- Consistently educating end users and developing new products will be crucial to widen application scope, finds Frost & Sullivan
LONDON, March 10, 2015 /PRNewswire/ -- With minimally invasive technology becoming a well-established treatment for coronary artery disease in Western Europe, several percutaneous coronary intervention (PCI) segments such as angioplasty balloons, catheters and stents are approaching market saturation. Nevertheless, the development of next-generation technologies is expected to expand device applicability and sustain the Western European PCI market.
New analysis from Frost & Sullivan, Western European Percutaneous Coronary Intervention (PCI) Devices Market, finds that the market earned revenues of $2.02 billion in 2014 and estimates this to reach $2.12 billion in 2018.
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"The high incidence of cardiovascular diseases in Western Europe drives the demand for PCI procedures," noted Frost & Sullivan Healthcare Senior Research Analyst Parthasarathy Raghava. "Innovations in niche applications such as bioabsorbable stents and drug-eluting bioabsorbable stents will continue to open up new market opportunities."
A major concern among new participants is the huge R&D expense associated with developing devices, conducting clinical trials, gaining approval, and marketing. Further, the mature nature of the market in the region as well as intensifying pricing wars lead to price erosion, thus shrinking profits.
To compete with established participants, smaller manufacturers need to gain the acceptance of distributors, hospitals and alternate care facilities. For multinational corporations, expanding portfolios through the acquisition of smaller companies with inventive PCI solutions will be the best way to accelerate top-line growth.
"Initiating long-term contracts and building relationships with distributors and acute care facilities will help PCI device vendors appeal to a wider audience," advised Raghava. "Enhancing brand loyalty through better relationships with end users and delivering effective after-sales services will also enable vendors to boost revenues in the mature Western European PCI market."
Western European Percutaneous Coronary Intervention (PCI) Devices Market is part of the Advanced Medical Technologies Growth Partnership Service program. Frost & Sullivan's related studies include: Western European Infant Care Solutions Market, Automated Endoscope Reprocessor Market Trends in Western Europe, North American Cardiac Monitoring Products and Services Markets, and Global Orthopedic Implant Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan