|
Interventional Cardiac Devices Market To Reach $6.93
Bn In 2020
The Interventional Cardiac Devices Market, estimated $1.49 billion in 2013 is
likely to reach $6.93 billion in 2020, according to an analysis from Frost &
Sullivan.
The analysis on the global emerging interventional cardiac devices market covers
devices for the segments such as trans catheter heart valves, renal denervation,
bronchial thermoplasty, bioresorbable stents, and fractional flow reserve.
A high degree of unmet clinical needs, the rising prevalence of ailments such as
coronary artery diseases and hypertension, as well as increasing disposable
incomes are creating robust opportunities for emerging interventional cardiac
devices in emerging countries.
Although US and European markets will witness the highest growth, device
manufacturers must focus on developing economies such as India and China, where
the market is growing between 12 and 15 per cent per annum, the study points
out.
“Cardiac disorders, including atrial septal aneurysm and patent foramen ovale
that have been recognized as possible risk elements for ischemic stroke, are
evolving into potential markets for interventional cardiac devices worldwide,”
said Frost & Sullivan Advanced Medical Technologies Research Analyst Swathi
Allada. “Many companies have already forayed into this sector with products
cleared under Food and Drug Administration humanitarian device exemptions.”
However, as with any emerging technology, the shortage of specialists restrains
the use of interventional cardiac procedures. The current workforce in
cardiology is insufficient to meet the escalating need across the globe. To
resolve this challenge, official training programs have been set-up by various
academic institutions as well as companies like Edwards Lifesciences and
Medtronic.
The development of these products will likely shape the overall interventional
cardiology market, and the successful adoption of these emerging products will
result in significant market growth rate.
Complex purchasing systems also hinder the adoption of interventional cardiac
devices, particularly in Asia-Pacific (APAC). In this increasingly competitive
market, APAC countries face an alarming rise in cardiovascular disorders and
account for half of the global burden of diseases. This situation will likely
worsen during the next few years, as the region has an ageing population with an
increasingly unhealthy lifestyle.
Another challenge peculiar to the region is caused by heavy subsidization of
healthcare by governments. Lower costs heighten hospitalization rates, and, in
turn, healthcare costs, severely impact the economy and the market.
“Nevertheless, the urgent requirement to decrease hospital stay times is driving
minimally invasive interventional procedures, which ensure quick recovery and
lower risk of complications,” noted Allada. “As minimally invasive
interventional cardiac procedures become the solution of choice among patients
and the medical fraternity, demand for interventional cardiac devices will
grow.”
(Ref: The Chronicle Pharmabiz dated March 27, 2014)
MTAB To Be Set Up To Assess Medical Tech
The Department of
Health Research (DHR) will set up a Medical Technology Assessment Board (MTAB)
to evaluate all kinds of existing and new medical technologies, in line with the
recommendation of the Planning Commission working group for the current Five
Year Plan.
The MTAB will aim to
encourage the process and finalize the development of standardized cost
effective interventions that will reduce the cost and variations in patient
care, expenditure on medical equipment indirectly affecting the cost of patient
care, overall cost of medical treatment, reduction in out of pocket expenditure
of patients and streamline the medical reimbursement procedures. Sources said
the steps have already been taken to set up the Board and put into action at the
earliest.
The need to establish
such a board was discussed and recommended by 12th Plan Working Group on Health
Research. Considering the recommendations, the Government recognized the urgent
requirement of Medical Technology Board in India and therefore, has decided to
set up MTAB for evaluation and appropriateness and cost effectiveness of the
available and new health technologies in the country, sources added.
The government would
also hold consultation with stakeholders like technology generators, industry,
regulators, economists, user groups and experts knowledgeable about similar
models from UK, Canada, Australia, Thailand etc. The MTAB will be a part of the
overall regulatory/promotional structure being established in the DHR to
accelerate indigenous production of health products/instruments/medical devices
that are vital for providing cost effective healthcare.
(Ref: The
Chronicle Pharmabiz dated January 23, 2014) |
