Boston Scientific, Abbott Vascular, and Medtronic were the leading providers of interventional cardiology devices in 2014, collectively racking up a share in the market of 66.9% in value. Outside of this majority share, the remainder competitive landscape is spread out across the globe in small and medium sized players.
As per a publication by Transparency Market Research, the global market for interventional cardiology devices is extremely dynamic and holds a large scope for consolidation. The rivalry between these players is intense and will most likely increase over time due to the imminent introduction of innovative interventional cardiology devices.
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The global market for interventional cardiology devices is expected to progress at a CAGR of 2.9% from 2014 to 2022, in terms of revenue. This revenue is projected to reach US$9.36 bn by the end of 2016 and US$11.16 bn by the end of 2022.
Stents have consistently been the leading type of interventional cardiology device in use to date. It is expected that stents will remain the leading type till 2022 by when it will be valued at US$6.89 bn. At the same time, interventional cardiology device systems are expected to progress at the leading CAGR of 4.7% from 2014 to 2022.
A large chunk of the interventional cardiology devices demand and production is taken up by North America and Europe. North America is expected to remain the dominant region till 2022 and is expected to gain a revenue of US$4.04 bn by then. Both North America and Europe show a high consumption rate of premium priced interventional cardiology devices and are regions that can cater to a high rate of innovation in medical devices, thus resulting in their dominance in this market.
Asia Pacific, on the other hand, is showing a stunning CAGR of 4.8% from 2014 to 2022 for interventional cardiology devices, owing to the high rate of healthcare developments occurring in China and India.
“As stated by the WHO, almost 23.3 mn deaths are expected to occur by 2030 on account of cardiovascular diseases. What’s more is that about 80% of these deaths are likely to occur in underdeveloped economies. This is a highly alarming call to the makers of related medical devices – including interventional cardiology devices – to ramp up their research and development processes to help bring about a more successful and satisfactory rate of surgical procedures,” states a TMR analyst.
A key issue that needs to be addressed for all manufacturers of interventional cardiology devices is the high intensity of competition between players in this highly dynamic market. The price cuts made by small and medium sized players on their devices is creating a large gap in margins for all companies, thereby stunting the research and development efforts due to lack of funds.
The scenario is further complicated by the fact that most companies enter long-term contracts with healthcare organizations, thereby achieving cost reductions for longer periods of time.
“Globally prominent manufacturers of interventional cardiology devices can look towards emerging nations for a better chance at improving their shares. Countries such as India, China, Brazil, and Mexico are currently hotspots for developments in healthcare, pharmaceuticals, and medical devices. This can be complemented by the developments on bio-absorbable stents, which are expected to take over the market in the future,” adds the analyst.