The worldwide interventional vascular consumables industry has garnered $3,929.2 million revenue in 2021, and it is projected to generate $5,501.7 million revenue in 2030, rising at a rate of 3.8% from 2021 to 2030.
The worldwide rising prevalence of cardiovascular disease boosts the requirement for interventional vascular procedures. For instance, around 17.9 million people succumb to death each year, which represents 32% of global deaths.
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Moreover, the increasing geriatric population fuels the demand for minimally invasive procedures, as they cause less risk, are less painful, and economical, and have a faster recovery compared to open surgeries. It further fuels the demand for consumables, including guidewires, catheters, and embolic protection systems.
The rise in the number of players in the industry fuels the consumption of cardiovascular devices and consumables.
Integer Holdings Corporation announced it set up facilities in Galway, Ireland in September 2021. It is expected to cater to the rising demand for regional research, development, and manufacturing, more specifically for catheters and delivery systems.
Confluent Medical Technologies announced to extend of its agreement for partnership with Allegheny Technologies Incorporated for manufacturing and supplying of ELI Nitinol, it is a specialized metal alloy utilized for producing high-performance minimally invasive medical devices and other components in January 2021.
Coronary interventional procedures hold 80% of the revenue share of the industry. The surging cases of coronary heart disease, associated with the rising elderly population fuels the demand for consumables during coronary procedures.
According to the CDC, coronary heart disease succumbed 360,900 people to die. In addition, the elderly population prefers minimally invasive procedures that include open surgeries which propel the demand for coronary consumables.
Catheters are projected to experience progress, accounting for 4% in the coming years. It is ascribed to higher catheters prices in comparison to other consumables, including more frequent usage, and presence of several types of catheters in the industry.
Furthermore, the presence of established players participating in product launches propels the industry. In July 2021, Medtronic plc introduced a new drug-coated balloon catheter for coronary artery disease treatment in Europe. The drug-coated balloon is utilized for percutaneous coronary intervention procedures for the treatment of patients with blocked or narrowed coronary arteries.
North America holds the largest industry share, accounting for 35.2% of the interventional vascular consumables industry. The continent leads the worldwide industry, due to surging healthcare expenditure, growing incidence of chronic diseases, and rising elderly population.
According to the Rural Health Information Hub report, in the U.S., 46 million people were aged over 65 years and more in 2020, and the number is projected to rise to almost 90 million in 2050. The rising elderly population results in a growing incidence of chronic diseases, which results in a surging demand for interventional vascular consumables.
Elderly people prefer interventional procedures, as these procedures possess a lower risk of complications and are highly affordable.
Furthermore, the surging healthcare expenditure in the North American region plays a great role, and it results in high accessibility of healthcare by the masses.
Therefore, the rising elderly population propels the demand for interventional vascular consumables.
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