Report : Asia Pacific Intravascular Ultrasound (IVUS) Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Modality (Virtual Histology IVUS, iMap IVUS, and Integrated Backscatter IVUS), Product (Equipment, and Accessories [Catheters, Guidewires, and Others]), and End User (Hospitals and Clinics, Diagnostic Centers, and Academic and Research Institutes)
The accessories segment by product is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Intravascular Ultrasound (IVUS) Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Modality, Product, End User and Country.” The Asia Pacific intravascular ultrasound devices market is expected to reach US$ 237.06 million by 2028 from US$ 138.26 million in 2021; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific intravascular ultrasound devices market and the factors driving market along with those that act as hindrances.
Leading market players increase their penetration across emerging markets by expanding their distribution networks and augmented manufacturing capabilities. Emerging markets in South Korea and India are expected to offer potential growth opportunities for the companies offering crucial intravascular ultrasound devices. This can be correlated to the large patient population, high CVD prevalence, increasing disposable incomes, improving healthcare infrastructure, and growing medical tourism in these countries.
Asia Pacific has become a business-friendly and resilient hub due to relatively less stringent regulations and data requirements. As the US and European markets mature, most players are relocating their focus to emerging markets. Increasing investments by market players in emerging countries play a crucial role in the upgrading of technologies in these countries. For instance, in December 2021, Conavi Medical Inc. entered into funding agreements worth US$ 20 million to support the commercialization of its innovative intravascular image guidance technology. Therefore, the rising potential of emerging economies supports the inclination toward CVDs diagnosis.
Various economies worldwide, such as Japan, China, India, and South Korea, are considerably modernizing their healthcare facilities and services. As a result, the life expectancy of people in these countries has increased, leading to the growth in their geriatric population base. Age is a prominent risk factor in the development of CVDs. Heart’s physiological aging, and increased oxidative stress and inflammation are the major factors causing the onset and manifestation of CVDs. Thus, a rise in the elderly population underlines the demand for intravascular ultrasound devices (IVUS).
The interruptions in supply chains and the massive demand for efficient treatments for the treatment of COVID-19 have put the healthcare research industry in Asia Pacific in a crucial position. Prohibited measures have been taken to contain the spread of SARS-CoV-2. Cancer screening, diagnosis, and treatment were either postponed or delayed prioritizing the COVID patients in 2020, which hampered the demand for intravascular ultrasound (IVUS) devices. In addition, inflation, negative GDP, and unemployment struck many countries in the region. The pandemic has affected three main aspects of the global economy: manufacturing, supply chain, and business and financial markets. Medical device manufacturers and suppliers are shifting their focus to developing and supplying COVID-19 essentials and medical devices for respiratory diseases. Patients suffering from hypertension, diabetes, cardiovascular conditions, etc., are more susceptible to the novel coronavirus than individuals who are not suffering from any major health conditions. Researchers are increasingly investing time and resources toward understanding the role of point-of-care ultrasound amid the ongoing pandemic, particularly for dialytic patients. While research and development activities are likely to pick up the pace in the coming years, medical device market players are expected to address issues that hampered supply chains amid stringent trade and transportation restrictions.
The Asia Pacific intravascular ultrasound device market based on the application was segmented into virtual histology IVUS, iMap IVUS, and integrated backscatter IVUS. The Asia Pacific intravascular ultrasound device market, based on product is segmented into equipment and accessories. The accessories segment is further sub-segmented into catheters, guidewires, and others. Geographically, the Asia Pacific intravascular ultrasound device market is sub-segmented into China, Japan, India, Australia, South Korea and rest of Asia Pacific.
Koninklijke Philips N.V, GE Healthcare, Siemens AG, Boston Scientific Corporation, Infraredx, Inc., Terumo Corporation, Axle International, Conavi Medical Inc., Canon Medical Systems, and Abbott are among the leading companies operating in the Asia Pacific iintravascular ultrasound device market.
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