The global cardiology surgical & interventional cardiology devices market is expected to grow at the CAGR of 8%, and will contributes $83128.34 billion till 2022. The major rise in the global cardiology surgical & interventional cardiology devices market is due to the increased prevalence of life style oriented diseases among the aging population. Cardiovascular diseases (CVD) is one of the most leading cause of death in China. Cardiovascular disease is increasing in China because of urbanization, change in dietary habits, lifestyle and smoking. Thus, it is estimated that 21.3 million cardiovascular diseases cases and 7.7 million deaths will be prevailing between 2010 and 2030. Thus, China’s population will be at a huge risk of heart and cardiovascular diseases.
Cardiology surgical & interventional cardiology devices has gone through various advancements but still the devices are very costly and limited in reach. Cardiology surgical & interventional cardiology devices is one of the helpful tool in minimizing the rate of invasive surgeries with a high successful results but again the high cost to the buyers is one of the major factor restraining the growth of this market. Research centers and Hospitals are the key buyers of these devices. Thus the use of these devices are limited to the hospitals and research centers who has a lump sum capital to invest in it.
The major driver promoting the global cardiology surgical & interventional cardiology devices market is advancing technology which is of utmost importance in the healthcare industry. Presently, interventional cardiology surgeries with the use of 3D technologies is in trend. The former technology has been replaced by the upgraded & innovative technology.
Cardiology surgery and interventional surgery device market is segmented on the basis of catheters, imaging, surgeries, cardiac rhythm management and others including structural heart. CRDM (Cardiac Rhythm Disease Management) has the largest market share in terms of devices market. The market for Imaging Devices includes Still Imaging, Real time imaging, Magnetic Resonance Angiogram (MRA), Fluoroscopy and Cardiac Catheterization. Cardiac catheters have 40% market share in the overall catheters market. High growth rate in this segment can be attributed because of increasing company’s investments to develop advanced technologies & innovative products with better outcomes.
The global cardiology surgical & interventional cardiology devices market is divided into North America, Europe, Asia Pacific and Rest of the World. Among all, North America is the leader of the market having 46%of market shares, followed by Europe. North America is dominating country due to high prevalence of cardiovascular diseases & various technological advancements. Europe is the second major shareholder with 27% of market share in global cardiology surgical & interventional cardiology devices market. Asia pacific is the fastest growing market in this field due to increasing population & rapid development process. India & China are the major contributors in APAC region & are expected to fuel this market further.
Boston Scientific Corporation, C.R. Bard, Medtronic, Abbot Laboratories, St. Jude Medical, Cook Medical are the major key players of cardiology surgical & interventional cardiology devices market. Acquisitions & product launch with technological innovations are the key strategies adopted by the competitor. Such as Such as St. Jude Medical acquired Cardio MEMS in 2014.