Interventional Cardiology Device Markets in Europe, Japan, Latin America, and the U.S. each have Unique Characteristics that Contribute to Market Dynamics
BURLINGTON, Mass., June 25, 2015 /PRNewswire/ -- Decision Resources Group finds that interventional cardiology (IC) device market dynamics depend heavily on geography. The European market will undergo growth due to continued adoption of premium-priced devices in Western Europe and strengthening economies in Eastern Europe. Similarly, the Latin American market will grow over the next 10 years as the economies in the region improve and governments invest in healthcare. Conversely, the IC device markets in two of the most developed countries, the United States and Japan, will contract over the next 10 years due to rapidly eroding device prices and relatively flat procedure growth.
Other key findings from Medtech 360 interventional cardiology device reports:
- There are large variations in prices for key IC device products because certain healthcare systems have historically employed group purchasing and have put pressure on manufacturers to lower prices, while others have not. Prices are, however, converging in Europe as more healthcare systems move toward group purchasing.
- Despite efforts to control health care spending, the latest in coronary stent technology, as well as, bioresorbable vascular scaffolds (BVS) are being strongly adopted in Europe. In addition, drug-coated balloons designed to treat in-stent restenosis have made inroads into the market. Given Europe's status as an early adopter of new medical technology, this region will serve as a testing ground for the wider adoption of these cutting-edge devices.
- The BVS market in Japan will undergo rapid growth upon launch of the first entrant, Abbot's ABSORB. BVS adoption will be driven by the willingness of Japanese physicians to utilize novel technologies and also by favorable reimbursement that will be provided for this device.
- The rapid economic growth of the last several years has come to a standstill in the two largest economies in the Latin American region, Argentina and Brazil. However, economic growth in this region will grow at a slow pace over the long term. This will drive IC device market growth as more people gain access to healthcare coverage or are better able to pay out-of-pocket for medical expenses.
Comments from Decision Resources Group Analyst Alexander Marsolais:
- "The European IC device market remains dynamic, with new devices combating the trend toward commoditization we have seen over the past several years. Whether the SYNERGY drug-eluting stent and the ABSORB BVS can differentiate themselves in terms of clinical outcomes and win over interventional cardiologists, and whether they can successfully command a price premium in doing so, is one of the most interesting stories in the market."
Comments from Decision Resources Group Senior Analyst Sivani Paskaradevan:
- "The IC device markets in Latin America and Japan are truly contrasting. In Latin America, device reuse and slow adoption of premium-priced technologies limit market potential. On the other hand, rapid adoption of novel technologies is one of the largest drivers of the IC device market in Japan. It's interesting to note, then, that it's the Latin American market that will grow over the next ten years, while the Japanese market will contract."
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About Decision Resources Group
Decision Resources Group offers best-in-class, high-value data, analytics and insights products and services to the healthcare industry, delivered by more than 700 employees across 15 global locations. DRG companies provide the pharmaceutical, biotech, medical device, financial services and payer industries with the tools, insights and advice they need to compete and thrive in an increasingly complex and value-based marketplace. DecisionResourcesGroup.com.
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