Global demand for interventional cardiology devices is anticipated to record a CAGR of 8.4% during the forecast period (2022-2032). The interventional cardiology devices market is expected to be valued at US$ 16.4 Billion in 2022 and is likely to reach US$ 36.9 Billion by 2032.
The trajectory of interventional cardiology device adoption trends is on the rise owing to the numerous advantages associated with minimally invasive surgeries, such as reduced surgical pain, injury, and faster recovery time when compared to conventional surgeries, thereby proving to be a viable alternative to open surgery.
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The market is supported by:
- Increased awareness of numerous advantages associated with minimally invasive surgeries
- Increasing technological advancements
- Ongoing diversification in product portfolios
- Surge in diabetes prevalence due to an increase in the geriatric population
- Favorable government initiatives for product development
- Outstanding customer and employee experience
- Revenue, profit growth and business model innovation
Demand for interventional cardiology devices is expected to positively drive the market over the forecast period owing to the focus of extensive R&D by manufacturers to support the healthcare sector with the prominent offerings.
People with diabetes are more likely to have other conditions that raise the risk of coronary heart disease. Risk factors, such as diabetes and hypertension, also fuel the demand for interventional cardiology devices.
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North America Takes the Demand for Interventional Cardiology Devices to New Highs
According to the American Heart Association, by 2035, around 45% of the United States population is likely to suffer from heart disease due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues.
Furthermore, in the US alone, 1.5 million Americans are diagnosed with diabetes each year. Growth in diabetes prevalence can largely be attributed to the growth in the geriatric population; it is estimated that 25% of all geriatric individuals (aged 60 years and above) suffer from diabetes in the US (Source: ADA)
The presence of sophisticated healthcare infrastructure, favorable government product development initiatives, and high patient awareness levels are some of the key drivers for the interventional cardiology devices market growth in the region. Moreover, strategic initiatives by key players have also fueled market growth.
For instance, in June 2021, Abbott received the United States Food and Drug Administration’s approval for its XIENCE family of stents for its one-month dual-antiplatelet therapy (DAPT) labeled for high bleeding risk (HBR) patients in the United States.
Similarly, in March 2021, the United States Food and Drug Administration approved the first in the world non-surgical heart valve to treat pediatric and adult patients with a native or surgically repaired right ventricular outflow tract (RVOT), the part of the heart that carries blood out of the right ventricle to the lungs.
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