The total value of the global interventional vascular consumables market was USD 3,929.2 million in 2021, and it will rise at a growth rate of above 3.8% shortly, reaching USD 5,501.7 million by 2030, according to P&S Intelligence.
This growth can be attributed to the growing count of CVD cases throughout the world is boosting the need for interventional vascular procedures. For example, as per the WHO, approximately 17.9 million individuals expire of CVDs per annum, representing 32.0% of all worldwide demises.
In 2021, the consumables utilized in coronary interventional events generated the highest revenue share of approximately 80%. The growing occurrence of coronary heart illness, related to the growing elderly populace, is directing to the rising demand for the consumables utilized during coronary procedures.
As per the CDC, coronary heart illness is the most popular cardiac illness in the U.S., killing 360,900 individuals in 2019. Furthermore, the elder populace typically favors minimally invasive measures over open operations, which drives the interventional coronary consumables requirement.
In the coming few years, the catheter category is projected to grow at approximately 4% CAGR. This can be credited to the advanced costs of catheters than other consumables, their more-regular utilization, and the obtainability of numerous kinds of catheters in the industry.
Furthermore, the existence of well-known players, who are actively involved in item launches, is helping in the development of the interventional vascular catheters industry.
For example, in 2021, Medtronic plc launched a novel medication-coated balloon catheter for the cure of coronary artery illness in Europe. This medicine-coated balloon is utilized during percutaneous coronary intervention measures, to cure patients with tapered or blocked coronary arteries.
In 2021, North America dominated the interventional vascular consumables market with the largest share, 35.2%. The supremacy of the region in the industry is majorly credited to the increasing healthcare investments, growing count of cases of chronic illnesses, and increasing elderly populace.
As per a report in the U.S., issued by the Rural Health Information Hub, 46 million individuals were aged 65 and more in 2020, and this count is set to surge to nearly 90 million by 2050. The thriving elderly populace leads to the increasing occurrence of chronic illnesses, therefore causing a high requirement for interventional vascular consumables in the continent.
Interventional procedures are favored by elder patients as such procedures have a lesser danger of complications and are inexpensive. Furthermore, they are chosen as with age, patients’ capability to heal the marks of the operation might reduce.
Hence, the growing count of CVD cases throughout the world is boosting the need for interventional vascular procedures.