Cardiology Surgical & Interventional Cardiology Devices Market size was valued at $ 17.95 Billion by 2019 and is anticipated to grow at a CAGR of 7.65% during the forecast period 2020-2025. For the management of cardiovascular diseases, various surgical and intervention procedures are carried out. To preserve the normal rhythm of heartbeats, surgical and interventional cardiology devices are developed. The incidence of heart attacks and cardiovascular diseases has risen tremendously in recent years owing to the unhealthy lifestyle and increasing geriatric population. According to WHO 31% of deaths worldwide is owing to cardiovascular disorder. For patients, surgical and interventional cardiology devices have minimized complications and ensure quick recovery. The demand for surgical and interventional cardiology products covers a wide variety of devices such as cardiovascular stents, catheters, coils, cardiac monitoring devices, imaging devices and traditional surgical instruments. With a substantial growth rate over the forecast period 2020-2025, the demand for surgical and interventional cardiology devices is expected to expand.
Cardiology Surgical & Interventional Cardiology Devices Market Segment Analysis - By Type of Cardiac Surgery
On the basis of cardiac surgery types, Coronary Artery Bypass Grafting (CABG) segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 7.5%. The reason behind robust growth is being attributed to the fact that coronary artery diseases are a narrowing of coronary arteries, caused by a buildup of fatty material within the arteries. The treatment for this condition involves surgical intervention, and hence, the increasing incidence of the disease is anticipated to aid the growth of the segment in the forecast period 2020-2025.
Apart from this, the Heart Valve Repair or Replacement segment is anticipated to witness significant CAGR during the forecast period 2020-2025 owing to the increasing number of heart valve surgeries. Furthermore, the primary method of treating a diseased heart valve is through open surgery by placing a replacement valve. The segment is primarily driven by lifestyle, such as consumption of alcohol & physical inactiveness; hypertension; diabetes; and hyperlipidemia.
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Cardiology Surgical & Interventional Cardiology Devices Market Segment Analysis - By Geography
North America dominated the Cardiology Surgical & Interventional Cardiology Devices Market with a share of 38.95% in 2019. The application of Cardiology Surgical & Interventional Cardiology Devices has grown rapidly over the last few years owing to the presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to product development, and high patient awareness levels coupled with relatively higher healthcare expenditures in the region are some prominent drivers. North America market is projected to have significant market growth owing to an increasing number of surgeries and a growing prevalence of cardiac disorders in the region. Moreover, the high adoption of advanced tools and devices for surgeries propels growth.
Cardiology Surgical & Interventional Cardiology Devices Market Drivers
Increasing technological advancements in interventional cardiology devices
Presently, efficient and easy-to-use interventional cardiology devices are being introduced on the market with advances in technology. The use of imaging and diagnostic technologies such as IVUS (intravascular ultrasound) and OCT (optical coherence tomography) has resulted in major improvements in the diagnostic techniques' pattern of use. In terms of guidelines about the treatment and diagnosis of cardiovascular disorders, these instruments show great promise. Research into these systems has been motivated by rising attention to interventional cardiology, largely owing to the growing demand for advanced devices and services. Furthermore, the rising focus on the reliable, specific and early treatment of target diseases is motivated by the number of industry-academia partnerships aimed at developing and selling innovative and therapeutically diverse products.
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Cardiology Surgical & Interventional Cardiology Devices Market Challenges
Stringent regulatory guidelines and lack of experienced healthcare professionals
The stringent regulatory guidelines of government approval bodies are projected to slower down the surgical and intervention cardiology device market. Moreover, shortage of experienced healthcare professionals and lack of awareness among the population restrict the growth.
Cardiology Surgical & Interventional Cardiology Devices Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cardiology Surgical & Interventional Cardiology Devices Market. In 2019, Cardiology Surgical & Interventional Cardiology Devices Market share is fragmented by the top ten players present in the market. Cardiology Surgical & Interventional Cardiology Devices Market top 10 companies are Medtronic plc., Abbott Laboratories, Terumo Corporation, Boston Scientific Corporation, Cardinal Health Inc., Cook Medical, Becton Dickinson and Company, B. Braun Melsungen AG, Edwards Lifesciences, Johnson & Johnson, St Jude Medicals and others.
Cardiology Surgical & Interventional Cardiology Devices Market Acquisitions/Product Launches
In 2017, Medtronic PLC increased its interventional cardiology device product portfolio with the launch of the equipment Onyx Drug-Eluting Stent (DES).
In December 2016, Teleflex Incorporated acquired Vascular Solution, Inc. for USD 56 per share in cash. With the acquisition, Vascular Solution became a wholly-owned subsidiary of Teleflex.
Key Takeaways
North America dominated the Cardiology Surgical & Interventional Cardiology Devices Market with a share of 38.95% in the year 2019.
The factors such as rising geriatric population, improving healthcare infrastructure, and increasing incidence of CVD are amongst the major factor projected to impel growth of Cardiology Surgical & Interventional Cardiology Devices Market.
Constantly, growing adoption rates of minimally invasive surgeries, the increasing global prevalence of cardiovascular diseases, and technological advancements introduced in this field are the key factors owing to the growth in the segment during forecast period 2020-2025.
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