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Interventional cardiology is a branch of cardiology that focuses on catheter-based technologies for the treatment of structural heart diseases. Catheterization is used to perform large number of procedures on heart. It involves the insertion of a sheath into the femoral artery or any large peripheral artery or vein, and cannula ting the heart under X-ray visualization (commonly known as fluoroscopy). However, numerous interventional devices are used for treating peripheral vascular disorders that affect the circulatory system, resulting in plaque built-up in the arteries of arms and legs. Some of the interventional devices used in the market include balloons, catheters, guide wires, stents, and filters.
The world interventional cardiology & peripheral vascular devices market was $13,203 million in 2015 and is expected to reach $25,349 million by 2022 with a CAGR of 9.7%. Rise in prevalence of cardiovascular disorders, geriatric population, demand for minimally invasive procedures, and rapid technological advancements in these devices driven the market. According to the American Heart Association, approximately 5.5 million individuals are affected by heart failure in the U.S., and approximately 670,000 new cases of heart failure are diagnosed every year. According to the Heart & Stroke Foundation, Canada, approximately 66,000 Canadians succumbed to cardiac abnormalities and stroke in 2012. These estimates are expected to boost the demand for interventional cardiology & peripheral vascular devices in the coming years.
On the other hand, complications related to implantation of interventional cardiology & peripheral vascular devices, product recall & failure, and availability of effective conventional treatment options restrict the market growth. Conversely, development of bio absorbable stents offers key opportunity to market players. Unfavorable reimbursement policies for interventional cardiology & peripheral vascular devices across various regions (mainly the developing countries) are major hindrances for the market growth.
The report segments the market based on product and geography. Based on product, the market is classified into angioplasty balloons, angioplasty stents, angioplasty catheters, endovascular aneurysm repair stent grafts, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and accessories. Angioplasty stents accounted for the major share of market in 2015; whereas plaque modification devices are the fastest growing segment during the forecast period. Plaque modification before a stent implant decreases the chance of restenosis. In addition, increase in prevalence of atherosclerosis and rise in obese population globally also fuel growth of these devices. Based on geography, the market is divided into North America, Europe, Asia-Pacific, and LAMEA regions North America accounted for the major share of the overall market in 2015, and Asia-Pacific is expected to be the fastest growing segment during the analysis period.
The market has witnessed several product launches and approvals in the recent years. For instance, in July 2016, Abbott Laboratories received FDA approval for Absorb bioresorbable heart stent. Absorb is a fully dissolvable stent for treatment of coronary artery diseases. This product launch not only enhanced the company’s vascular business, but also provided a better treatment option for blocked vessels of heart.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
Other players in the value chain include (profiles not included in the report)
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