a position in the global competitive market. For instance, in May 2020, Cook Medical entered an agreement with Surmodics to distribute Surmodics products, namely hydrophilic percutaneous transluminal angioplasty (PTA) balloon catheters.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Coronary Artery Diseases (CADs)
4.2.2 Technological Advancements in Interventional Cardiology Devices
4.2.3 Growing Demand for Minimally Invasive Treatment
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.3.2 Availability of Effective First-line Treatments
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Coronary Stents
5.1.1.1 Bare Stents
5.1.1.2 Drug-eluting Stents
5.1.1.3 Bioabsorbable Stents
5.1.2 Catheters
5.1.2.1 Angiography Catheters
5.1.2.2 Intravascular Ultrasound (IVUS) Catheters
5.1.2.3 Percutaneous Transluminal Coronary Angioplasty (PTCA) Guiding Catheters
5.1.3 Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloons
5.1.4 Percutaneous Transluminal Coronary Angioplasty (PTCA) Guide Wires
5.1.5 Other Product Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 B. Braun Melsungen AG
6.1.3 Biosensors International Group Ltd
6.1.4 Biotronik SE and Co. KG
6.1.5 Boston Scientific Corporation
6.1.6 Cardinal Health Inc.
6.1.7 Cook Medical Inc.
6.1.8 Medtronic PLC
6.1.9 Terumo Medical Corporation
6.1.10 Edwards Lifesciences Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • B. Braun Melsungen AG
  • Biosensors International Group Ltd
  • Biotronik SE and Co. KG
  • Boston Scientific Corporation
  • Cardinal Health Inc.
  • Cook Medical Inc.
  • Medtronic PLC
  • Terumo Medical Corporation
  • Edwards Lifesciences Corporation

Methodology

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