COVID-19'S EFFECT ON THE WORLD MARKET FOR INTERVENTIONAL CARDIOLOGY DEVICE
2.1 OVERVIEW 282.2 COUNTRY PROFILE
2.1 North America 302.2.2 Latin America 302.2.3 Western Europe 312.2.4 Central & Eastern Europe 312.2.5 Asia-Pacific 322.2.6 Middle East 322.2.7 Africa 332.3 ANALYSIS BY MARKET SEGMENT 342.3.1 Best Case Scenario 342.3.2 Base Case Scenario 352.3.3 Worst Case Scenario 36.
Market Overview
One of the most active and quickly growing sectors, according to our healthcare specialists, is precision cardiology. Over the forecast period of 2021–2031, the global market for precision cardiology is expected to expand at a CAGR of 12.90%. Some reasons, such as the rising prevalence of cardiovascular diseases, the increased emphasis on early cardiovascular disease screening, and the declining cost of sequencing, are what are driving the market.
Due to the growing prevalence of cardiovascular disorders, increased emphasis on early cardiovascular disease screening, and declining sequencing costs, the precision cardiologymarket is now seeing growth. Additionally, businesses are putting their attention on the creation of precision cardiology tests based on cutting-edge sequencing technology, which is anticipated to help doctors make better-informed clinical judgments in the area of cardiovascular care. Advanced precision cardiology testing have made it possible for researchers to devise successful methods for finding novel genetic biomarkers linked to cardiovascular disorders that might be used to create new treatments.


Market Research for the Cardiology, Heart Disease, and Heart Failure Summit and Expo
According to business intelligence provider GBI Research, the cardiovascular disease market, which includes a variety of disorders like hypertension, coronary artery disorders, cardiac arrest, dyslipidaemia, and thrombotic events, is expected to increase from $129.2 billion in 2015 to $146.4 billion by 2022, at a very modest compound annual growth rate of 1.8%.
The size of the global cardiology market, estimated at USD 116.9 billion in 2017, is projected to increase at a CAGR of 7.4% from 2017 to 2022. Congenital heart defects becoming more widespread and the availability of technologically advanced cardiovascular valves, grafts, and patches are two key elements that are anticipated to propel growth throughout the projection period.

The WHO report from May 2018 states that the rise in cardiac disorders is to blame for the region's high death rate in Asia and the Middle East. The global market for cardiology therapeutics is expanding quickly as new medications and technologies hit the market. Our specialist in cardiology market research believes that one of the main causes of the current epidemic of cardiovascular illness is diabetes. The primary factor fuelling the expansion of the cardiology failure market is the rising prevalence of chronic disorders including diabetes and heart attacks. Due to the possible impact of recently approved pharmaceuticals entering the market, the size of the cardiology market is anticipated to increase in the upcoming years.
The heart failure medication Entrust from 'Novartis' was released onto the market in July 2015, and GBI Research anticipates that during the projected period, its sales would rise significantly. A combination medicine called Entrust has demonstrated effectiveness in clinical studies. The medicine has a very expensive cost, which totals around $4 500 annually per patient, and is expected to generate a very high revenue of $5.7 billion by 2022.
Scope and Importance
A constantly evolving area of medicine is cardiology. Both young and old people in this day and age are susceptible to cardiac conditions, which are primarily brought on by their way of life and poor hygiene. The study of cardiology has grown significantly in relevance throughout time as a means of combating these disorders and their causes. A catheter is used in interventional cardiology, a branch of cardiology, to perform surgery with less risk and little blood loss on patients and clinicians. Interventional cardiology uses minimally invasive techniques to treat problems.
In the areas of material sciences, interventional cardiology, and cryopreservation, some of the scientific developments are also anticipated to fuel the market for cardiac surgery devices. Among the few factors anticipated to boost growth over the forecast period are the use of expanded polytetrafluoroethylene for cardiovascular patches, the development of Tran's catheter heart valves, and the process of minimally invasive technologies, such as Tran's catheter aortic valve implantation or Tran's catheter aortic valve replacement. Another significant technical development in cardiac surgery therapies that is anticipated to have a favourable impact on the market is the modification of cryopreservation techniques by key players like CryoLife.
