Interventional Cardiology & Peripheral Vascular Devices Market to hit $32.5 Bn by 2026: GMI
The interventional cardiology & peripheral vascular devices market demand from PTCA balloons segment is estimated to witness more than 8.6% growth rate through 2026 propelled by growing demand for minimally invasive interventional procedures.
Selbyville, Delaware, Oct. 27, 2020 (GLOBE NEWSWIRE) --
According to latest report “Interventional Cardiology & Peripheral Vascular Devices Market by product (Interventional Catheters, Guidewires, Stents {, PTCA Balloons, Atherectomy Devices, Chronic Total Occlusion Devices, Synthetic Surgical Grafts, Embolic Protection Devices, Inferior Vena Cava Filters), Application (Congenital Heart Defect Correction, Coronary Thrombectomy, Angioplasty, Valvuloplasty, Percutaneous Valve Repair), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of interventional cardiology & peripheral vascular devices will cross $32.5 billion by 2026. Technological advancements in peripheral vascular devices enabling effective treatment solutions will spur the market growth over the coming years.
Rising prevalence of chronic cardiovascular diseases will significantly drive the number of interventional cardiology procedures in healthcare facilities. For instance, more than 400,000 percutaneous coronary interventions were performed in the U.S. Further, the American Heart Association reports that the incidence of cardiovascular conditions are more prevalent among the elderly population. Thus, growing geriatric population contribute to increasing disease burden. Therefore, increasing demand for vascular devices in interventional operations due to its applications in peripheral disease treatment will positively influence the industry growth.
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Along with cardiovascular disease prevalence, technological advancements in interventional devices including stents and balloons are expected to boost interventional cardiology & peripheral vascular devices market revenue. The manufacturing firms are increasing their R&D efforts to achieve sustainable competitiveness through innovation and development in its offerings. This will result into exponential demand for advanced products to enhance patient experience. Integration of nanotechnology and drug-eluting stents improve treatment efficiency.
PTCA balloons segment in the interventional cardiology & peripheral vascular devices market to witness 8.6% CAGR till 2026 owing to growing demand for minimally invasive interventional procedures. Its advantages in coronary atrial disease treatment including reduced narrowing of artery that improves the blood flow, is leading to higher product preference. Moreover, the use of drug-eluting materials stimulates its growth potential.
Valvuloplasty application accounted for more than USD 1.5 billion in 2019. According to the Centers for Disease Control and Prevention, approximately 13% of population suffers through valvular heart disease. Valvuloplasty offers comprehensive applications in severe valve narrowing, narrowing of pulmonary valve and mitral valve among others. Hence, with rise in number of valvular diseases, the segment will observe substantial growth during the forecast timeline.
Hospitals end-use segment dominated a interventional cardiology & peripheral vascular devices market share of around 86% in 2019 on account of increase in hospital admissions associated severe vascular conditions. This will create exponential demand for vascular devices during performed surgeries in facilities. Adoption of advanced devices with availability of highly skilled professionals in hospitals drives patient preference for these settings.
North America interventional cardiology & peripheral vascular devices market size was over USD 5 billion in 2019. According to the Centers for Disease Control and Prevention, in 2017, coronary heart diseases were responsible for over 300,000 deaths in the U.S. Additionally, about 18.2 million adults have coronary artery diseases. To minimize rising disease burden, industry organizations in the region are focusing on providing efficient solutions. This has offered growth opportunities for operating players with increased product demand.
Major players operating in the interventional cardiology & peripheral vascular devices market include Cardinal Health, Abbott Laboratories, Medtronic, Boston Scientific Corporation and C. R. Bard (Becton Dickinson and Company). These companies are broadening their market presence by adopting several strategies such as augmentation of their product portfolio and collaborations. For instance, in September 2020, AngioDynamics announced the launch of Auryon atherectomy system in the U.S. Such product launches will offer business growth opportunities to the company with product portfolio diversification.
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Table of Contents (ToC) of the report:
Chapter 3. Interventional Cardiology & Peripheral Vascular Devices Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Company landscape, 2019
3.8. PESTEL analysis
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