Major Players in this market are Abbott Laboratories (U.S.), Cordis Corporation (U.S.), Medtronic, Inc. (U.S.), Boston Scientific Corporation (U.S.), and Covidien, Inc. (U.S.).
(PRWEB) August 21, 2014
The "North American Interventional Cardiology & Peripheral Vascular Devices Market by Angioplasty Balloon (Plain/Old, Cutting), Stent (Bioabsorbable, Drug-Eluting), Catheter (IVUS, OCT), IVC Filter (Retrievable), Endovascular Stent Graft - Forecast to 2018" analyzes and studies the major market drivers, restraints, and opportunities in the U.S. and Canada.
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The North American peripheral vascular devices market is expected to reach $5,947.5 million by 2018, at a CAGR of 2.9% during 2013 to 2018.The decreasing incidences of coronary angioplasties and the increasing peripheral intervention procedures have impacted the surgical equipment market significantly in North America.
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The risk of restenosis in angioplasty procedures encourages the adoption of novel technologies to minimize post-surgical complications. Amongst various surgical devices, bioabsorbable stents were found to be a major breakthrough in the market. The bioabsorbable stents market is expected to witness a significant CAGR of 62.2% during the forecast period. The success achieved during the ongoing studies is also anticipated to spur the market adoption.
The North American interventional cardiology and peripheral devices market is significantly impacted by lower volume of coronary angioplasty procedures and increasing prevalence rate of peripheral artery diseases. With the advent of superior minimally invasive techniques, interventionists adopted advanced stenting procedures during angioplasty. The Rising awareness for accurate placement of stent increases the demand for better diagnosis of clogged vessels. Hence, the North American market possesses a significant growth potential for the advanced angiography catheters, including intravascular ultrasound (IVUS) and optical coherence tomography (OCT) catheters. Although the conventional diagnostic catheter is a routinely used instrument during angioplasty, better diagnosis of thrombus using IVUS and OCT catheters seizes a considerable market space in the interventional cardiology and peripheral devices market.
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In the market, retrievable inferior vena cava filter (IVC) occupies a notable market space as it becomes the gold standard for the treatment of DVT/PE in North America. Moreover, reduced risk of long-term post surgical complication, which is common with permanent IVC filters, is expected to ensure a CAGR of 14.8% during the forecast period.
Analysis of the market dynamics identified the unique nature of the U.S. and Canadian markets. The technology adoption rate in Canada was found to be significantly high in 2013, though the total number of various cardiac procedures was much higher in the U.S. Bioabsorbable stentsare still under investigational study; however, it is available on a special access basis from Health Canada. Furthermore, angioplasty procedures through femoral route are still prevalent in the U.S. market; whereas, radial route angioplasty procedures gain significant adoption in the Canadian market. On the contrary, the U.S. market is significantly advanced in terms of required infrastructure as compared to the Canadian market. The Canadian market still lacks adequate number of cardiac facilities and skilled interventionists. Moreover, average waiting time for availing cardiac care is appalling in Canada; such factor is expected to fuel the adoption of advanced minimally invasive techniques in Canada in the coming years.
Analysis of notable players has brought to light that the market is fairly consolidated with a few leading players. The notable players of this market include Abbott Laboratories (U.S.), Cordis Corporation (U.S.), Medtronic, Inc. (U.S.), Boston Scientific Corporation (U.S.), and Covidien, Inc. (U.S.).
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