Interventional Cardiology And Peripheral Vascular Devices Market Size, Share, Industry Trends and Forecast to 2030

Interventional Cardiology And Peripheral Vascular Devices Market Size & CAGR in 2021

The interventional cardiology and peripheral vascular devices market had a significant market size in 2021, with a Compound Annual Growth Rate (CAGR) of 5.7%. The market size was estimated to be around USD 25.6 billion in 2021 and is expected to reach USD 36.8 billion by 2028. The increasing prevalence of cardiovascular diseases, technological advancements in interventional cardiology, and rising geriatric population are some of the key factors that are driving the growth of this market.

COVID-19 Impact on the Interventional Cardiology And Peripheral Vascular Devices Market

The COVID-19 pandemic had a significant impact on the interventional cardiology and peripheral vascular devices market. Due to the lockdowns, restrictions on non-essential medical procedures, and the focus on treating COVID-19 patients, the market witnessed a temporary slowdown in 2020. However, with the resumption of elective procedures and the prioritization of cardiovascular care, the market started recovering in 2021. The pandemic also accelerated the adoption of telemedicine and digital health solutions in the field of interventional cardiology.

Interventional Cardiology And Peripheral Vascular Devices Dynamics

The interventional cardiology and peripheral vascular devices market is driven by factors such as the increasing prevalence of cardiovascular diseases, the growing geriatric population, and advancements in minimally invasive procedures. Technological innovations such as drug-eluting stents, bioresorbable stents, and robotics-assisted interventions have revolutionized the field of interventional cardiology. On the other hand, factors such as high costs associated with interventional procedures, stringent regulations, and lack of skilled healthcare professionals act as challenges for market growth.

Segments and Related Analysis

The interventional cardiology and peripheral vascular devices market can be segmented into categories such as catheters, stents, guidewires, balloon inflation devices, atherectomy devices, and vascular closure devices. Among these segments, stents and catheters are the most widely used devices in interventional cardiology procedures. The market for drug-eluting stents is expected to witness significant growth due to their ability to reduce restenosis rates compared to bare-metal stents. Geographically, North America dominates the market due to the presence of key market players and advanced healthcare infrastructure.

By Region Analysis

In terms of regional analysis, North America holds the largest share of the interventional cardiology and peripheral vascular devices market, followed by Europe and Asia Pacific. The market in North America is driven by factors such as high healthcare expenditure, technological advancements, and the presence of leading market players. Europe is witnessing significant growth due to the increasing prevalence of cardiovascular diseases and the adoption of minimally invasive interventions. The Asia Pacific region is expected to show substantial growth opportunities due to the rising geriatric population and improving healthcare infrastructure.

Key Market Players and Competitive Landscape

Key market players in the interventional cardiology and peripheral vascular devices market include companies such as Medtronic, Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson, Terumo Corporation, and Siemens Healthineers. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market presence and gain a competitive edge. The competitive landscape of the market is characterized by intense competition, technological advancements, and a focus on research and development activities to introduce innovative products.

Recent Happenings in the Interventional Cardiology And Peripheral Vascular Devices Market

- Medtronic acquired Stentys, a French medical device company specializing in interventional cardiology products, to expand its portfolio of innovative stents. - Abbott Laboratories launched a new drug-eluting stent, Xience Sierra, with enhanced deliverability and safety features for the treatment of coronary artery disease. - Boston Scientific Corporation introduced the WATCHMAN FLX device for left atrial appendage closure, providing an alternative to oral anticoagulants for stroke prevention in patients with atrial fibrillation. - Johnson & Johnson partnered with major healthcare organizations to develop digital health solutions for remote monitoring and management of cardiovascular diseases. - Siemens Healthineers collaborated with AI companies to integrate artificial intelligence algorithms into its imaging systems for better interventional cardiology outcomes.