The Coronary Atherectomy Devices Market Is Expected To Grow At A Rate Of More Than 8% With The Rise In Cardiovascular Diseases - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Aug. 31, 2023 /PRNewswire/ -- As per The Business Research Company's coronary atherectomy devices global market report 2023, the global coronary atherectomy devices market has displayed robust growth, with a significant increase from $0.18 billion in 2022 to $0.2 billion in 2023, marking a notable compound annual growth rate (CAGR) of 10.2%. This upward trend is set to continue, with projections indicating further expansion to $0.28 billion by 2027 at a CAGR of 8.5%.
Addressing the Rising Demand: Battling Cardiovascular Diseases
The escalating prevalence of cardiovascular diseases (CVDs) stands as a driving force behind the surge in demand for atherectomy devices tailored for CVD treatment. Factors such as smoking, lack of physical activity, and an unhealthy diet contribute to the increasing incidence of cardiovascular diseases globally. Startlingly, heart diseases alone caused around 697,000 deaths in 2020 according to the Centers for Disease Control and Prevention.
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UK Statistics Reflect Alarming Reality
The impact of cardiovascular diseases is vividly evident, with data from the British Heart Foundation revealing that Coronary Heart Disease alone accounts for approximately 64,000 deaths each year in the UK, translating to around 180 lives lost every day, or roughly one death every eight minutes. Worryingly, one in seven men and one in twelve women in the United Kingdom succumb to coronary heart disease, highlighting its pervasive reach. As these numbers underscore the gravity of the situation, the growth of the global coronary atherectomy devices market is anticipated to be strongly driven by the increasing prevalence of cardiovascular diseases.
Industry Leaders Paving the Way for Progress
In the coronary atherectomy devices market, prominent players are actively shaping the trajectory of the coronary atherectomy devices market. Key contributors such as Boston Scientific, Philips, Cardiovascular Systems, Spectranetics, Medtronic, and others are at the forefront of innovation and collaboration. These major industry stakeholders are strategically engaging with startups and mid-sized companies, bolstering their product and service portfolios. For instance, in a notable development in 2021, Cardiovascular Systems, Inc. acquired peripheral support catheters from Wavepoint Medical LLC, enhancing their capabilities in treating vascular and coronary disease.
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Coronary Atherectomy Devices Market Segmentation
The global coronary atherectomy devices market is categorized into distinct segments:
- Product: The market offers a range of products including Directional Atherectomy Devices, Orbital Atherectomy Devices, Photo-Ablative Atherectomy Devices, Rotational Atherectomy Devices, and Other Products.
- Application: The applications span Peripheral Vascular, Cardiovascular, and Neurovascular domains.
- End Users: The end-user landscape comprises Hospitals & Surgical Centers, Ambulatory Care Centers, and Research Laboratories & Academic Institutes.
Coronary Atherectomy Devices Market Global Reach And Regional Dominance
In 2022, North America emerged as the largest region in the coronary atherectomy devices market, followed by Western Europe. The coronary atherectomy devices market comprehensive analysis spans regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, offering a holistic perspective on the market's global presence.
In conclusion, the global coronary atherectomy devices market is marked by its impressive growth trajectory, propelled by the mounting prevalence of cardiovascular diseases and fueled by innovative collaborations within the industry. As major players continue to contribute to advancements in the coronary atherectomy devices market, the market's segmentation and regional dynamics provide a comprehensive view of its evolution on the global stage.
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