Interventional Vascular Consumables Market was Dominated by North America

Posted by Aryan on December 6th, 2023

The interventional vascular consumables market will grow at a compound annual growth rate of 3.8% by the end of this decade, to reach USD 5,501.7 million by 2030. The growing count of CVD cases globally is powering the requirement for interventional vascular procedures.

Further, the requirement for minimally invasive procedures is increasing amongst older public as they are low-risk, less painful, and economical and allow a faster recovery opposed to open surgeries. These further surges the requirement for consumables, for instance guidewires, catheters, and embolic protection systems.

The consumables put to use in coronary interventional procedures had approximately 80% revenue share in the past. The increasing cases of coronary heart ailment, associated with the snowballing elderly population, are leading to the increasing requirement for the consumables used throughout coronary procedures.

The North American region dominated the interventional vascular consumables market, with a rate of 35.2% in the past. The ascendency of the continent on industry is mostly credited to the increasing healthcare spending, snowballing count of cases of chronic ailments, and mounting geriatric populace.

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As per a report by the Rural Health Information Hub, in the U.S., 46 million individuals were aged 65 and more in 2020, and this will increase to nearly 90 million by 2050. The increasing elderly population leads to the increasing occurrence of chronic ailments, therefore ensuing a high demand for interventional vascular consumables in North America. Interventional processes are favored by older patients as these processes have a less rrisk of complications and are inexpensive. Moreover, they are favored as with age, patients’ capability to heal the surgery scars may diminish.

Furthermore, the increasing healthcare spending in the region is playing an important role by the way, by making healthcare available to the masses. As per the World Bank, the healthcare spending of the region was 12.3% of its GDP in 2000, and it went up to 16.4% of the gross domestic product in 2018.

It is because of the increasing count of the people suffering from CVDs all over the world is fueling the demand for interventional vascular consumables at a global level.