(I-BusinessNews.Com, February 17, 2021 ) According to the new market research report Interventional Cardiology Devices Market is projected to reach USD 21.2 billion by 2025 from USD 13.8 billion in 2020, at a CAGR of 8.9%.
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Market growth is driven mainly by the rapid growth in the geriatric population and the associated increase in the prevalence of coronary artery diseases, approval of new and advanced products, and the increasing prevalence of diabetes. High growth in emerging economies such as China, India, and Brazil are also driving the demand for interventional cardiology devices. However, the availability of alternative treatments and product failures and recalls are the major factors that are expected to restrain the growth of this market during the forecast period.
The interventional cardiology devices market is highly consolidated in nature, with a few players offering a variety of products. The major players operating in this market are Medtronic (US), Boston Scientific Corporation (US), Abbott (US), Cardinal Health (US), iVascular (Spain), Edward Lifesinces Corporation (US), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Biosensors International Group (Singapore), and BIOTRONIK SE & Co. KG (Germany).
Boston Scientific is the leading player in the interventional cardiology devices market. The company offers a wide range of guidewires, stents, catheters, angioplasty balloons, and structural heart devices. In the last three years, the company has been focusing on expanding its interventional cardiology portfolio by adopting various organic and inorganic strategies. Apart from this, the company has a strong presence in the US. As a result, in 2019, the company registered ~46% of its total interventional cardiology revenue from the US alone.
Medtronic is the second-leading player in the interventional cardiology devices market. The company’s wide range of products and good brand image helps it maintain its leading position in the market. The company actively adopts organic strategies to gain a competitive edge in the market. It has launched various interventional cardiology products in the last few years. Besides this, the company also has a strong presence in developed economies, such as the US. As a result, in 2019, the company generated 50% of its total revenue from the US alone.
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North America accounted for the largest share of the interventional cardiology market in 2019. The large share of this segment can primarily be attributed to the rising incidence of cardiovascular diseases, the growing geriatric population, and the strong presence of industry players in the region.
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