TORONTO--(BUSINESS WIRE)--According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Brazilian, Russian, Indian and Chinese (BRIC) interventional cardiology (IC) device markets are all expected to grow strongly in the next five years, driven largely by rapid economic growth, which increases both the prevalence of coronary artery disease and the funding available for its treatment. An increase in trained physicians, catheterization laboratories, reimbursement and private health insurance will all provide access for previously untreated patient populations.
By contrast, the $3.3 billion IC market in the United States will see under three percent average annual growth over the next five years, around one quarter the growth expected for the BRIC countries. The US is a mature market with widespread IC device use, and growth there depends largely on the increase in the elderly population.
“With the slowing of market growth in the US and Europe, companies seeking growth are turning to emerging markets, particularly the BRIC countries,” said MRG Analyst Ian Swanson. “Since physicians prefer to stick with the procedure they have trained on, firms are constructing training centers where local physicians learn new techniques and gain experience with firms’ specific products. For example, Medtronic recently opened a regional training center in Shanghai. International firms are also leveraging and building on their strong brand names to entice affluent consumers willing to pay a premium for their devices over smaller local manufacturers whose devices are often perceived to be of a lower quality.”
Cordis, in spite of growth opportunities and a leading position in the BRIC market, announced their exit from the drug eluting stent market in 2011. While this represents an opportunity for international competitors such as Medtronic, Boston Scientific and Abbott Vascular to gain market share, it also represents an opportunity for domestic manufacturers. Both India and China have strong domestic stent manufacturers eager to improve their reputations and expand in these growing markets. Examples include Lepu Medical Technology and MicroPort Medical in China and Vascular Concepts in India.
Millennium Research Group’s BRIC Markets for Interventional Cardiology Devices 2012 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for coronary stents, percutaneous transluminal coronary angioplasty (PTCA) balloon catheters, and IC accessory devices in Brazil, Russia, India and China.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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