Interventional Vascular Consumables Market To Generate Revenue Worth $5,501.7 Million by 2030
- Published: March 2022
The interventional vascular consumables market is growing due to the high healthcare expenditure, early adoption of interventional radiology procedures in developed regions, and strong supply chain of medical device giants. Due to the aforementioned factors, the industry is projected to generate $5,501.7 million revenue by 2030, advancing at a CAGR of 3.8% during 2021–2030.
The increasing demand for interventional vascular procedures among the geriatric population is a major factor driving the growth of the market. The risk associated with open surgeries, which is higher for the older population, in addition to their higher cost, is leading to the increasing demand for interventional vascular procedures among the geriatric population.
As per the CDC, in the U.S., 14.2% of the adults aged 45 years and older report coronary heart disease (CHD) or a stroke, or both. Further, 11.6% of the adults diagnosed with CHD or a stroke or both, aged 65 years and older, report 14 or more mentally unhealthy days in a month, compared to 27.8% of the adults aged 45–64 years. This is leading to the growing demand for consumables that are required during interventional cardiovascular procedures.
Inferior Vena Cava (IVC) Filters To Witness Fastest Demand Growth
An IVC filter is a type of vascular filter that is implanted by interventional radiologists into the IVC to prevent blood clots from moving with the blood into the lungs, thus reducing the risk of a pulmonary embolism. This is why the IVC filter category is expected to progress with the highest CAGR in the interventional vascular consumables market in the coming years.
Moreover, the coronary category dominated the market during the historical period (2015–2021), and it is predicted to maintain its dominance in the forecast period (2022–2030). During coronary vascular interventions, procedures such as coronary angioplasty and percutaneous coronary intervention (PCI) are performed in order to widen the blocked or narrowed vessels connected to the heart. This is the larger category due to the rising cases of CVDs and increasing geriatric population, which prefers minimally invasive procedures over open surgeries. These factors are driving the demand for interventional vascular consumables of the coronary type, especially in European countries.
The sale of these products in Asia-Pacific are expected to progress with the highest CAGR during the forecast period. Key growth factors for the regional market include the rising geriatric population, improving healthcare infrastructure due to the rising healthcare expenditure, and increasing number of chronic disease patients. The healthcare infrastructure in the region is advancing due to the various initiatives taken by governments to cope with the increasing cases of chronic diseases and provide better healthcare facilities, especially to older patients.
According to the World Bank, the healthcare expenditure of Japan and China was 11.0% and 5.4% of the GDP in 2018, which had increased from 7.2% and 4.5% in 2000, respectively. The rising healthcare expenditure is leading to the surging demand for medical and surgical accessories, including interventional vascular consumables.
Mergers & Acquisitions Are among Most-Effective Strategic Measures
Players in the industry have been involved in mergers & acquisitions to remain competitive. For instance, in November 2020, Heraeus Holding GmbH announced its acquisition of Pulse Systems, which is engaged in the production and high-precision laser processing of Nitinol and other metal-based implants and delivery systems. This acquisition helps Heraeus Holdings in the processing, development, and manufacturing of Nitinol and tube-based technologies.
Moreover, in September 2018, LeMaitre Vascular Inc. announced its acquisition of the vascular clot management business of Applied Medical Resources Corporation, a medical device company. This acquisition helps LeMaitre Vascular expand its clot management product offerings.
The major players operating in the global interventional vascular consumables market are Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Terumo Corporation, Becton, Dickinson and Company, Cook Medical LLC, Merit Medical Systems Inc., B. Braun Melsungen AG, Heraeus Holding GmbH, and Johnson & Johnson.