Albany, NY, June 18, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Interventional Cardiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022," the global interventional cardiology devices market was valued at USD 8.7 billion in 2013 and is expected to grow at a CAGR of 2.9 % from 2014 to 2022, to reach an estimated value of USD 11.2 billion in 2022.
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Interventional cardiology is a minimally invasive catheter based technology that enables treatment of coronary artery disease (coronary blockages or narrowing of the coronary artery restricting normal blood flow). Continuous increase in number of percutaneous interventions (PCI), growing demand for minimally invasive procedures, rapidly increasing elderly population and technical advances leading to advent of innovative products with improved outcomes are some of the major factors expected to drive the market growth during the forecast period. Rising incidences of coronary artery disease, increasing lifestyle disorders such as obesity and growing disposable income are other reasons which will lead to increase in the number of percutaneous interventions. However, decrease in average selling price of the stents due to intensifying competition in the industry and strict regulatory environment are key reasons that are likely to limit the slow the market growth in the future.
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Interventional cardiology devices market has been analyzed based on stents, catheters, PTCA balloons, PTCA guidewires, systems and others. Of these, stents accounted for the largest market share in 2013. Stents market is further segmented into bare metal stents, drug eluting stents and bio-absorbable vascular stents. Drug eluting stents accounted for the highest market share in 2013 and continues to dominate the market during the forecast period. The leadership of DES segment was primarily observed due to the device consideration as the gold standard treatment. Furthermore, large market share of DES was also attributed to improved patient outcome as compared to bare metal stents and reduced need for repeated interventions. However, during the forecast period from 2014 to 2022, the DES segment is likely to lose market share to the recently introduced bio-absorbable stents and witness a low growth rate. Bio-absorbable vascular stents (BVS) provide added advantages over BMS and DES such as complete absorption of the stent material into the tissues and have reduced incidence of in-stent and late-stent restenosis. Thus, owing to the above mentioned reasons BVS is anticipated as the fastest growing segment during the forecast period. Moreover, continuous product launches in this market space and premium price of the product are other reasons anticipated to expand the BVS market revenues.
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In the imaging systems segment, intravascular ultrasound (IVUS) imaging technique held majority share of the market in 2013. In the past IVUS had emerged as a new gold standard treatment for atherosclerosis imaging as the technique provides detailed cross sectional view of coronary artery as compared to traditional angiography technique. However, IVUS systems are anticipated to witness slow growth during the forecast period due to emergence of FFR and OCT technique. FFR provides physiological analysis of the artery to help physicians determine which lesion should be treated and OCT deals with creation of anatomical images which facilitates guide stent deployment & selection and post stenting information. Of these two, OCT is anticipated grow at the highest CAGR due to better imaging and delineation of thrombus.
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The overall interventional cardiology devices market is anticipated to grow under the influence of continuous product launches and presence of innovative pipeline. In bio-absorbable vascular scaffolds presently only two products (ABSORB and DESOLVE) are commercially available in Europe and emerging countries such as India. However, in the future these BVS are anticipated to gain approval by the U.S. FDA, resulting in growth of overall interventional cardiology devices market. Likewise, advancements in monitoring and diagnostics is also anticipated to positively impact the market growth.
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Boston Scientific, Abbott Laboratories, Medtronic plc, St. Jude Medical, Terumo Medical, Volcano Corporation, and Reva Medical are the major players operating in interventional cardiology devices market. Atrium Medical, AngioScore, Johnson and Johnson (Cordis subsidiary), Elixir Medical, and MicroPort Scientific Corporation are other prominent players in the market.
The Global Interventional Cardiology Devices Market is Segmented as follows:
Global Interventional Cardiology Devices Market, by Device Type
- Bare Metal Stents
- Drug-Eluting Stents
- Bio-absorbable Stents
- Angiography Catheters
- Guiding Catheters
- Pulmonary Artery Catheters
- Intravascular ultrasound (IVUS) Catheters
- Normal Balloons
- Cutting Balloons
- Scoring Balloons
- Drug-eluting Balloons
- IVUS (intravascular ultrasound)
- FFR (Fractional Flow Reserve)
- OCT (Optical Coherence Tomography)
Percutaneous Transluminal Coronary Angioplasty Guidewires
Global Interventional Cardiology Devices Market, by Geography
- Rest of Europe
- Rest of Asia Pacific
Latin America (LATAM)
- Rest of LATAM
Middle East North Africa (MENA)
- Saudi Arabia
- United Arab Emirates
- Rest of MENA
Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research