Intravascular Ultrasound (IVUS) Devices Market: Introduction
According to the report, the
global intravascular ultrasound (IVUS) devices market was
valued at ~US$ 600 Mn
in 2020. It is projected to expand at a CAGR of ~7% from 2021 to 2031. IVUS devices are used to assess vessel/lumen
diameter and lesion length. It helps to determine the amount of plaque buildup
in a vessel and its composition. It is further used to ensure that stents have
been properly placed and fully deployed. Rise in the need of IVUS procedures
during PCI procedures and increase in the adoption of IVUS systems in hospitals
and diagnostic centers are key factors that are likely to drive the global
intravascular ultrasound (IVUS) devices market during the forecast period.
North America held a major share of the global intravascular
ultrasound (IVUS) devices market in 2020,
owing to the availability of skilled doctors, well-established healthcare
facilities, and high healthcare expenditure. The intravascular ultrasound
(IVUS) devices market in Asia Pacific is projected to expand at a notable CAGR
of 8.5% from 2021 to 2031, owing to a surge in patient pool and rise in
adoption of technologically advanced diagnostic equipment.
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High
Incidence Rate of Cardiovascular Disorders to Drive Market
According to the statistics reported by WHO, cardiovascular
diseases are the number one cause of death, accounting for nearly 17.9 million deaths globally every year.
Cardiovascular diseases are a group of rheumatic heart disease, cerebrovascular
disease, coronary heart disease, and other conditions. CDC states that about 30.3 million adults were diagnosed with heart
disease, i.e., 12.1% of
the total adult population in the U.S., in 2018.
The primary causes of high incidence of cardiovascular diseases include
diabetes, smoking, hyperlipidemia, hypertension, obesity, poor nutrition, and
lack of physical activity. Thus, large cardiovascular patient base is
anticipated to boost the intravascular ultrasound devices market during the
forecast period.
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IVUS Consoles
Held Major Share of Intravascular Ultrasound (IVUS) Devices Market
Based on product, the global intravascular ultrasound (IVUS)
devices market has been bifurcated into IVUS consoles and IVUS catheters. The
IVUS consoles segment dominated the market in 2020,
owing to rise in the demand for intravascular ultrasound consoles assisted
cardiovascular surgeries.
Need of Intravascular Ultrasound
(IVUS) Devices in Coronary Intervention
In terms of application, the global intravascular ultrasound
(IVUS) has been classified into coronary diagnosis, coronary
intervention, coronary research, and non-coronary/peripheral applications. The
coronary intervention segment dominated the global intravascular ultrasound
(IVUS) devices market in 2020,
and the trend is projected to continue during the forecast period. A surge in
the use of intravascular ultrasound during coronary intervention procedures is
expected to drive the segment during the forecast period.
Hospitals to be Major End User
In terms of end user, the global intravascular ultrasound (IVUS)
devices market has been categorized into hospitals, specialty clinics,
ambulatory surgical centers, diagnostic laboratories, and research institutes.
The hospitals segment held a major share of the global intravascular ultrasound
(IVUS) devices market in 2020.
The dominance of this segment can be attributed to the budget availability to
purchase expensive systems such as IVUS consoles and large patient base.
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North America
to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global intravascular ultrasound (IVUS)
devices market has been segmented into North America, Europe, Latin America,
Asia Pacific, and Middle East & Africa. North America is projected to
account for a prominent share of the global intravascular ultrasound (IVUS)
devices market during the forecast period. Rise in prevalence of cardiovascular
diseases and increase in geriatric population are major factors driving the
market in North America.
According to American Heart Association estimates, by 2035, over 130 million
adults are likely to suffer from cardiovascular disorders in the U.S., which,
in turn, is boosting the demand for intravascular ultrasound (IVUS) devices.
The market in Europe is expected to expand at a considerable CAGR in the near
future, owing to an increase in patient pool suffering from cardiovascular
disorders and introduction of technologically advanced products in the region.
The intravascular ultrasound (IVUS) devices market in Asia Pacific
is likely to expand at a rapid pace in the near future. This expansion can be
majorly attributed to the availability of trained and well-qualified
technicians and rise in adoption of technologically advanced diagnostic
equipment.
Growth Strategies of Key Players
Key players operating in the global intravascular ultrasound
(IVUS) devices market are Axle International, Boston Scientific Corporation,
Infraredx, Inc., Koninklijke Philips N.V., Terumo Corporation, Siemens
Healthineers AG, Conavi Medical Inc. and ACIST Medical Systems. These companies
engage in research & development to develop novel products in order to
expand product offerings and customer base. In May 2019, Koninklijke Philips N.V. launched the new
IntraSight interventional applications platform. It enables systems to
integrate physiology and intravascular imaging applications for image-guided
procedures. This product launch enabled the company to expand its product
portfolio and strengthen its position in the global intravascular ultrasound
(IVUS) devices market.
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