18 Feb 2021
Posted in Medical Devices
China to continue to lead APAC interventional cardiology devices market through 2025, says GlobalData
China is the largest market for interventional cardiology devices in the Asia-Pacific (APAC) region in 2020 and is expected to remain the same through 2025, according to GlobalData, a leading data and analytics company.
GlobalData’s research reveals that the interventional cardiology devices market in China is expected to grow at a compound annual growth rate of 4.7% between 2015 and 2025.
Shweta Yadav, Medical Devices Analyst at GlobalData, comments: “Boston Scientific Corp, Terumo Corp, Medtronic plc, Abbott Laboratories, Lepu Medical Technology (Beijing) Co Ltd and MicroPort Scientific Corp are the leading players in China, together accounting for more than 70% of the interventional cardiology market in 2020.”
MicroPort Scientific Corp is further trying to strengthen its presence in China by introducing innovative products such as the left atrial appendage (LAA) closure system. With many domestic and international patent applications, the LAA occluder is a key product for Microport Scientific Corp.
There is a huge potential for the interventional cardiology devices market in China as cardiovascular diseases are the major cause of morbidity and mortality in the nation. This is mainly due to increase in the geriatric population in China as the country’s population is aging at a faster rate than almost all other countries in the Asia-Pacific region.
Ms. Yadav concludes: “Challenges such as high manufacturing cost, lack of awareness and insufficient medical resources in rural areas should be addressed to further drive the interventional cardiology devices market in China.”