South and Central America Intravascular Ultrasound (IVUS) Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Modality (Virtual Histology IVUS, iMap IVUS, and Integrated Backscatter IVUS), Product (Equipment, and Accessories [Cathet

South and Central America Intravascular Ultrasound (IVUS) Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Modality (Virtual Histology IVUS, iMap IVUS, and Integrated Backscatter IVUS), Product (Equipment, and Accessories [Catheters, Guidewires, and Others]), and End User (Hospitals and Clinics, Diagnostic Centers, and Academic and Research Institutes)

The North America intravascular ultrasound devices market is expected to reach US$ 370.49 million by 2028 from an estimated value of US$ 220.87 million in 2021; it is estimated to grow at a CAGR of 7.7% from 2021-2028. The growth of the market is due to are rising prevalence of coronary disorders and rise in the geriatric population. However, product recalls of IVUS is expected to restrict the market growth during the forecast period.

Various economies worldwide, such as Canada, and Mexico are considerably modernizing healthcare facilities and services. As a result, the life expectancy of people in these countries has increased, leading to the growth in their geriatric population base. According to the data by the WHO, in February 2018, the aging population is estimated to rise from 12% in 2015 to 22% by 2050. Furthermore, the US Census Bureau states in a report that the number of people in the US with age 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share would increase from ~15% to ~24% during this period. Moreover, underdeveloped and developing countries would account for ~80% of this growth.

In the American Heart Association, Inc. (AHA) 2019, Heart Disease and Stroke Statistical Update, the incidence of cardiovascular disease (CVD) were reported to be 77.2% in males and 78.2% in females, from ages 60-79 years. Furthermore, the incidence of CVDs was reported to be 89.3% in males, and 91.8% in females, in adults above 80 years of age. Age is a prominent risk factor in the development of CVDs. Physiological aging of the heart is a major causative factor in the onset and manifestation of CVD in aging adults due to increased oxidative stress and inflammation. Thus, the rise in the elderly population worldwide demands intravascular ultrasound devices (IVUS), thereby fueling the market growth.

Countries falling under North America were highly impacted by COVID-19 in the initial stages, i.e., during the first wave, and has impacted U.S Intravascular Ultrasound (IVUS) Devices Market. In the U.S due to increasing number of infected patients and lethal coronavirus variants, the diagnostic and imaging activities had come to an end for an extended period during the pandemic. Thus, overall diagnosis of chronic diseases such as Cardiovascular diseases (CVDs) with Intravascular Ultrasound (IVUS) got delayed and hampered the North America intravascular ultrasound (IVUS) devices market. Therefore. COVID-19 has a potential economic impact on most sectors including PCI procedures through intravascular ultrasound. The pandemic has hindered cardiovascular diagnosis and surgeries and is likely to impact the market negatively.

For Instance: in 2020, Center for Disease Control and Prevention (CDC) reported a delay or avoided medical care of an estimated 41% of U.S. adults including 12 % delay in urgent or emergency care and 32% delay in routine care. According to the report, avoidance of urgent or emergency care was more prevailing among unpaid caregivers for adults, and persons with underlying medical conditions. As a result, more cases of advanced cardiovascular diseases are expected in coming years due to delayed diagnosis, such as preventive screening, and postponed medical appointments in the coming years. The intravascular ultrasound (IVUS) devices market in the U.S is expected to witness modest growth driven by an aging population, increase in health risk factors like poor lifestyle, and the adoption of new technology due to favorable regulatory changes. However, the overall market expansion will be hindered by a saturated installed base of large imaging systems and the consolidation of hospitals.

The North America intravascular ultrasound (IVUS) device market based on the application was segmented into virtual histology IVUS, i Map IVUS, and integrated backscatter IVUS. In 2021, the virtual histology IVUS segment held the largest share of the market, by modality. Whereas the i Map IVUS segment is expected to grow at the fastest CAGR during the coming years.

The North America intravascular ultrasound (IVUS) device market, based on product is segmented into equipment and accessories. In 2021, the accessories segment held the largest share of the market, by product. The same segment of intravascular ultrasound (IVUS) device market is also expected to witness fastest CAGR during 2021 to 2028.

The North America intravascular ultrasound (IVUS) device market based on the end user was segmented into hospitals and clinics, diagnostics centers, and academic and research centers. In 2021, the hospitals and clinics segment held the largest share of the market, by end user and the same segment is expected to grow at the CAGR of 7.9% during the coming years.

The key market players associated with the report on the North America intravascular ultrasound devices market are the Centers for Disease Control and Prevention (CDC), Canadian Patient Safety Institute (CPSI), and Food and Drug Administration (FDA).

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