Report ID :10346767 |
Published Date : 21 Oct 2022 |
Report Format : |
Delivery Timeline :48-72 Business Hours
Latin America Interventional Cardiology Market Analysis 2015-2030
Interventional cardiology market comprises of products that are used in catheter-based diagnosis & treatments of various cardiac disorders under coronary artery disease, vascular disease and acquired structural heart disease. In 2019, the Latin America Interventional Cardiology Market accounted for a market value of around USD 700 million and is expected to grow at a CAGR of 8.48% over the forecast period of 2021-2030. People are investing more on medical care owing to the growing disposable income. The largest share of the Latin American interventional cardiology market is currently owned by Brazil, owing to the increasingly growing prevalence of cardiovascular diseases in the nation, which has also led to an increase in the number of interventional cardiology procedures being implemented.
The Latin America interventional cardiology market consists of various segments that are segmented by devices, application and end user. The market is further segmented by devices into angioplasty balloons, angioplasty stents, catheters, plaque modification devices, hemodynamic flow alteration devices, guidewires, and others, out of which, angioplasty balloons accounted for a market share of around 30% in 2019. The angioplasty balloons consist of old/normal balloons, cutting and scoring balloons, and drug-eluting balloons. Angioplasty balloons are highly used in angioplasty procedures to restore blood flow into the heart. A surge in their demand has been generated by their increasing application in cardiology.
On the basis of application, the market is segmented into coronary artery disease, peripheral artery disease, neurovascular disease and others, out of which, coronary artery disease accounted for a market share of around 45% in 2019 and expected to grow by a significant CAGR over the forecast period. The most prevalent form of heart disease is known to be coronary artery disease. It happens when the arteries that supply blood to the heart gets a blockage. Furthermore, the growing prevalence of the disease has generated an increase in demand for innovative devices and treatments which can reduce complications and improve the quality of life. In addition, risk factors for cardiovascular diseases are extremely prevalent in Latin America, which is also projected to drive the growth of Latin America interventional cardiology market.
The advancements in technology in the healthcare sector and increasing research and development investments have created an upsurge in the growth of the Latin America interventional cardiology market. The rapidly increasing prevalence of cardiovascular diseases is consistently attracting various market players in the interventional cardiology market who are incorporating multiple research and development activities coupled with different technologies to improve their product portfolio. Additionally, various market players are making huge investments to reduce the cost of the product so that key application-based end markets can use it. This factor is projected to drive the growth of the market in the upcoming years.
However, lack of skilled cardiovascular surgeons to perform interventional cardiology procedures and high risk of infection in patients after the procedure are estimated to act as barriers to the growth of the Latin America interventional cardiology market during the forecast period.
Some of the affluent leaders in the Latin America Interventional Cardiology Market are Boston Scientific Corporation, Merit Medical Systems, Biosensors International Group, Ltd., Terumo Europe NV, Medtronic, Cardinal Health (Cordis), BIOTRONIK SE & Co KG, and others.
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