FREMONT, California /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled 'Global Interventional Cardiology Market - Analysis and Forecast, 2018-2027', the global interventional cardiology market was estimated at $14.69 billion in 2017, and is estimated to reach $24.96 billion by 2027. The global interventional cardiology market is expected to grow at a CAGR of 8.37% between the years 2018 and 2027, aided by the impressive growth of healthcare budgetary allocation and technological advancements in the medical device industry. Moreover, the rising prevalence of cardiac diseases and a growing geriatric population are the main factors leading the growth of the market.
Cardiovascular diseases are the leading cause of death globally and accounted for 17.7 million deaths in 2015, according to the data published by World Health Organization. The growth in geriatric population globally has resulted in increased prevalence of cardiovascular diseases. Furthermore, change in eating habits, increased stress, smoking, alcohol consumption, and disturbed sleeping patterns are some of the key factors contributing to the deteriorating health of individuals and the rise in chronic diseases such as diabetes and cardiovascular diseases. This has consequently increased demand for advanced medical devices to treat the growing number of cardiac patients.
The medical devices industry has been witnessing an annual growth rate of approximately 4.5% since 2011. Increasing incidences of cardiac disorders and rise in older population are significantly impacting the growth of the interventional cardiology market. As a result, several conglomerate companies are making strenuous efforts by innovating new products or redesigning existing devices to attain better process efficiency. Therefore, to sustain in the highly competitive market, interventional cardiology is gradually becoming an indispensable solution for the medical device industry. Moreover, with advancement in the technology, factors such as increase in patient awareness for advanced medical devices and rise in the occurrence of lifestyle disorders are expected to actively drive the growth of the interventional cardiology market during the forecast period of 2018-2027.
According to Abdul Wahid Khan, a lead analyst at BIS Research, "North America is currently the leading contributor to the interventional cardiology market. The market was valued $5.55 billion in 2017. Factors, such as rising demand for minimally invasive surgeries, increasing cases of chronic diseases, aging populations, and increasing number of interventional procedures are driving the growth of the North American interventional cardiology market. However, the Asia-Pacific is expected to register the highest CAGR of 7.12% during the forecast period 2018-2027."
- Interventional cardiology procedure of primary angioplasty is regarded as the gold standard of care for an acute myocardial infarction. The emergence of interventional cardiology devices has enabled the efficient treatment of ischemic heart disease, percutaneous coronary intervention (angioplasty), stent placement, coronary thrombectomy, valve disease (valvuloplasty, percutaneous valve repair or replacement), and congenital heart abnormalities. The main advantage of using advanced cardiac intervention devices is that the procedure eliminates the risk of scars and pain and reduces the post-operative recovery time.
- Advanced interventional cardiology device market is expected to grow at a CAGR of 8.37% from 2018 to 2027. Within this, the optical coherent tomography segmented is expected to grow at the highest CAGR of 9.30% from 2018 to 2027.
- The global interventional cardiology market comprises substantial investments made by several conglomerate and small-medium enterprises. More than 400 products from approximately 100 companies are available in the market.
- Among the end users, the ambulatory surgical center segment is expected to witness a robust CAGR of 5.99% in the forecast period 2018-2027.
This market intelligence report provides a multidimensional view of the global interventional cardiology market in terms of market size and growth potential. This research report aims at answering various aspects of the global interventional cardiology market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory for the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales and manufacturers and trend analysis by segments and demand analysis by geographical regions.
This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 19 leading companies, market participants, and vendors. The report also profiles 20 companies including several key players, such as Abiomed, Inc., ACIST Medical Systems, Inc., B. Braun Melsungen AG, Biosensors International Group, Ltd., Biotronik SE & Co. KG, Boston Scientific Corporation, C. R. Bard, Inc., Cook Medical LLC, Cordis Corporation, Edwards Lifesciences Corporation, GE Healthcare, Life Vascular Devices Biotech S.L., Biostense Webster, Inc., Medtronic Plc, Merit Medical Systems, Inc., Novacam Technologies Inc., Koninklijke Philips N.V., St. Jude Medical, Terumo Corporation, and W.L. Gore & Associates, Inc.
Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global interventional cardiology market?
- What was the market value of the leading segments and sub-segments of the global interventional cardiology market in 2017?
- How will each segment of the global interventional cardiology market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2027?
- What are the influencing factors that may affect the market share of the key players?
- How will the industry evolve during the forecast period 2018-2027?
- What are the key developmental strategies that are implemented by the key players to sustain in this market?
- Who are the key players in the interventional cardiology devices and end user market, and what are their contributions?
- What are the major benefits of the implementation of interventional cardiology in different fields of applications including angioplasty, stent placement, coronary thrombectomy, valvuloplasty, percutaneous valve repair or replacement, and congenital heart abnormalities?
- What is the scope of interventional cardiology market in the emerging economies of Asia-Pacific and Latin America?
- What is the scope for expansion by the key players of the interventional cardiology market in the developed countries of North America and Europe?
BIS Research Inc.
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