Interventional Cardiology and Peripheral Vascular Devices Market is Expected to Reach $25,349 Million, Globally by 2022
PORTLAND, Oregon and PUNE, India, November 16, 2016 /PRNewswire/ --
Interventional Cardiology & Peripheral Vascular Devices Market by Product (Angioplasty Balloons, Angioplasty Stents, Angioplasty Catheters, Endovascular Aneurysm Repair Stent Grafts, Inferior Vena Cava (IVC) Filters) is poised to grow at a CAGR of 9.7% from 2016 to 2022, to reach $25,349 million by 2022. Angioplasty stent systems are estimated to generate the highest revenue among all segments throughout the forecast period, owing to technological advancements and development of bioabsorbable stents. North America held the leading position in the global market in 2015, and is expected to maintain its lead in the future. This is attributed to the increase in incidence of heart failures, changes in lifestyle, and high adoption of interventional cardiology and peripheral vascular devices in the region.
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"Bioabsorbable stents and drug eluting balloons would propel the market growth with a very high rate as these devices get absorbed within the body and therefore eliminate the chances of restenosis within arteries" says Hemali Narkhede, Manager, Healthcare Research at AMR. "These devices provide better treatment options when compared to conventional stents and balloons," she further added.
Growth in geriatric population, increase in prevalence of chronic diseases, changes in lifestyle of the people, technological advancements in devices, improvement of healthcare infrastructure in developing countries, development of minimally invasive procedures, and increase in patient awareness propel the market growth. However, stringent approval process for interventional cardiology and peripheral vascular devices is a major factor that hampers the market growth.
Plaque modification devices are projected to be the fastest growing segment, with a CAGR of 13.7% from 2016 to 2022, as these devices provide an efficient alternative when ballooning of arteries fail. In addition, plaque removal is also important before a stent implant as this helps in prevention of restenosis in the arteries. Apart from this, increase in incidences of plaque buildup in coronary as well as peripheral arteries and minimally invasive nature of the procedure will also drive the market.
Bioabsorbable stents system is expected to register a very high CAGR of 46.0% during the forecast period as this system is fully absorbed into the body and eliminates chances of restenosis. In addition, bioabsorbable stents improve endothelial function, avoid the loss of blood, and restore normal vasomotion. This is not possible when bare metal stents are used. Therefore, bioabsorbable stents would grow with a very high growth rate.
Key findings of the Interventional Cardiology and Peripheral Vascular Devices Market:
- On the basis of product type, angioplasty stents segment accounted for more than half of the total market in 2015.
- Plaque modification devices are expected to grow at high rate (with a CAGR of 13.7%) as use of these devices before stent implant decreases the chances of restenosis.
- North America accounted for more than one-third of the total market in 2015, and it is projected to lead the overall market in the forecast period.
- Asia-Pacific is expected to be the fastest growing region (with a CAGR of 10.4%) throughout the analysis period, owing to presence of ample growth opportunities in terms of unmet medical needs for the treatment of cardiac disorders in this region.
Key players have adopted product development as their key strategy to cater to the changing needs of the industry. Major players operating in this market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Cook Medical, Inc., Medtronic plc, St. Jude Medical, Inc., Terumo Corporation, and The Spectranetics Corporation. As of 2015, Medtronic dominated the overall renal denervation market, followed by Abbott Laboratories and Boston Scientific Corporation.
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SOURCE Allied Market Research