Cardiovascular diseases (CVD) have exhibited a steady rise in the last few years. Various research and studies have pointed to the contemporary lifestyles as responsible for this. Risk factors such as hypertension, high levels of cholesterol (dyslipidemia), obesity, and smoking have been identified as the major contributors to this trend. Naturally, such a high CVD burden is bound to create a ripple effect in the healthcare sector, instigating a major growth in the market. One such market that is experiencing a continuing global surge is the interventional cardiovascular market.
The global expansion of the interventional cardiovascular market has shown an impressive growth in the recent past. According to Netscribes’ report, the market showed a CAGR of 5.7% in the review period of 2014-2017. The same report projects the growth at 7.1% for the review period of 2018-2022. A potential growth of USD 6.2 billion globally has been predicted. Geographically, the EU has the highest share in the interventional cardiovascular market. That being said, the Asia Pacific market, led by Japan, also has the potential for driving the market, being second only to the United States in terms of demand for cardiovascular devices.
Product diversification takes center stage
The increased adoption rate of interventional cardiovascular procedures combined with the large patient pool has begun to shape the market accordingly. The recent standardization of pricing of available stents has been a major factor in this transformation. When it comes to devices, catheters are also beginning to see increased adoption and not just in the predefined role of a diagnostic tool. Owing to the shift in basic functionality, catheters are now being used as an important therapeutic device in the treatment of CVD.
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Such trends, among others, are encouraging companies to change their overall outlook of the market. Major trendsetters in the interventional cardiovascular industry are diversifying their product and service offerings to deal with rapidly changing market demands. A move towards an expanded product portfolio allows the companies to reduce the cost of goods in order to attain a higher gross margin. Most importantly, the situation provides a symbiotic relationship with the consumer as this translates to inexpensive products that are more readily available in the market.
As the rate of adoption of interventional cardiovascular procedures increases, compliance issues are also witnessing a rise on account of more complex and stringent regulatory standards.
Challenges and opportunities
For all the exciting possibilities the dynamic interventional cardiovascular market poses, there are certain challenges that need to be addressed. One of them is the prevalence of thrombosis from drug-eluting stents. Emerging technologies will play a major role in eliminating the cause of such complications. One such opportunity lies in the area of Bioresorbable Vascular Scaffold (BVS) composed of polymers such as PLLA — or poly(L-lactide). Implementation would involve the complete resorption of the device allowing the polymer material to elute drugs from within the device or its surface.
Another technique that holds the potential to reduce thrombosis rates in interventional cardiovascular recipients is the use of second-generation Drug Eluting Stents (DESs). These new age DESs provide an easier delivery method and better long-term results in comparison to the existing first-generation DESs.
While the advent of transformative technology predicts promising possibilities in the future of interventional cardiovascular treatment, the market of the future may take on a hybrid role. With basic catheter laboratories catering to procedures such as primary angioplasty, specialized health centers will provide treatment involving complex and high-risk procedures.
The way ahead
Through the recent rise in the number of CVD incidents and minimization of post procedural complexities, the interventional cardiovascular market has undergone quite an impressive growth. However, as with any market, there are several other factors that could drive the market such as high accuracy, minimal complications, and reduced post-surgery infections. Diversification within the sector’s offerings will also continue to play a major role in its growth, promising an exciting future.