Interventional Cardiology and Peripheral Vascular Devices Market:
The global interventional cardiology and peripheral vascular devices market size was worth $ 19,895.1 million in 2021 and is forecasted to reach USD 34,574.4 million by 2029, at a CAGR of 7.4% during the forecast period.
Interventional cardiology and peripheral vascular devices are the types of devices that are used to treat different cardiovascular conditions with the help of catheters, with minimal invasion. These devices are specially used to treat patients related to heart problems.
Based on product type, the global interventional cardiology and peripheral vascular devices market is segmented into interventional catheters, guidewires, stents, PTCA balloons, atherectomy devices, chronic total occlusion devices, synthetic surgical grafts, embolic protection devices, IVC filters, and others.
Based on application, the global interventional cardiology and peripheral vascular devices market is segmented into congenital heart defect correction, coronary thrombectomy, angioplasty, valvuloplasty, percutaneous valve repair and others.
Industry Dynamics:
Peripheral arterial disease (PAD) has changed over time as the prevalence of associated risk factors and co-morbidities including the increase in insulin-dependent diabetes and the changing dynamic of tobacco use has evolved. Endovascular therapies specifically have grown with the explosion of new technologies.
There are numerous options for patients with diseases amenable to endovascular therapy. For instance, balloon angioplasty and stenting have provided a strong base for endovascular therapy, and atherectomy developed as an additional option in anatomic locations not normally amenable to stents, including the common femoral artery or popliteal artery. Atherectomy has become widely adopted across specialties with four main function methods directional, rotational, orbital, and laser atherectomy.
Impact of COVID-19:
The interventional cardiology and peripheral vascular devices market is anticipated to have significantly impacted by the outbreak of the COVID-19 pandemic as most of the elective surgeries were deferred to contain the spread of SARS-Cov2 viral transmission.
According to the research article published in Best Practice and Research: Clinical Anesthesiology, 2020, a combined risk was associated with cardiac surgery during the COVID-19 pandemic in which both patients and well healthcare workers were at higher risk of infection.
Additionally, as per the study results published in the journal of Annals of Thoracic Surgery, 2020, an estimated 53% decrease in the total cardiac surgery volume was observed in the United States in 2020 as compared to 2019, which was majorly attributed to the impact of COVID-19 pandemic.
Moreover, there are serious concerns about the long-term worsening of cardiovascular health outcomes due to a lack of timely diagnosis. There are very few multiple stakeholders for patient access to cardiovascular treatment and therapeutics.
Regional Share Analysis:
The rising prevalence of coronary artery disease is one of the major factors expected to drive the growth and demand for interventional cardiology and peripheral vascular devices.
For instance, In the US, coronary heart disease is the most common heart disease, which killed 360,900 people in 2019. CAD affects approximately 18.2 million adults aged 20 and up (about 6.7 percent. Adults under the age of 65 accounts for roughly two-tenths of all CAD deaths.
Hence, with the increasing incidence of coronary heart diseases and heart related problems the demand for its treatment is expected to increase the interventional cardiology and peripheral vascular devices market growth.
The rising prevalence of cardiac problems is mainly associated with the rising geriatric population. For instance, according to the Rural Health Information there are approximately 46 million older adults aged 65 and older in the United States. By 2050, the number is expected to rise to nearly 90 million.
Recent Development in the Industry:
On March 25, 2019, Cook's 2nd generation CXI Support Catheter earned a reputation as a premium technology for Peripheral Arterial Disease (PAD) cases. Cook Medical introduced the new 2.6 Fr catheter in the United States and Canada.
Mexico Interventional Cardiology And Peripheral Vascular Devices market is likely to reach USD 1,101.3 million in 2028, from its recorded value of USD 627.4 million in 2020, growing with a CAGR of 4.8% during the forecast period.
The increasing cardiovascular diseases is expected to boost the market growth in this region. For instance, in Mexico, Cardiovascular disease is the leading cause of death, accounting for 20% of total deaths, 68.5 percent caused by ischemic heart disease (IHD).
Competitive Landscape Analysis:
Global interventional cardiology and peripheral vascular devices market is highly competitive in nature, with the leading players capturing a whopping share in revenues. Medtronic Plc., Hexacath, Shenzhen MicroApproach Medical Technology Co., Ltd, Koninklijke Philips N.V.(Spectranetics), InSitu Technologies Inc., Teleflex Incorporated and Lepu Medical Technology Co., Ltd among others, are focused on technology advances for new launches at affordable price points, to remain ahead of the curve.
The key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence.
For instance, In 2020, Medtronic received US FDA approval for its IN. PACT AV drug-coated balloon (DCB) to treat arteriovenous fistula lesions.
Additionally, In August 2019, Medtronic (US) had received US FDA approval for its Next-Generation Evolut PRO+ TAVR System to treat symptomatic severe aortic stenosis in patients with low risk of surgical mortality.
