As developing countries around the world continue to grow, they are looking to the products and services that are available in first world countries. While automobiles and electronics are nice to have, quality healthcare is one of the most important if not the most important aspects of the developed world most of these countries want to adopt. The growth of the middle class in these countries means world-class healthcare will have to be part of the infrastructure if they want their citizens to stay where they are, and governments are making a concerted effort to make sure that is the case.
A new study by Frost & Sullivan titled, "The Global Emerging Interventional Cardiac Devices Market," highlights the key prospects in emerging markets for interventional cardiac device manufacturers in India, China, and other emerging markets to achieve the high degree of unmet clinical needs in this field.
As the report reveals, there is an increasing number of people around the world who have disposable incomes creating opportunities for emerging interventional cardiac devices in emerging countries to thrive. This fact is also combined with a world that is continuing to grow older in which medical condition such as coronary artery disease and hypertension are prevalent.
Compared to Western countries such as Europe and the US where there is minimal growth in this field, India and China are expected to see a growth in the market of 12 to 15 percent annually. According to the analysis the market is expected to reach $6.93 billion in 2020, compared to only $1.49 billion in 2013.
The products covered in the analysis include: transcatheter heart valves, renal denervation, bronchial thermoplasty, bioresorbable stents, and fractional flow reserve.
Although the opportunities are there to provide the care for these patients, most of these countries don't have the specialists trained to perform these procedures. According to the study there are not enough trained cardiologists to meet the demand around the world.
The growth for this demand will also see a dramatic spike as India and China hold the two largest populations in the world. With an elderly population numbering in the hundreds of millions, both these countries face a serious problem when it comes to cardiac care and available physicians to perform many of procedures these patients need.
The study reveals the field as a whole will have to adapt to new procedures in which medically invasive surgeries no longer become the norm. This will require shorter stays at hospitals to ensure quick recovery and minimal complications, necessitating the demand for interventional cardiac devices to grow.
"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. Many companies have already forayed into this sector with products cleared under Food and Drug Administration humanitarian device exemptions," said Frost & Sullivan Advanced Medical Technologies Research Analyst Swathi Allada.
Edited by
Cassandra Tucker
