According to MRFR analysis, the Global Interventional Cardiology Market is expected to register a CAGR of 7.25% from 2019 to 2025 and held a value of USD 15,130.75 Million in 2018.
The interventional cardiology market is driven by several factors, such as technological advancements in interventional cardiac devices, rising prevalence of cardiac diseases, increasing preference for minimally invasive procedures, and increasing geriatric population. For instance, approximate 500,000 patients around the world undergo percutaneous coronary intervention each year for stable angina, and the procedure is considered to provide substantial relief from pain symptoms to patients.
Many market players are dominating the global interventional cardiology market. The prominent players are involved in strategic agreements, product launches, and joint ventures to brace their market positions. For instance, in May 2018, Terumo Europe NV announced the launch of Ultimate Tensei drug-eluting stent in Europe.
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Segmental Analysis
The segmental overview of the interventional cardiology market is carried out on the basis of type, end user, and regions. The type segment of the interventional cardiology market consists of plaque modification devices, coronary guidewires, accessories, stents which further includes bare metal stents, drug-eluting stents, and bioresorbable vascular scaffolds, percutaneous transluminal coronary angioplasty (PTCA) catheters such as balloon catheters and guiding catheters. The region segment of the interventional cardiology market consists of Europe, the Americas, Asia-Pacific, and the Middle East & Africa. The end-user segment of the interventional cardiology market consists of cardiac catheterization laboratories, hospitals, and ambulatory surgical centers.
Regional Overview
The regional assessment of the interventional cardiology market consists of Europe, the Americas, Asia-Pacific, and the Middle East & Africa. The Americas interventional cardiology market was the major regional market in 2018 due to the augmented cases of coronary diseases in this region. Percutaneous coronary intervention is one of the two most common practices executed on patients with coronary artery disease in the U.S. The European region's interventional cardiology market holds the next principal share due to an augmented number of hospitalizations for practices such as cerebral angioplasty and carotid artery angioplasty. The Asia Pacific region's interventional cardiology market is foreseen to be the fastest mounting region in the global market. The producers' advantageous marketing initiatives are performing a considerable role in growing the target audience and consequently growing the Interventional cardiology market size in this region. Similarly, the upsurge in the setups of research and development hubs and the increase in the number of collaborations are driving the growth of the interventional cardiology market in this region.
Competitive Analysis
The development of novel production processes is likely to enhance market strength further. The stabilization of demand and supply forces is estimated to open up opportunities for expansion in the forecast period. The market is estimated to derive momentum from improvement in operating systems within the market. As the market players understand the advantages of a lean operation framework, the market is estimated to transform considerably. The role of the government bodies in almost every country is estimated to be valuable to restore normalcy and create a growth outlook. The forging of novel international trade relations is estimated to bolster the market's capabilities in the upcoming period. The fast-paced adoption of online services and selling platforms is estimated to reinforce market progress in the upcoming years. The consolidation of market competition is predicted to usher in a new development phase in the impending period. The earmarked budget for innovation is set to rise with companies realizing the impact of having a progressive product assortment.
The distinguished companies in the interventional cardiology market are Abbott (U.S.), Cook Medical (U.S.), Life Vascular Devices Biotech S.L. (Spain), ACIST Medical Systems, Inc. (the U.S.), B.D. (U.S.), Boston Scientific Corporation (U.S.), Biotronik SE & Co. K.G. (Germany), Cardinal Health (U.S.), Medtronic (Ireland), Edwards Lifesciences Corporation (U.S.), G.E. Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), ABIOMED (U.S.), Biosense Webster, Inc (U.S.), Merit Medical Systems, Inc (U.S.), Terumo Corporation (Japan), B. Braun Melsungen AG (Germany), and W. L. Gore & Associates, Inc. (U.S.).
Industry Updates:
May 2021 A partnership of the University of South Florida's Health Interventional Cardiology Group and Tampa General Hospital (TGH) have accepted a novel intravascular imaging technology and completed the first such technique in the world. The novel intravascular technology, named High-Frequency Optical Coherence Tomography (HF-OCT), was lately performed on a patient with serious coronary artery disease, which was the primary such fruitfully treated in the world. Tampa General has been an initial adopter of intravascular imaging for coronary intervention and persists in seeking the latest and finest technology. The team has combined intravascular ultrasound (IVUS) and intravascular optical coherence tomography to see inside the blood vessels.
May 2021 Abbott recently announced its novel interventional imaging platform driven by Ultreon 1.0 Software, which acquired a European C.E. mark. This first-of-its-kind imaging software combines optical coherence tomography (OCT) intravascular imaging with the control of artificial intelligence (A.I.) for improved visualization. The novel Ultreon Software can automatically notice the seriousness of calcium-based blockages and gauge vessel diameter to improve the exactness of physicians' decision-making throughout coronary stenting procedures.
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