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(Health-NewsWire.Net, November 11, 2021 ) According to the new market research report Interventional Cardiology Devices Market size 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.
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Challenges:
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. In the past six months, the number of patient visits to hospitals has reduced significantly, despite the fact that emergency and OPD services are available in cardiology departments. Nationwide lockdowns and social distancing measures have reduced patient visits significantly. This has further reduced the sales of interventional cardiology products. Many of the leading players in the interventional cardiology devices market, such as Boston Scientific, Medtronic, and Abbott, have registered a decline in sales for Q2 and Q3 of 2020
Opportunity: Emerging Markets
India, China, and Brazil are relatively untapped markets for interventional cardiology. The high incidence of diabetes and the large geriatric population in these and other emerging countries offer significant growth opportunities for the interventional cardiology devices market.
According to the IDF, ~77.0 million people suffered from diabetes in India alone in 2019; this is projected to reach 101.0 million by 2030. Similarly, in China, the population suffering from diabetes is projected to reach 140.5 million by 2030, from 116.4 million in 2019.
Furthermore, in India, the disposable income reached 2,937.0 billion in 2019 from 2,818.0 billion in 2018 (Source: TRADING ECONOMICS). In addition, increasing health awareness in the aforementioned countries is expected to increase the demand for advanced treatment methods, including interventional cardiology.
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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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raviraj.tak@marketsandmarkets.com
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