Interventional Cardiology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Interventional Cardiology Devices Market was valued at USD 13. 11 billion in 2020, and is projected to reach a value of USD 20. 07 billion by 2026, is expected to grow annually by 7. 48% CAGR 2021-2026.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Cardiology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06184945/?utm_source=GNW

The Interventional Cardiology Devices market is anticipated to have significantly impacted by the outbreak of the COVID-19 pandemic as most of the elective surgeries were deferred to contain the spread of SARS-Cov2 viral transmission. According to the 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 well healthcare workers were at higher risk of infection. Additionally, as per the 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, which was majorly attributed to the impact of COVID-19 pandemic. Thus, owing to the aforementioned factors, the studied market 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 rising demand for minimally invasive treatment.

Heart-related diseases are the most serious health conditions and are the leading cause of death, worldwide. Coronary artery disease (CAD) is one of the most common causes of morbidity and mortality in both low-income/middle-income and developed countries. According to the British Heart Foundation Centre, in 2018, around 7.4 million people were living with heart and circulatory diseases in the United Kingdom. More than 43,000 people under the age of 75 in the United Kingdom die from heart and circulatory diseases each year. As per the American Heart Association Research Report 2018, Cardiovascular disease, listed as the underlying cause of death, accounting for nearly 836,546 deaths in the United States. This is nearly 1 out of every 3 deaths in the country and about 2,300 Americans die of cardiovascular disease each day, which is an average of 1 death every 38 seconds. Additionally, the global CVD prevalence was estimated to be almost doubled from 271 million in 1990 to 523 million in 2019, and the number of CVD deaths were found to have increased from 12.1 million in 1990, to 18.6 million in 2019 as per the research article published in Journal of the American College of Cardiology, 2020. The 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.

Key Market Trends

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

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

Drug-eluting stents are coated with medication, which is slowly released to prevent the growth of scar tissue in the artery lining. This helps the arteries to remain smooth and open, thus, ensuring good blood flow. Drug-eluting stents are usually used for lower extremities. They provide results that are better than the self-expanding and balloon-expanding stents. A good number of patients suffering from heart problems have been successfully treated with drug-eluting stents, preventing the need for more invasive procedures, such as coronary artery bypass surgery. Drug-eluting stents help in preventing the recurrence of symptoms, such as chest pain. This also reduces the need for repetitive angioplasty procedures, which carry the risk of complications, such as heart attack and stroke. Thus, the advantages of Drug-eluting stents over other treatment options are expected to drive the studied segment growth.

Additionally, the increasing trend of product approvals is also expected to drive the segment growth. For instance, In February 2019, Biotronik received US FDA approval for its Orsiro drug-eluting stent (DES) system, which is an ultrathin, bioresorbable polymer-coated DES. Additionally, in July 2020, the Inspiron coronary sirolimus drug-eluting stent of Scitech received CE mark approval. Thus, owing to the aforementioned factors, the drug-eluting stents segments are expected to register healthy growth over the forecast period.

North America is Expected to Dominate the Interventional Cardiology Devices Market Over the Forecast Period

The presence of sophisticated healthcare infrastructure, favorable government initiatives about product development, and high patient awareness levels, coupled with relatively high healthcare expenditures in the region, are some prominent drivers for the growth of the interventional cardiology devices market in 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 studied market.

According to the American Heart Association Research Report 2018, Heart disease accounts for 1 in 7 deaths in the United States. Coronary Heart Disease is the leading cause (43.8%) of deaths attributable to cardiovascular disease in the United States, followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%). This scenario is leading to a higher demand for interventional cardiology devices for efficient treatment, which in turn is expected to drive the market in the United States. Additionally, few of the key market players in the region are involved in developing novel products and technologies to compete with the 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 to be used as an adjunct to conventional angiographic procedures, to aid in diagnostic imaging of the vessel lumen and wall structures. Thus, owing to the aforementioned factors, the studied market 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 of the 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 investment in research and development activities, new product launches, along with forming alliances such as acquisitions, collaborations to secure the position in the global competitive market. For instance, in May 2020, Cook Medical entered into an agreement with Surmodics for the distribution of Surmodics products namely, hydrophilic percutaneous transluminal angioplasty (PTA) balloon catheters.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
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