Factors driving the growth of this market include the increasing incidence of cardiovascular diseases and the launch of innovative and technologically advanced interventional cardiology devices.
The interventional cardiology devices market is expected to reach USD 20.85 billion by 2022 from USD 14.52 billion in 2017, at a CAGR of 7.5%.
The interventional cardiology devices market is consolidated in nature due to the presence of a large number of players. The key players in the market are Medtronic (US), Boston Scientific (US), Abbott Laboratories (US), Terumo (Japan), Cordis (US), B.Braun (Germany), C.R. Bard (US), Biosensors (Singapore), and Biotronik (Germany).
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Most companies in the interventional cardiology devices market adopted agreements, expansions, and product launches as the key business growth strategy. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2017. Some of the leading players who adopted these strategies include Cordis (US), Terumo (Japan), and Boston Scientific (US).
Medtronic is a medical technology company that offers a wide range of innovative products and therapies to treat more than 30 chronic diseases related to cardiac, diabetes, and neurological and spinal conditions. The company operates in two major segments, namely, Cardiac & Vascular Group and Restorative Therapies Group. The Cardiac and Vascular Group offers catheters, stents, and guidewires for the diagnosis and treatment of cardiovascular and peripheral vascular diseases. It also distributes its products through direct sales representatives in the US and a combination of direct and indirect sales representatives worldwide. It also adopts product launches as its organic growth strategy. Medtronic successfully commercialized balloon catheters and drug-eluting stents in 2015 and 2017, respectively.
Boston Scientific is a well-known player that develops, manufactures, and markets medical devices that are used in a broad range of interventional medical specialties. The company operates through three major segments, namely, Cardiovascular, Rhythm Management, and MedSurg. It also offers interventional cardiology devices through cardiovascular business segments. It also offers balloons, stents, and plaque modification devices for treating interventional cardiology diseases. The company operates in the Americas, Europe, the Middle East, Africa, and Asia Pacific. It also partners with other private players to strengthen its product portfolio. In 2015, Boston Scientific partnered with C. R. Bard to distribute its Lutonix 035 Drug-coated Balloon in the US.
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Cordis is a medical device manufacturer that was acquired by Cardinal Health in 2015. It is involved in the development and production of innovative products and technologies for interventional medicine, minimally invasive computer-based imaging, and electrophysiology. It also develops and markets devices for circulatory disease management, including stents, balloons, and catheters. The company adopts new partnerships and distribution agreements as its inorganic growth strategy. In 2017, Cordis partnered with Medinol Ltd. (Israel) to sell Medinol’s coronary stents portfolio in the US, which helped to re-establish Cordis in the interventional cardiology devices market.