Why Is Interventional Vascular Consumables Market Dominated by North America?
A primary driver for the global interventional vascular consumables market is the rising cases of cardiovascular diseases globally. According to the WHO, approximately 18 million deaths per year are because of these diseases, accounting for approximately one-third of the total global deaths. Therefore, in 2021, the sales of such products fetched revenue of $3,929.2 million, and this value is projected to touch $5,501.7 million by 2030, advancing at a 3.8% CAGR from 2021 to 2030.
When segmented on type, the interventional vascular consumables market is bifurcated into peripheral and coronary. The coronary category ruled the market in 2021, by accounting for about 80% share. This can be attributed to the surging prevalence of coronary heart illnesses, coupled with a rising elderly population. In the U.S., coronary artery disease is the most-prevalent cardiac ailment, being the cause of 360,900 deaths in 2019. Furthermore, there is a rising inclination of the geriatric population toward minimally invasive procedures, thus boosting the market growth.
Catheters are predicted to advance at a 4% compound annual growth rate in the interventional vascular consumables market from 2021 to 2030. This can be credited to the enhancing availability of numerous types of catheters, more-recurrent usage, and higher prices over other consumables. Furthermore, the category is driven by the existence of established players, who are diligently engaged in launching new products to gain a competitive edge. For example, the latest drug-coated balloon catheter developed by Medtronic plc is extensively used in percutaneous coronary intervention techniques for treating narrowed coronary arteries.
Furthermore, the North American interventional vascular consumables market will potentially grow because of the extensive government support in the form of investments toward healthcare, with a vision to increase the accessibility of healthcare facilities among the people. The healthcare expenditure in this region grew from a 12.3% share of its GDP in 2000 to 16.4% share of the GDP in 2018. This goes hand in hand with a strong logistical network, which will create lucrative opportunities for the market players in the coming years.
Therefore, a surging prevalence of cardiovascular diseases globally, coupled with the rising government expenditure on healthcare, will drive the market.