The market for interventional cardiology devices is expected to grow from its current value of USD 13.9 billion in 2020 to USD 25.3 billion by 2027, at a CAGR of 9.3% over the forecast period (2021-2027). New developments in the field of interventional cardiology devices are made possible by increasing investments in research and development. The market for interventional cardiology devices will also expand as a result of the expansion in minimally invasive operations because they lead to fewer patient injuries, quicker recoveries, and shorter hospital stays. The market for interventional cardiology devices is also expected to rise as a result of rising rates of diabetes and coronary artery disease.
Market Dynamics:
Global geriatric population growth, rising rates of lifestyle-related diseases like obesity, diabetes, and hypertension, and rising prevalence of cardiovascular disorders like coronary artery disease, cardiac arrest, stroke, arrhythmia, and congenital heart disease are the main factors driving the global interventional cardiology market revenue growth. According to a recent study by the Centres for Disease Control and Prevention (CDC), approximately 18.2 million Americans have coronary artery disease, making it one of the most prevalent cardiac conditions in the nation. And in June 2020, the British Heart Foundation reported that there were more than 2.3 million cases of coronary artery disease in the United Kingdom.
Other significant factors driving the growth of the global interventional cardiology market include technological developments in interventional cardiology devices that increase efficiency, accuracy, and safety as well as the quick adoption of these highly advanced devices in healthcare facilities like hospitals and ambulatory surgical centres. Additionally, rising demand for minimally invasive cardiac surgeries, regulatory approvals for new and more sophisticated cardiology solutions, government initiatives to increase public awareness of heart health, and quickly developing healthcare infrastructure all contribute significantly to the market's revenue growth.
Technology advancements in interventional cardiology devices that boost efficiency, accuracy, and safety as well as the rapid uptake of these highly sophisticated devices in healthcare facilities like hospitals and ambulatory surgical centres are additional significant factors fuelling the growth of the global interventional cardiology market. The market's revenue growth is also significantly influenced by the increasing demand for minimally invasive cardiac surgeries, regulatory approvals for novel and advanced cardiology solutions, government campaigns to raise public awareness of heart health, and rapidly evolving healthcare infrastructure.
The increase in the world's geriatric population, the rising burden of lifestyle diseases like diabetes, obesity, and hypertension, the rising prevalence of cardiovascular diseases like coronary artery disease, and the rising adoption of highly advanced interventional cardiology devices with higher accuracy and improved efficiency are the main drivers of the market for interventional cardiology devices' steady revenue growth. According to a recent report by the Centres for Disease Control and Prevention (CDC), coronary artery disease is one of the most prevalent heart disorders in the United States. The study estimates that the condition affects 18.2 million people in the United States.
Furthermore, the British Heart Foundation reported that over 2.3 million people in the U.K. had been given a diagnosis of coronary artery disease in June 2020. Increased government approvals for new and more cutting-edge cardiology solutions and devices, as well as a rising demand for minimally invasive heart surgery, are additional factors driving the growth of the global interventional cardiology devices market. However, due to an increase in product failures and recalls as well as the accessibility of alternative treatments for cardiovascular disease, market revenue growth is severely constrained.
The market for interventional cardiology devices is expanding as a result of an increase in unhealthy lifestyle habits.
The market for interventional cardiology devices is expected to rise as a result of bad lifestyle choices that raise the risk of coronary artery disease, such as consuming saturated fats, too much salt, drinking alcohol, and smoking. In addition, heavy tobacco use and a lack of exercise also contribute to the market's expansion. Obesity and coronary artery disease are two conditions brought on by physical inactivity. In 2016, there were more than 1.9 billion overweight adults in the world who were 18 years of age and older, and 23% of them had coronary artery disease. The incidence of serious cardiovascular diseases is also attributed to rising dietary abnormalities, which is fuelling the global market for interventional cardiology devices to expand.
Growing Coronary Artery Diseases Are Fuelling the Global Market for Interventional Cardiology Devices
The global market for interventional cardiology devices is expanding as a result of the increased incidence of coronary artery disorders. In the United States in 2017, 18.2 million adults had coronary artery disease, according to the Centres for Disease Control and Prevention (CDC). Two deaths occur as a result of coronary artery disease for every 10 deaths. Excessive levels of stress and high cholesterol are also important risk factors for coronary heart disease. Additionally, as more people develop coronary artery disease from significant risk factors including diabetes and hypertension, the market for interventional cardiology devices is expanding.
