Globally, the outbreak of COVID-19 has impacted every aspect of the medical device industry, including the market for interventional cardiology devices. The number of patient visits to hospitals had reduced significantly, despite the fact that emergency and OPD services are now available in cardiology departments. Nationwide lockdowns and social distancing measures have reduced patient visits significantly. This has further reduced the sales of interventional cardiology products. Many of the leading players in the interventional cardiology devices market, like Boston Scientific, Medtronic, and Abbott, have registered a decline in sales for Q2 and Q3 of 2020.
The global interventional cardiology devices market size is projected to reach USD 21.2 billion by 2025 from USD 13.8 billion in 2020, at a CAGR of 8.9 percent, predicts MarketsandMarkets. Growth in this market is majorly driven by the rapid growth in the geriatric population and the associated increase in the prevalence of coronary artery diseases, the approval of new and advanced products, and the rising incidence of diabetes. However, the availability of alternative treatments and product failures and recalls are the major factors that are expected to restrain the growth of this market.
India, China, and Brazil are relatively untapped markets for interventional cardiology. The high incidence of diabetes and the large geriatric population in these and other emerging countries offer significant growth opportunities for the interventional cardiology devices market. According to the IDF, ~77.0 million people suffered from diabetes in India alone in 2019; this is projected to reach 101 million by 2030. Similarly, in China, the population suffering from diabetes is projected to reach 140.5 million by 2030, from 116.4 million in 2019.