Some of the eminent names such as Medtronic, Abbott Vascular, and
Boston Scientific were the leading manufacturers of interventional
cardiology devices in the year 2014, collectively garnering market
share of about 66.9% of the total market in value. Apart from this
majority of shares, the remaining competitive landscape is evenly
spread out across the world in medium and small sized market
players.
As per a market research report by Transparency Market Research, the
world market for interventional cardiology devices is considered to
be extremely dynamic and accounts for large opportunity for
consolidation. The competition between these market players is severe
and is most likely to increase over due course of time owing to the
apparent launch and implementation of innovative devices of
interventional cardiology.
However, on the other hand, the existing threat of new market
aspirants is anticipated to stay moderate over the forthcoming years.
Various regulatory frameworks are becoming increasingly strict and
expenses pertaining to research and development are becoming a strong
segment in the market. This is expected to avert the entry of medium
and small sized market players into the said market for some time.
The world market for interventional cardiology devices is anticipated
to progress at a steady growth rate of 2.9% throughout the period of
forecast that extends from the year 2014 to 2022, when it comes to
revenue. This market revenue was estimated to reach US$ 9.36 bn by
the end of the year 2016 and a market value of US$11.16 bn by the end
of the year 2022.
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A sizeable segment of the interventional cardiology devices
production and requirement is taken up by the region of Europe and
North America. The region of North America is anticipated to continue
to be the dominant one till the year 2022 and is further expected to
reach market revenue of around US$ 4.04 bn by that time. Both the
regions of Europe and North America exhibit a high rate of
consumption of premium quality and highly priced interventional
cardiology devices and the same regions can cater to a high rate of
innovation in medical devices, thus resulting in their market
dominance.
Taking cue from the data of World Health Organization, TMR Analyst
states that around 23.3 mn casualties are anticipated to take place
by the year 2030 owing to cardiovascular diseases. Furthermore around
80% of these casualties are expected to occur in the underdeveloped
countries. This is an alarming call to the manufacturers of medical
devices and that includes makers of interventional cardiology
devices.
Furthermore, increased number of patients is directly linked to two
significant factors: the expanding base of the elderly population and
the increasing problem of obesity which ahs turned into an epidemic
in various developed nations.
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