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.
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.
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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.
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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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