Interventional Cardiology Market, By Device Type (Conventional Device, Advanced Device), End User (Hospitals, Clinics, Cardiac Catheterization Laboratories, Ambulatory Surgical Centres, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Interventional Cardiology market size was estimated at USD 17.1 billion in 2023 and is projected to reach USD 30.4 billion in 2030 at a CAGR of 7.5% during the forecast period 2023-2030.
The augmented occurrence of cardiovascular maladies along with the innovation and progress in technology have played a pivotal role in the notable enhancement of the pattern and operational efficiency of the interventional cardiology industry, thereby opening up the pathway for the exponential expansion of the market. Moreover, the escalating healthcare outlay and the mounting elderly populace have also served as a substantial driving force, thereby augmenting the market growth.
The escalation in the frequency of cardiovascular maladies, comprising coronary artery disease, heart attacks, and cardiac arrhythmias, constitutes a crucial catalyst for the expansion of the market. The exigency for efficacious identification and management of these ailments has given rise to a surge in the requisition for interventional cardiology procedures. In the realm of medical science and particularly in the field of cardiology, interventional procedures have garnered significant attention and acclaim due to their ability to minimize invasiveness and expedite the recovery period, as compared to traditional open-heart surgeries, by utilizing smaller incisions and surgical implements. This trend has been observed to be on the rise as both physicians and patients are increasingly inclined to favor minimally invasive procedures, thereby leading to a projected escalation in the demand for interventional cardiology.
The market for devices employed in the practice of interventional cardiology is expected to have experienced a marked impact as a result of the ravaging COVID-19 pandemic, during which the majority of elective surgical procedures were postponed in an effort to curb the propagation of the SARS-Cov2 viral transmission. This observation is substantiated by the publication of an article in the National Library of Medicine bearing the title "Electrophysiology and Interventional Cardiology Procedure Volumes During the Coronavirus Disease 2019 Pandemic".
Healthcare expenditure refers to the amount of money spent on healthcare services and products by individuals, governments, and organizations. Increased healthcare expenditure means that more money is being allocated towards healthcare services and products, which can lead to improved access to advanced cardiac care, including interventional cardiology. Developing countries, in particular, have seen an increase in healthcare expenditure due to the growing demand for healthcare services and products, as well as government and organizational investments in upgrading medical infrastructure and facilities. Improved access to advanced cardiac care, including interventional cardiology, can lead to better outcomes for patients with cardiovascular diseases, as well as increased demand for interventional cardiology procedures. As the interventional cardiology market expands due to increased healthcare expenditure, there may be opportunities for healthcare providers and organizations to invest in new technologies and techniques to improve patient outcomes and meet the growing demand for interventional cardiology procedures.
North America to Dominate the Market