The Emerging Eastern European Market For Interventional Cardiology Devices Will Grow To $282 Million By 2021 More Mature Markets in Western Europe Will See Marginal Declines, According to Millennium Research Group
TORONTO, July 18, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, markets for interventional cardiology (IC) devices have reached maturation in Belgium, Sweden, Switzerland and the Netherlands, while Eastern European markets will continue to see growth. Procedure volume growth will be slight in Belgium, Sweden, Switzerland and the Netherlands through 2021 because IC procedures are well accepted and have high adoption in these countries. In contrast, Eastern European markets, including the Czech Republic, Hungary, Poland and Romania will see higher growth in procedure volumes as the use of interventional cardiology becomes more widespread.
Despite the European Union's attempts to harmonize prices, they will continue to differ greatly between countries. This has resulted in cross-border purchasing as facilities try to take advantage of lower device costs in neighboring countries. For example, a stent costs more than four times as much in the Czech Republic as it does in Poland, and therefore many Czech hospitals will engage in cross-border purchasing to combat high prices.
"Countries such as Romania, the Czech Republic, Hungary and Switzerland are seeing very high stent prices, especially for more advanced products such as drug-eluting stents (DES)," said MRG Senior Analyst Ian Swanson. "Many European governments are attempting to drive down prices by using group purchasing tactics such as those that have seen success in Germany. This makes devices more affordable to consumers and government payers, although it limits revenues for manufacturers competing in the European IC device market."
Falling prices will offset procedure volume growth in Belgium, Sweden, Switzerland and the Netherlands, and as a result, these markets will decline before stabilizing in 2018. Although prices will also decline in Eastern Europe, higher procedure volume growth will lead to modest market expansion through 2021.
Millennium Research Group's Eastern European Markets for Interventional Cardiology Devices 2013 and European Markets for Interventional Cardiology Devices 2013 (Part 2) reports include unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for coronary stents, percutaneous transluminal coronary angioplasty (PTCA) balloon catheters, accessory devices, intravascular imaging catheters and pressure guidewires in the Czech Republic, Hungary, Poland, Romania, Belgium, Sweden, Switzerland and the Netherlands. Supplemental country coverage is also available for Austria, Denmark, Finland, Greece, Norway, Poland, Portugal and Ukraine, as well as in aggregate for the rest of the European countries.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group