(MENAFN- P&S Intelligence) From an estimated $3,929.2 million in 2021, the interventional vascular consumables market revenue is predicted to grow to $5,501.7 million by 2030, at a CAGR of 3.8%. Since interventional vascular procedures are performed on the arteries and veins, the rising incidence of heart diseases has a direct positive influence on the demand for the consumables used during these procedures.
Among all the consumables used, the demand for catheters is the highest. This is because catheters are widely used to introduce drugs and other agents through the blood vessels to the site of intervention or remove fluids from the body. Moreover, most catheters are used only once, to protect patients from hospital-acquired infections; therefore, they need to be procured in bulk regularly.
Key Findings of Interventional Vascular Consumables Market Report
• Between coronary and peripheral consumables, the coronary type are used more because of the rising prevalence of coronary artery disease. As per the American College of Cardiology, disability-adjusted life years due to this condition stood at 182 million in 2019, while the number of deaths because of it numbered 9.14 million.
• A key factor driving the interventional vascular consumables market is the rising geriatric population, which has now begun preferring minimally invasive surgeries, which are quick and cost-effective, cause less pain, and have a shorter recovery period.
• Inferior vena cava (IVC) filters are expected to record a rapid increase in demand in the coming years as they filter out clots, thus preventing them from traveling through the IVC to the lungs and causing a pulmonary embolism.
Currently, the strongest positive impact of product launches for market players is being seen in North America. Led by the U.S., the region is home to the largest healthcare sector in the world. Moreover, the established medical reimbursement system allows people to undergo interventional vascular and other procedures, which drives the demand for the associated consumables. Moreover, the CDC says that in the U.S., 14.2% of the population above the age of 45 years reports a stroke, coronary artery disease, or both.
The major companies in the interventional vascular consumables market are Boston Scientific Corporation, Abbott Laboratories, Medtronic plc, Terumo Corporation, Cook Medical LLC, Becton, Dickinson and Company, Merit Medical Systems Inc., Heraeus Holding GmbH, B. Braun Melsungen AG, and Johnson & Johnson. Apart from launching new consumables, they are engaging in mergers and acquisitions and facility and geographical expansions.
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