Global Percutaneous Coronary Intervention Market: Information by Product Type (Coronary Stents, PTCA Catheters, Coronary Guidewire and Accessories), by End User (Hospitals & Specialty Clinics, Ambulatory Surgical Centers, Research and Academic Institutes and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2023
The Global percutaneous coronary intervention market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Among these, the Americas region dominates the market attributing to the increasing pool of awareness and the growing acceptability of percutaneous coronary intervention techniques.
The Europe Percutaneous Coronary Intervention Market is projected to register over 6% CAGR during the forecast period valued at approximately 4,600 Mn USD by 2023. The region assumed the second position in 2017 globally due to the rise in percutaneous coronary intervention centers in European countries. Furthermore, the increased number of hospitalizations for percutaneous coronary intervention procedures such as carotid artery angioplasty and cerebral angioplasty have been fostering the regional market.
The region accounted for almost 39% of the market share in 2017, followed by Europe accounting for 31% of the market share. Whereas, the Asia Pacific region can grow at a rapid clip mainly due to the increasing prevalence of cardiovascular diseases. The region had accounted for around 23% of the market share.
The Americas region dominates the global percutaneous coronary intervention market mainly due to the higher health care expenditures and the increasing prevalence of diseases such as cardiovascular and coronary artery disease. Factors such as well-spread awareness and the growing adoption of percutaneous coronary intervention techniques are driving the growth of the PCI market in the Americas.
In the US, percutaneous coronary intervention is one of the two most common procedures performed on patients with coronary artery disease. The US backed by the growing prevalence of cardiovascular angiography and interventions accounts for the major growth supporter to the regional market. The percutaneous coronary intervention market in the Americas is expected to reach USD 4,894.7 million by 2023.
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The Percutaneous Coronary Intervention Market in the Asia Pacific region is expected to emerge as a promising market, growing rapidly due to the increasing prevalence of cardiovascular diseases, rapidly developing healthcare infrastructure, and improving economic conditions in the region. Simultaneously, the increasing number of research and development centers positively impacts the growth of this market.
Furthermore, owing to the factors such as the government initiatives of healthcare reforms and the increasing demand for advanced treatments in the region, the percutaneous coronary intervention market in the APAC will reach the valuation of USD 3,620.3 million by 2023.
In recent years, the growing prevalence of chronic diseases related to heart, globally, the percutaneous coronary intervention market is growing at a rapid pace. Moreover, the increasing adoption of PCI procedures performed on patients with coronary artery disease is escalating the market constantly.
Percutaneous Coronary Intervention Market is a non-invasive procedure used to treat narrowing arteries of the heart in coronary artery diseases including angina, acute myocardial infarction, and multivessel coronary artery disease (CAD), among others. PCI procedure involving cardiac catheterization help in providing relief in the symptoms of coronary heart diseases and reduce damages to the heart after or during a heart attack.
Considering all these factors, the global percutaneous coronary intervention market is expected to reach over USD 15,205 million by 2023, growing at approximately 7.10% CAGR during the forecast period (2018-2023). The market stood at USD 10,160.9 million in 2017.
In addition to the growing prevalence of coronary heart diseases, the ever-increasing population worldwide and the increasing demand for the quality healthcare systems are factors expected to propel market volume till 2023.
Moreover, risk factors causing the heart-related diseases such as the increasing inclination towards the heady & sedentary lifestyle, and wrong eating habits, and changes in the social system over the last few years have been accelerating the market growth, increasing the incidents of the disease related to the heart.
However, the stringent government regulations for the approval of medical devices used in PCI alongside the lack of awareness towards the availability of percutaneous coronary intervention procedure may hinder the market growth over the forecast period. Also, the potential implications in diagnosis such as the infection caused during the procedure that can be challenging to diagnose and may have severe consequences are affecting the market growth.
Prominent players operating in the percutaneous coronary intervention market include Boston Scientific Corporation (U.S.), Abbott (U.S.), ASAHI INTECC Company Limited (Japan), C. R. Bard, Inc (U.S.), Comed B.V. (The Netherlands), Meril Lifesciences Pvt Ltd. (India), BIOTRONIK (U.S.), Medtronic Plc (U.S.), B. Braun Melsungen AG (Germany), Biosensors International Group, Ltd. (Singapore), Terumo Corporation (Japan), Cordis (U.S.), Cook Medical (U.S.), and Merit Medical System (U.S.).
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The Global Percutaneous Coronary Intervention Market has been segmented on the basis of product type and end-user.
Various product types are segmented into coronary stents, percutaneous transluminal coronary angioplasty (PTCA) catheters, coronary guidewires, and accessories. Among these, the subsegment coronary Stent accounted for the largest share of 54% share in 2017. It was valued at USD 5452.5 million in the same year. It is further projected to grow at a CAGR of 7.81% during the forecast period.
By End-user, the market has been segmented into hospitals & specialty clinics, ambulatory surgical centers, research & academic institutes, and others. Out of these, the subsegment hospitals & specialty clinics accounted for 43% of the market share in 2017 and valued at USD 4,374.9 million. The subsegment is estimated to continue with its dominance registering a CAGR of 7.57% over the assessment period. The large share can be credited to the mushrooming of hospital chains amid increasing demands for quality patient care.
Strategic initiatives employed often involve mergers, acquisitions, product launches, and others. These tactical moves ensure individual company’s growth alongside the market’s expansion.
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