Feature | Cardiovascular Business | September 12, 2023 | By Emily Gilbert and Kamran Zamanian, PhD

The New Interventional Cardiology Market

The global interventional cardiology device market is driven by the number of procedures performed across the globe

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The global interventional cardiology device market is driven by the number of procedures performed across the globe. The market is primarily driven by the number of angiography and angioplasty/percutaneous coronary intervention (PCI) procedures performed in each region. These procedures are on the rise due to an increasing proportion of the aging demographic and a more sedentary lifestyle. In order to meet the increasing demand for cardiac care there has been high investment into imaging modalities to diagnose patients. These new modalities are and will continue to fuel growth in the interventional cardiology device market.

In the global interventional cardiology device report the new imaging devices, as well the core devices, used in angiographies and angioplasties are explored. The core devices include coronary stents, guidewires, catheters, balloons and introducer sheaths. The interventional cardiology device market is forecasted to grow to a compounded annual growth rate (CAGR) of 2.4% over the next seven years; reaching a market value of $13 billion dollars by the year 2029.

Shifting Market Size and Dynamics

Much like any other market, the interventional cardiology market responds to the demographic it serves. The global population is expected to continue to see an increasing aging population. In addition, there are rising rates of cardiac diseases, including coronary artery disease (CAD) and diabetes. These conditions further increase the portion of the population who are likely to undergo an interventional cardiac treatment such as angioplasty or angiography. The cost of the procedures is on the rise as well, as global inflation has increased the prices of both the devices and materials to produce them.

The rise in cardiovascular diseases has led to a rise in healthcare expenditure in the medical equipment market, which further drives the interventional cardiac devices and equipment market. According to an estimate by Centers for Disease Control and Prevention (CDC), heart diseases caused 697,000 deaths in 2020. Further, according to an estimate by the World Health Organization (WHO), cardiovascular diseases are expected to account for 23.6 million deaths by 2030.In addition, the adoption of unhealthy lifestyles, such as smoking, a sedentary lifestyle and improper diet, is responsible for diabetes. According to the International Diabetes Federation (IDF), by 2030 there will be 643 million people aged 29 to 79 living with diabetes.

The price increase across the interventional cardiology market has reversed the long-term pricing trend seen before the pandemic. Before the COVID-19 pandemic, core devices such as guidewires and catheters were seeing minor price depreciation in response to the highly fragmented market and bundling practices. However, global inflation and rising demand for the products is reversing the decline. The prices are projected to grow over the forecast period, fueled by unstable geopolitical situation, supply chain issues and global inflation.

The Market Response

In response to the rising need of interventional cardiology care, there are increasing imaging modalities to determine patient treatment plans. Over the next decade the use of these technologies is expected to rise as they have proven to result in better clinical outcomes for patients across the globe. A few technologies of note include fractional flow reserve (FFR) guidewires, intravascular ultrasound (IVUS) and optical coherence tomography (OCT). The optical coherence tomography (OCT) catheter market is projected to be the fastest-growing segment of the global interventional cardiology market, followed by intravascular ultrasound (IVUS) catheter market and atherectomy and intravascular lithotripsy (IVL) device segments.

FFR uses a small sensor on the tip of the wire (commonly a transducer) to measure pressure, temperature and flow to determine the exact severity of the lesion. The benefits of this imaging modality include high accuracy, instantaneous assessment of the severity of the stenosis and simultaneous treatment with ballooning or stenting. Philips offers the OmniWire pressure guidewire in this segment. OmniWire combines a unique solid core workhorse design making it easy to use physiology throughout complex cases.

OCT uses near-infrared light to create images of the inside of the coronary arteries. OCT is able to accurately identify certain atherosclerotic plaques and may accurately identify different tissue characteristics of plaques. Globally, Abbott is the primary company in the OCT imaging space. However, regional companies in Asia-Pacific have begun toe develop devices. These devices are expected to remain in the region as they are not yet in the process of gaining international approval for use.

IVUS uses high-frequency sound waves to provide images from inside the blood vessels. Sound waves from the transducer bounce off the artery walls and return to the transducer as echoes. A computer helps convert these echoes into images on the monitor to produce pictures of the coronary arteries or other blood vessels. The device allows for the identification of calcified plaque that may be undetectable from angiography alone. Philips also offers devices in IVUS imaging market, notably the Eagle Eye catheters. This digital catheter is compatible with the companies SyncVision co-registration which creates a three-way association between locations on the angiogram, longitudinal IVUS display and tomographic IVUS frames.

All three imaging technologies compete against one another in the diagnosing of CAD and other cardiac conditions. So, while there is heavy investment in the overall imaging market, it is expected that the competition between the modalities will limit the amount of growth in each separate space. But there will be high rates of growth globally in the overall imaging market.

An emerging trend coming from all three modalities despite internal competition is hybrid devices. Conavi Medical has developed a hybrid OCT-IVUS device called NovaSight Hybrid intravascular imaging system. Boston Scientific has its FFR Guidewire, COMET II Pressure Guidewire, working with the company’s AVVIGO IVUS Guidance System. These devices give practitioners more choice in the combination of tools used in their procedures using imaging modalities.

Final Thoughts

The global interventional cardiology device market had been on the trend of maturing due to the core of the market becoming fragmented and lacking growth. However, due to a large shift in the number of people needing cardiac interventions there has been a boost to the market. The markets response has been to innovate with advanced imaging modalities for diagnosing patients, prompting new growth to the established market.

With the increasing diagnostic capability across the globe, patient care and treatment quality is expected to increase. Further fueling investment from companies into the imaging modalities and core devices in the interventional cardiology device market.

 

Emily Gilbert is a research analyst at iData Research. She develops and composes syndicated research projects regarding the medical device industry, publishing the U.S. and EU Interventional Cardiology series.

Kamran Zamanian, Ph.D., is CEO and founding partner of iData Research. He has spent over 20 years working in the market research industry with a dedication to the study of medical devices used in the health of patients all over the globe.


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