Market Overview And Growth Highlights 2015-2030
The Latin America interventional cardiology market accounted for a market value of USD 717.32 million in 2019 and is expected to grow at a CAGR of 8.48% by value over the forecast period of 2021-2030 and reach a value of USD 1730.38 million by the end of 2030. This is primarily attributed to the growing incidence of numerous cardiovascular disorders throughout the region. The Latin America region is presently generating a moderate demand for the interventional cardiology products compared to other larger geographies. It has been observed that there are a high number of patients who opt for various cardiovascular procedures, traveling to different geographies with adequate healthcare resources. Moreover, the demand for interventional cardiology in Latin America is expected to expand over the forecast period owing to the steady increase in disposable income, encouragement of government policies, and the interest of manufacturers to have a direct market presence in this region.
The interventional cardiology market in larger economies in Latin America such as Brazil, Mexico, and Argentina are growing at a significant rate as people are gaining more access to advanced healthcare services. Additionally, owing to the increasing disposable income, people are spending more on medical services. Such a factor is projected to drive the growth of the interventional cardiology market in the region during the forecast period. Brazil is presently holding the major share of the Latin America interventional cardiology market on the back of rapidly increasing incidences of cardiovascular diseases in the country, which has further led to the rise in the adoption of interventional cardiology procedures. This has resulted in the government investing in improving the healthcare infrastructure to address the growing demands and minimize disease progression.
Market Segmentation Synopsis
The Latin America interventional cardiology market is segmented on the basis of devices into angioplasty stents, angioplasty balloons, plaque modification devices, catheters, guidewires, hemodynamic flow alteration devices, and others, out of which, angioplasty balloons accounted for a market share of 31.04% in 2019. Balloon angioplasty is a minimally invasive cardiac catheterization procedure that is usually conducted in the hospital or independent catheterization laboratory. The angioplasty balloons consist of old/normal balloons, cutting and scoring balloons, and drug-eluting balloons. Angioplasty Balloons are highly used in angioplasty procedures to restore blood flow into the heart. Their increasing application in cardiology has created a surge in their demand. Additionally, angioplasty balloon catheters come in different sizes and are made from a variety of materials. CLICK TO DOWNLOAD SAMPLE REPORT
The Latin America interventional cardiology market is segmented on the basis of application into coronary artery disease, peripheral artery disease, neurovascular disease and others, out of which, coronary artery disease accounted for a market share of 44.56% in 2019 and expected to grow by a significant CAGR over the forecast period. Coronary artery disease (CAD) is considered as the most common type of heart disease. It occurs when there is a blockage in the arteries that supply blood to the heart. The increasing prevalence of the disease has further created a surge in demand for advanced treatment products and therapies that can minimize the risks and improve the quality of life.
By End User
The Latin America interventional cardiology market is segmented on the basis of end user into catheterization laboratories, hospitals, ambulatory surgical centers and clinics, out of which, hospitals segment, accounted for a market share of 76.26% in 2019. Hospitals experience high patient influx compared to other healthcare facilities, thus witnessing higher and more frequent usage of interventional cardiology products. Ambulatory surgical centers were first introduced in the US, and this model has been adopted across the Latin American countries to provide better outpatient care. These are focused on outpatient consultations and day surgeries along with surgical procedures performed before them and therefore provide a satisfying patient experience in partnership with trained physicians. Moreover, ambulatory surgical centers tend to adopt the latest technological developments in surgical innovations faster than hospitals that make them an attractive choice to invest in interventional cardiology procedures and products.
Market Drivers & Challenges
Increasing Incidences of Cardiovascular Diseases (CVD) to Drive the Market Growth
The interventional cardiology market has witnessed significant growth over the past few years on account of increasing prevalence of cardiovascular diseases in countries like Brazil, Mexico, Argentina, and others. High risks of cardiovascular diseases are owing to behavioral factors including tobacco, alcohol, and unhealthy diet consumption. Additionally, raised blood pressure, overweight, and obesity are factors that increase the risk of heart attack and other CVD diseases. Such factors are anticipated to drive the growth of Latin America interventional cardiology market during the forecast period.
Increasing Accessibility to Advanced Healthcare
Latin America has witnessed a rising demand for devices used in percutaneous coronary intervention on account of an increasing number of people opting for innovative medical procedures that reduce patient’s admission time and minimize the after effects of the surgeries. The region is heavily dependent on medical device imports for cutting edge technologies such as bare-metal stents and drug eluting balloons used as cardiac surgical tools and devices. This factor is anticipated to increase the growth of Latin America interventional cardiology market during the forecast period.
Lack of Skilled Professionals
While the demand for cardiovascular treatment is increasing in Latin America, influenced by the rapid increase in the occurrence of chronic cardiovascular diseases, the number of cardiovascular surgeons is anticipated to decrease in the coming years. The lack of cardiovascular surgeons to perform interventional cardiology procedures and other cardiovascular procedures have affected the growth of the market. Additionally, the inability to provide advanced treatment to the patients owing to lack of facilities has further hindered the market's growth.
Impact Of COVID-19 On Latin America Interventional Cardiology Market
Owing to the disruption of supply chain witnessed across the globe, manufacturers are witnessing a severe shortage of raw materials, primarily device components and materials required to meet the production needs for devices like balloons, stents, plaque modification devices, and consumables. Manufacturers and distributors with an existing inventory of finished products saw a decline in sales owing to limitations in last-mile product delivery during this time. This has severely impacted small and medium capital businesses operating in the value chain, uncertain about resuming operations. With countries such as Brazil witnessing a very high case statistic for COVID-19, hospitals are quickly reaching their maximum capacity for in-patient admissions & emergency care.
Some of the affluent leaders in the Latin America interventional cardiology market are BIOTRONIK SE & Co KG, Boston Scientific Corporation, Merit Medical Systems, Biosensors International Group, Ltd., Terumo Europe NV, Medtronic, Cardinal Health (Cordis), and others.
FREQUENTLY ASKED QUESTIONS
Increasing incidences of cardiovascular diseases and increasing accessibility to advanced healthcare are some of the major factors driving the market growth.
The market is anticipated to attain a CAGR of 8.48% over the forecast period, i.e. 2021-2030.
The major players in the market are Boston Scientific Corporation, Merit Medical Systems, Biosensors International Group, Ltd., Terumo Europe NV, Medtronic, Cardinal Health (Cordis), BIOTRONIK SE & Co KG, and others.
The company profiles are selected based on the revenues generated from segments, 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 Latin America Interventional Cardiology market is majorly segmented by devices, application and by end user.
Increasing prevalence of coronary artery disease is estimated to be significant growth indicators for application segment growth.
Lack of skilled professionals for cardiovascular treatment and high risk of infection after the procedure are estimated to act as barriers to the growth of the market.
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