Global Interventional Cardiology Devices Market 2023-2030

Global Interventional Cardiology Devices Market 2023-2030

Global Interventional Cardiology Devices Market Size, Share & Trends Analysis Report by Product Types (Catheters, PTCA Guidewires, Stents, Balloon Inflation Device, and PTCA Balloons) and by End Users (Hospitals, Cardiac Catheterization Laboratories, Ambulatory Surgical Centers, Cardiac Clinics, and Academic and Research Institutions) Forecast Period (2023-2030)

The global interventional cardiology devices market is anticipated to grow at a significant CAGR of 7.1% during the forecast period. Interventional cardiology devices are utilized in various procedures to diagnose and treat heart conditions. According to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of global casualties, claiming an estimated 17.9 million lives each year. CVDs encompass a group of heart and blood vessel disorders, including coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other related conditions. As a result, the market’s growth is attributed to factors such as the increasing prevalence of CVDs, and advancements in interventional cardiology techniques.

To meet the rising demand, market players have been engaging in collaboration to offer enhanced products and services, creating favorable conditions for market growth. For instance, in January 2022, GE Healthcare collaborated with Boston Scientific on cardiac care in Southeast Asia. This collaboration aims to combine their interventional cardiology portfolios, providing a comprehensive offering the ranges from diagnostic to percutaneous coronary intervention (PCI) to cardiac care centers in the region.

Segmental Outlook

The global interventional cardiology devices market is segmented based on product types and end users. Based on product types, the market is segmented into catheters, PTCA guidewires, stents, balloon inflation devices, and PTCA balloons. Based on end users, the market is categorized into hospitals, cardiac catheterization laboratories, ambulatory surgical centers (ASCs), cardiac clinics, and academic and research institutions. Among product types, stents are expected to hold a prominent market share due to their widespread usage in the treatment of coronary artery diseases.

Hospitals are Expected to Hold a Significant Market Share Over the Forecast Period

Among end-users, hospitals are expected to hold a significant market share over the forecast period. The growth of this sub-segment is attributed to several factors, including the presence of advanced infrastructure and the availability of skilled healthcare professionals in hospitals across the regions. Moreover, hospitals typically experience high patient footfall, leading to an increased demand for interventional cardiology devices for performing surgeries and other medical procedures. The expansion of cardiac hospitals across the region is also anticipated to propel the market’s growth. For instance, in December 2022, Malaysia's Institute Jantung Negara (IJN) announced plans to establish new cardiac centers outside Kuala Lumpur, starting with hospitals in Penang and Johor. This expansion aims to accommodate more overseas patients and is expected to commence by 2026. Such initiatives contribute to the growth of the interventional cardiology devices market, as hospitals continue to play a vital role in the diagnosis and treatment of cardiovascular diseases.

Regional Outlook

The global interventional cardiology devices market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the European regional market is anticipated to cater to a prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the interventional cardiology devices market, primarily driven by factors such as the growing prevalence of cardiovascular diseases, improving healthcare infrastructure, and the rising healthcare expenditure.

Global Interventional Cardiology Devices Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Significant Share of the Global Interventional Cardiology Devices Market

North America is anticipated to hold a significant share of the global interventional cardiology devices market during the forecast period. According to the CDC, in the US, a heart attack occurs every 40 seconds, with approximately 805,000 people experiencing a heart attack each year. Among these cases, 605,000 individuals have their first heart attack, while 200,000 people have a second heart attack. The widespread prevalence of cardiology-related health concerns has created a substantial demand for interventional cardiology devices in the region.

Moreover, the presence of the leading market players such as Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., Johnson & Johnson, Cardinal Health, Inc., and others has fostered innovation in the market through the adoption of various strategies to remain competitive. For instance, in April 2022, Medtronic entered into an agreement with Acutus Medical to exclusively distribute and acquire its left-heart access portfolio, including transseptal crossing devices. This collaboration aims to strengthen Medtronic's cardiac ablation business strategy and provide advanced technology to support physicians during critical procedures. Such initiatives further contribute to the growth and advancement of interventional cardiology devices in North America.

Market Players Outlook

The major companies serving the global interventional cardiology devices market include Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Edwards Lifesciences Corp., Edward Lifesciences Corp., Terumo Corp., and B. Braun Melsungen AG., and others. These market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Medtronic plc entered into a definitive agreement to acquire Affera, Inc., a Boston area-based, privately held medical technology company. Affera designs and manufactures cardiac mapping and navigation systems and catheter-based cardiac ablation technologies, including a differentiated, focal pulsed field ablation solution, for the treatment of patients with cardiac arrhythmias (irregular heartbeats) such as atrial fibrillation (AF). The acquisition expands the Medtronic portfolio of advanced cardiac ablation products and accessories to meet physician requirements within a growing patient population.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global interventional cardiology devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.