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(May 23, 2018)
Interventional Cardiology Devices Market: Demand for Minimally-invasive Interventions in Cardiovascular Care to impart Growth Momentum
Albany, NY, May 23, 2018 (GLOBE NEWSWIRE) -- The prevailing competitive landscape in the global interventional cardiology devices market is characterized by emerging forces of consolidation, observes Transparency Market Research (TMR). This is driven by the dynamic nature of the market. However, on the other hand, the threat of entry by new players is expected to be moderate over the forecast period.
A major part of the global shares in 2014—around 66.9%—is held by only three manufacturing companies. These leading players are Boston Scientific, Medtronic, and Abbott Vascular, finds TMR. The remaining share of the global market is spread across a large number of small and medium-scale players. The constant launch of next-generation devices in the area of interventional cardiology and their rising demand are likely to lead to increased consolidation in the market in the coming years. The scope of consolidation is also accentuated by the sizeable research and development activities needed for launching innovative technologies. Moreover, stringent regulations for new product approvals in developed nations are also impeding the entry of small players.
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The global interventional cardiology devices market estimated valuation 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 by the end of this period.
The various types of interventional cardiology devices fall under stents, percutaneous transluminal coronary angioplasty (PTCA) balloons, catheters, percutaneous transluminal coronary angioplasty (PTCA) guide wires, and accessories. Of these, the segment of stents leads the market and is likely to hold its sway through 2022. The sale of stents is expected to reach a worth US$6.89 billion by the end of this period. The growth will mainly be fueled by rapid uptake of drug-eluting stents, attributed to their wide popularity among patients.
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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.
Rising 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 market. The market’s growth is also propelled by the minimally-invasive interventions required for managing a range of cardiovascular conditions.
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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 market. The demand for such therapies is notably catalyzed by the rapid rise in aging population world over.
Paucity of Research and Development Funding Glaring Constraint, However, Advancement in Interventional Therapies augurs well for Market
However, the growth of the market in several parts of the globe is constrained by the paucity of research and development funding. Large price cuts adopted by several regional players have made a dent in the global revenue and global manufactures are also reluctantly bringing down the pricing of their products. However, the rising attractiveness of bio-absorbable stents is unlocking several promising prospects in the global interventional cardiology devices market.
Considerable advancements in interventional therapies, such as drug-eluting stents, is also accentuating the growth of the market. The attractively rising demand for minimally invasive interventional cardiology devices in developed regions is adding to the lucrativeness of the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Mr. Nachiket Ghumare
Transparency Market Research
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