Percutaneous Coronary Intervention Market Overview
The growth of the global percutaneous coronary intervention market is thriving on the back of rapidly increasing incidences of chronic cardiovascular diseases around the globe, rising number of FDA approved products, which has created vast opportunities for manufacturers of percutaneous coronary intervention to operate in the segment, along with the growing development in the healthcare sector in nations around the world which provides a favorable environment for the service providers are some of the factors anticipated to contribute towards the growth of the global percutaneous coronary intervention market.
The global percutaneous coronary intervention market reached USD 14490.84 million in the year 2018 and is expected to garner USD 22866.88 million by the end of 2027 by registering a CAGR of 5.39% across the globe over the forecast period 2020-2027. Further, the worldwide market of percutaneous coronary intervention is anticipated to achieve a Y-o-Y growth rate of 6.02% in 2027 as compared to the previous year.
Growth Highlights based on Region during 2018-2027
The global percutaneous coronary intervention market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America percutaneous coronary intervention is driven by U.S. and Canada, where U.S. held the dominant market share of around 89% during the year 2018. Improved healthcare infrastructure, increased funds for R&D in healthcare industry along with the growing initiatives taken by the U.S. government to upgrade percutaneous coronary intervention products predicts a significant growth of percutaneous coronary intervention market in upcoming years. Additionally, North America is expected to expand by observing the growth rate of 1.47x over the forecast period, which in turn is estimated to have a positive effect on the demand for percutaneous coronary intervention products in the long run.
Further, Germany, UK, Spain and France are the prominent countries that are driving the growth of the Europe percutaneous coronary intervention market, where Germany accounted for the largest market share of around 23% in the year 2018. Increasing government support in the major countries of Europe along with the increasing healthcare expenditure of the nation in the region and the rising demand for cardiovascular surgeries amongst the ageing population signifies the growth in Europe percutaneous coronary intervention market.
Europe is expected to observe the growth rate of 1.41x over the forecast period and achieve Y-o-Y growth rate of 5.67% in 2027 as compared to the previous year.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Percutaneous Coronary Intervention Market Segmentation Synopsis
By Product
The global percutaneous coronary intervention market has been segmented on the basis of product into PTCA catheters, coronary stents, coronary guidewire and accessories. Coronary stents segment with 53.84% share in the year 2018, occupies the largest market of percutaneous coronary intervention across the globe. Additionally, the coronary stent segment is anticipated to cross USD 12864.93 million by the end of 2027 and is anticipated to flourish at a CAGR of 5.90% over the forecast period. Further, the PTCA catheters segment is estimated to grow with a CAGR of 5.21% over the forecast period.
Market Drivers and Challenges
Growth Indicators
According to the World Health Organization (WHO), the global cardiovascular disease death burden is estimated to reach 17.9 million in the year 2016.
Prevalence of cardiovascular diseases can be linked due to several behavioral factors, which includes consumption of tobacco, alcohol or an unhealthy diet. Additionally, other factors such as high blood pressure and obesity can also be attributed for the increasing cases of heart attacks and other CVD diseases. Moreover, the aging population are always prone to these types of diseases. Apparently, the growing medical device industry, along with the advancements observed in the treatment procedures and the increasing concern for the incidences of cardiovascular disorders amongst individuals around the globe are some of the factors anticipated to drive the growth of the global percutaneous coronary intervention market.
Barriers
High risk of infection in patients post utilization of percutaneous coronary intervention and interventional heart disease procedures, which has raised the concern amongst individuals, along with lack of availability of skilled professionals are some of the factors anticipated to hamper the growth of the global percutaneous coronary intervention market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global percutaneous coronary intervention market are Abbott, Boston Scientific Corporation, Medtronic plc, Teleflex Incorporated, B. Braun Melsungen AG, Getinge AB, Terumo Corporation, Asahi Intecc Co., Ltd., Becton, Dickinson and Company and Biosensors International Group, Ltd.
