ALBANY, New York, September 12, 2018 /PRNewswire/ --
The global interventional cardiology devices market estimatedvaluation at the end of 2016 was US$ 9.36 billion. The market is expected to witness a lackluster CAGR of 2.9% in between the forecast period of 2014-2022 and will reach a worth of US$11.16 billion
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Regionally, North America leads and is expected to maintain its sway throughout the assessment period. The regional market is anticipated to collect a revenue of US$4.04 billion by 2022 end. This is attributed mainly to the vast appetite for research funding among players and the rising uptake of technology-advanced medical devices across the region.
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Increasing Uptake in Treatment of Coronary Artery Diseases accentuate Growth
The global interventional cardiology devices market is driven primarily by the rising prevalence of various heart and vascular problems world over. In particular, the rising incidence of coronary artery diseases is fortifying the demand for various devices among worldwide patient populations. The high mortality of these diseases, particularly in less-developed nations, is a notable factor boosting the interventional cardiology devices market. The market's growth is also propelled by the minimally-invasive interventions required for managing a range of cardiovascular conditions.
As understanding of pathophysiology of coronary artery diseases expands over time, promising new therapies will be unveiled, thereby imparting remarkable momentum to the growth of the interventional cardiology devices market. The demand for such therapies is notably catalyzed by the rapid rise in aging population world over.
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Government Initiatives for Improving Knowledge to Create New Opportunities
Despite these growth opportunities, high manufacturing cost of these devices is a major factor hampering growth of the global interventional cardiology devices market. Additionally, price cut by the local players is pressurizing global players to reduce their prices which is crimping growth of the global interventional cardiology devices market. Nevertheless, numerous initiatives by the governments to increase awareness level about cardiovascular diseases and importance of regular medical checkup camps are creating lucrative opportunities for the growth of market.
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According to Transparency Market Research (TMR), the global interventional cardiology devices market has highly consolidated landscape. Some of the key players operating in the global interventional cardiology devices market are Boston Scientific, Medtronic, Abbott Vascular, St Jude Medical, and Volcano Corporation. Among these, the three players including Boston Scientific, Medtronic, and Abbott Vascular are accounting for the share of 66.9%.
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This information is comprised in the new report by TMR, titled "Interventional Cardiology Devices Market: (Device Type - Stents (Bare-metal, Drug-eluting, and Bio-absorbable), Catheters (Angioplasty, Guiding, Pulmonary Artery, and IVUS), PTCA Balloons (Normal, Cutting, Scoring, and Drug-eluting) , Systems (IVUS, FFR, and OCT), and PTCA Guidewires) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2022."
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