COVID-19's effects on the market for interventional cardiology devices worldwide
COVID outbreaks are causing serious health issues all over the world. To stop the spread of coronaviruses, the governments of various countries have implemented a variety of measures, including lockdowns, hand sanitization, and travel restrictions. In accordance with NHS recommendations, hospitals are adopting online and video consultation to reduce the risk of exposure to patients and employees. Numerous cardiovascular treatments were also decreased, including computed tomography, coronary angiography (CTCA), and dobutamine stress echocardiograms, as patients were reluctant to visit hospitals for fear of getting the virus (DSE). Additionally, the lockdown and travel restrictions make it difficult for patients to go to the hospitals, which has a detrimental effect on the market for interventional cardiology devices. Additionally, the industry is impacted by the declining number of outpatients. Because of the corona epidemic, fewer operations are being conducted, which lowers the need for interventional cardiology equipment. Patients are afraid that if they have surgery, they would contract COVID. These elements have a detrimental effect on the market for interventional cardiology devices.
Competitive Environment
Medtronic, Boston Scientific Corporation, Abbott, Edward Life Sciences Corporation, Cardinal Health, vascular, B. Braun Melsungen, Terumo Corporation, Biosensors International Group, and BIOTRONIK SE & Co. KG are a few of the major companies in the global interventional cardiology devices market. Other major companies include Johnson & Johnson, Becton Dickinson, Teleflex Incorporated, Micro Port Scientific Corporation, Cook Medical Inc., GE Healthcare, W. L. Gore All of the major participants in the sector have taken action to introduce new innovations and technologies.
They are also obtaining a competitive edge in the market thanks to strategic planning. To make sure that there is a sufficient supply of interventional cardiology devices, the major players are also investing in the supply chain.
Market Report Coverage
Market for Precision Cardiology
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Year of Base
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2020
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2021 market size
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$1,065.6 Million
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Forecast Timeframe
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2021-2031
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Value Forecast and Estimate through 2031
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$3,584.6 Million
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CAGR for the Projection Period
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12.90%
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Quantity of Tables
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15
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Amount of Pages
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242
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Amount of Figures
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188
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Market division
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• Offering - Product and Service
• Sample - Blood and Non-Blood
• Technology - Sequencing, Polymerase Chain Reaction (PCR), Microarray, and Other Technologies
• Application - Cardiomyopathy, Arrhythmia, Aortopathy and Vascular Diseases, Familial Hypercholesterolemia (FH), Congenital Heart Defects and Syndromes, and Other Applications
• End User - Hospitals and Diagnostic Laboratories, Academic and Research Institutes, and Other End Users
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Segmentation by region.
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• North America - U.S., and Canada
• Europe - Germany, France, U.K., Italy, Spain, Switzerland, and Rest-of-Europe
• Asia-Pacific - China, India, Japan, South Korea, Australia, and Rest-of-Asia-Pacific
• Latin America - Brazil, Mexico, and Rest-of-Latin America
• Rest-of-the-World
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Market Growth Accelerators
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• Rising Burden of Cardiovascular Diseases
• Growing Attention on Early Cardiovascular Disease (CVD) Screening
• Reduced Sequencing Costs
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Market Obstacles
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• Regulations in the Precision Cardiology Ecosystem Are Not Well-Established
• A lack of facilities for high-complexity testing
• Currently Used Conventional Cardiovascular Disease (CVD) Tests Have High Diagnostic Confidence
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Market Possibilities
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• Huge Potential for NGS-Based Cardiology Test Adoption in Emerging Markets
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Major Companies Listed
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ARUP Laboratories, CENTOGENE N.V., Euro fins Scientific, Exact Sciences Corporation, Fulgent Genetics, Inc., Illumine, Inc., Invitee Corporation, Konica Minolta, Inc., Laboratory Corporation of America Holdings, OPKO Health, Inc., Erasure Technologies, Inc., PerkinElmer Inc., Quest Diagnostics Incorporated, Sema4 Topco, Inc., Thermo Fisher Scientific Inc., Genocide, Deviser Diagnostics AB
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