The global intravascular surgery devices market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing cases of vascular diseases which require surgery, along with rising healthcare expenditure globally. The growing disposable income of individuals across the globe, combined with presence of favorable reimbursement and health insurance policies, are estimated to drive the market growth. Moreover, a large share of heart patients is opting for surgery, owing to the up-surge in health awareness. Along with rising awareness amongst public, increasing initiatives by governments around the globe, are anticipated to boost the market growth. On the other hand, increasing cases of cardiovascular diseases, due to poor lifestyle, including, lack of activities and consumption of fast food, is foreseen to provide growth opportunities for the market. According to a report by the World Health Organization (WHO), CVDs are responsible for over 17.9 million lives each year, making it the leading cause of death worldwide.
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Moreover, cardiovascular diseases are the primary cause of premature death currently, out of which, over one third deaths occur below the age of 70 years, as per WHO data. Surgeries are the best course of treatment in case of stroke or heart attack, as the results are instant. Moreover, various technological advancements in the medical sector, have improved the scope and reach of surgeries. Such factors are estimated to strengthen the market growth.
The market is segmented by end-user into hospital, ambulatory surgical centers, and others, out of which, the ambulatory surgical centers segment is anticipated to hold the largest share in the global intravascular surgery devices market over the forecast period as ambulatory surgical centers are specifically equipped for performing surgeries, generating a significant market for surgical devices and equipment.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global intravascular surgery devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising prevalence of lifestyle diseases in the region, backed by the unhealthy lifestyle prevalent amongst the population. Moreover, higher healthcare expenditure in the region, and presence of patient-friendly reimbursement policies, are estimated to boost the market growth. According to the World Bank, 16.885% of the GDP of United States was spent for healthcare in 2018.
The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding healthcare amongst people, along with improving healthcare facilities in the region.
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The global intravascular surgery devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global intravascular surgery devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing cases of cardiovascular diseases which require surgery for treatment is estimated to boost the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
High competition from generic equipment is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities owing to the rising disposable income of majority people, making surgeries affordable for them.
The major players in the market are Koninklijke Philips N.V., WellDoc, Inc., Noom, Inc., Pear Therapeutics, Inc., Teladoc Health, Inc., Click Therapeutics, Inc., Ayogo Health Inc., Mindstrong Health, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device type, end-user, and by region.
The ambulatory surgical centers segment is anticipated to hold largest market size during the forecast period and display significant growth opportunities.
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