The interventional cardiac devices market, estimated at $1.49 billion in 2013, is likely to reach $6.93 billion in 2020, according to an analysis from Frost & Sullivan.
The analysis on the global emerging interventional cardiac devices market covers devices for the segments such as transcatheter heart valves, renal denervation, bronchial thermoplasty, bioresorbable stents, and fractional flow reserve.
A high degree of unmet clinical needs, the rising prevalence of ailments such as coronary artery diseases and hypertension, as well as increasing disposable incomes are creating robust opportunities for emerging interventional cardiac devices in emerging countries. Although the US and European markets will witness the highest growth, device manufacturers must focus on developing economies such as India and China, where the market is growing between 12 and 15 per cent per annum,the study points out.
“Cardiac disorders, including atrial septal aneurysm and patent foramen ovale that have been recognized as possible risk elements for ischemic stroke, are evolving into potential markets for interventional cardiac devices worldwide,” said Frost & Sullivan Advanced Medical Technologies Research Analyst Swathi Allada. “Many companies have already forayed into this sector with products cleared under Food and Drug Administration humanitarian device exemptions.”
However, as with any emerging technology, the shortage of specialists restrains the use of interventional cardiac procedures. The current workforce in cardiology is insufficient to meet the escalating need across the globe. To resolve this challenge, official training programmes have been set up by various academic institutions as well as companies like Edwards Lifesciences and Medtronic.
The development of these products will likely shape the overall interventional cardiology market, and the successful adoption of these emerging products will result in significant market growth rate.
Complex purchasing systems also hinder the adoption of interventional cardiac devices, particularly in Asia-Pacific (APAC). In this increasingly competitive market, APAC countries face an alarming rise in cardiovascular disorders and account for half of the global burden of diseases. This situation will likely worsen during the next few years, as the region has an ageing population with an increasingly unhealthy lifestyle.
Another challenge peculiar to the region is caused by heavy subsidization of healthcare by governments. Lower costs heighten hospitalization rates, and, in turn, healthcare costs, severely impact the economy and the market.
“Nevertheless, the urgent requirement to decrease hospital stay times is driving minimally invasive interventional procedures, which ensure quick recovery and lower risk of complications,” noted Allada. “As minimally invasive interventional cardiac procedures become the solution of choice among patients and the medical fraternity, demand for interventional cardiac devices will grow.”
Acquiring added capabilities and expanding capacity through long-term strategic partnerships will be crucial for device manufacturers. Repositioning product and service offerings to enhance value for clients will help strengthen their foothold in this dynamic landscape, the study adds.