Interventional Cardiology Global Market estimated to be worth $46.1 billion by 2023
Interventional cardiology deals with the catheter based techniques for the treatment of cardiovascular diseases such as coronary and peripheral artery diseases, valvular and congenital heart diseases and structural heart diseases. Interventional cardiology market is growing at a steady rate, as estimated by IQ4I Research the interventional cardiology global is expected to grow at high single digit CAGR to reach $46,124.1 million by 2023. Increase in prevalence of cardiovascular disorders due to rise in aging population, increasing number of interventional procedures, rise in the number of clinical studies performed, increasing prevalence of lifestyle diseases are some of the drivers of the market. Technology advancements and growing healthcare budgetary allocation, growth in emerging countries, and increase in patient awareness for minimal invasive surgeries are some of the opportunities that are propelling the growth of the market. However, lack of skilled and trained professionals and reimbursement issues in emerging countries are some of the restraints of the market. Stringent regulatory requirements with high cost of development and availability of alternate products are some of the threats of the market.
The Interventional cardiology global market by products is segmented into catheters, stents, valves, interventional diagnostic devices, transcatheter heart pump and others. Interventional cardiology market by applications includes diagnostic catheterization, coronary interventions, peripheral interventions and structural heart.
Among the products stents held the highest share due to wide acceptance of stent procedures, a minimal invasive surgery with less risk of complications than open surgery. Transcatheter heart pump segment is project to grow at a very high double digit CAGR. Abiomed, U.S. based medical device company has developed world’s smallest catheter based heart pump that provides hemodynamic support to the heart. The Impella heart pump (Impella series - Impella 2.5, Impella 5.0, Impella CP, and Impella RP) is FDA approved and presently is one of the factors for driving Interventional cardiology market.
Among various Interventional cardiology applications, coronary interventions held the highest share and is expected to grow at a high single digit CAGR due to large acceptance of non surgical treatments such as PTCA, cardiac ablation, coronary thrombectomy and aortic aneurysm (EVAR and TEVAR). Structural heart segment is the fastest growing market with a double digit CAGR. Major companies are adopting acquisition strategy in the expansion of cardiovascular and structural heart devices product portfolio, for instance, in January 2017, Abbott Laboratories acquired St. Jude medical. This acquisition has enhanced Abbott’s product offering in emerging high growth areas of cardiovascular device market such as atrial fibrillation, heart failure and structural heart that elevates the company to the top position in cardiovascular market. Similarly, Medtronic, PLC in October 2015 acquired Twelve, Inc, a privately-held medical device company focused on the development of a transcatheter mitral valve replacement (TMVR) device. This acquisition supported Medtronic to develop a differentiated TMVR product that had significant growth opportunities.
Transcatheter Mitral Valve Replacement (TMVR), cardiac remodelling, catheter based heart pump are some of the technological advancements that are going to drive the interventional cardiology market in coming years. TMVR is still in its clinical trial stage and major companies are involved in the design and development of TMVR, for instance Edward Lifesciences is conducting phase-1 clinical trial in evaluating the safety and function of CardiAQ TMVR device. Similarly, cardiac remodelling devices (remodelling of heart caused due to heart failure) such as Parachute implant by Cardiokinetix, Inc. and Revivent TC TransCatheter Ventricular Enhancement System by BioVentrix, Inc. are in the process of getting regulatory approval. Procyrion’s aortix is a catheter based small and continuous heart pump for heart failure patients, designed to help assist the heart muscle and boost localized blood flow, instead of operating in heart, it is perched in the aorta. Procyrion’s aortix device is not yet commercially available and requires regulatory approval from FDA. The launch of these technologies will boost the interventional cardiology market in coming years.
The Interventional cardiology global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world. North American region commanded the largest revenue and to grow at high single digit CAGR. Increasing peripheral interventional procedures, growth in aging population and significant increase in PCI centers in U.S. has led the market growth in this region. However, Asia-Pacific is expected to grow at highest CAGR owing to the rapidly increasing aging population, patient and raise in healthcare awareness in the emerging countries, such as India and China.
Companies such as Boston Scientific, Medtronic, Abbott and Terumo are ahead of other companies are considered to be leaders in this space with their marketed products and strong pipelines. Abbott is a leader in coronary and endovascular devices and the first company to obtain FDA approved bioresorbable stent. Recently company has obtained U.S. FDA approval for Micra Transcatheter Pacing System (TPS), a smallest cardiac pacemaker and the most advanced technological device for the treatment of bradycardia (slow or irregular heart rhythms). In January 2017, W.L.Gore & Associates, Inc. received FDA approval for Viabahn VBX balloon expandable endoprosthesis for treatment of de novo or restenotic lesions found in iliac arteries, including lesions at the aortic bifurcation. It is the first and only balloon expandable stent graft to be approved.
Pediatric interventional cardiology market is advancing at a steady rate, as estimated by IQ4I Research, the market is expected to grow owing to increasing occurrence of congenital heart conditions among pediatric patients and other key factors contributing to the growth of the pediatric interventional cardiology market include advancements in minimally invasive technologies, increasing awareness of technological advancements, preference for minimally invasive surgeries and growing R&D investments for novel pediatric interventional cardiology products. However, stringent and complex regulatory procedures and high cost of pediatric interventional cardiology procedures are restraining the market.
Major players in the interventional cardiology global market are Abiomed (U.S.), Abbott Laboratories (U.S.), Boston Scientific (U.S.), B. Braun (Germany), C.R. Bard (U.S.), Cook Medical (U.S), Edwards Lifesciences (U.S.), Johnson &Johnson (U.S.), Medtronic PLC. (Ireland), Terumo Corporation (Japan) and W.L.Gore & Associates, Inc. (U.S.).
BioVentrix, (U.S.), Biotronik GMBH & Co. (Germany), Cardiovascular Systems, Inc. (U.S.), Cardiva Medical, Inc.(U.S.), Cardiokinetix (U.S.), Procyrion (U.S.), Cardinal Health (U.S.), Getinge Group (Sweden), Goodman Co., Ltd. (Japan), InspireMed Ltd.(Israel), Lepu Medical (China), Lombard Medical Technologies (U.K.), Meril Life Sciences Pvt. Ltd.(India) and MicroPort Scientific Corporation (China) are some of the emerging players in the interventional cardiology market.