Report : North America 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 “North America Intravascular Ultrasound (IVUS) Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Modality, Product, End User and Country.” The North America intravascular ultrasound devices market is expected to reach US$ 370.49 million by 2028 from US$ 220.87 million in 2021; it is estimated to grow at a CAGR of 7.7% during 2021–2028. The report highlights trends prevailing in the North America intravascular ultrasound devices market and the factors driving market along with those that act as hindrances.
Canada and Mexico 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. According to the data by the WHO, in February 2018, the aging population is estimated to rise to 22% by 2050 from 12% in 2015. Furthermore, the US Census Bureau states in a report that the number of people in the US with age 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share would increase from ~15% to ~24% during this period. Moreover, underdeveloped and developing countries would account for ~80% of this growth.
In the 2019 Heart Disease and Stroke Statistical Update by the American Heart Association, Inc. (AHA), the incidence of cardiovascular disease (CVDs) was reported to be 77.2% in males and 78.2% in females of age 60–79. Furthermore, the incidence was reported to be 89.3% in males and 91.8% in females with age 80 and above. 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).
In North America, the COVID-19 pandemic highly impacted the major countries in the initial stages, i.e., during the first wave. In the US, due to increasing number of infected patients and lethal coronavirus variants, the diagnostic and imaging activities came to halt for an extended period during. This led to delay or cancellation of the overall diagnosis of cardiovascular diseases (CVDs) with IVUS in North America. COVID-19 has a potential economic impact on most sectors including, PCI procedures through intravascular ultrasound. The pandemic has also hindered the schedules of cardiovascular diagnosis and surgeries. In 2020, the Center for Disease Control and Prevention (CDC) reported that the medical care for ~41% of adults in the US was delayed or avoided in the year, including a 12% delay in urgent or emergency care and a 32% delay in routine care. According to the report, avoidance of urgent or emergency care was more prevalent among unpaid caregivers. As a result, more cases of advanced cardiovascular diseases are expected in coming years due to delayed diagnosis. The intravascular ultrasound (IVUS) devices market in the US is expected to witness modest growth driven by an aging population, increase in health risk factors such as poor lifestyle, and the adoption of new technologies due to favorable regulatory changes. However, the overall market expansion will be hindered by a saturated installed base of large imaging systems and the consolidation of hospitals.
The North America intravascular ultrasound device market based on the application was segmented into virtual histology IVUS, iMap IVUS, and integrated backscatter IVUS. The North America 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 North America intravascular ultrasound device market is sub-segmented into U.S, Canada and Mexico.
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 North America intravascular ultrasound device market.
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