Cardiology device revenues are expected to grow faster than the rest of the medical device industry in the coming years, according to a Moody's Investors Service report cited by Medtech Dive.
The growth in sales is due in large part to increased use of transcatheter aortic valve replacement devices. Moody's predicted the global market for TAVR devices to double and grow to more than $7 billion by 2024, Medtech Dive reported.
Moody's said the cardiology market will likely grow up to 7 percent annually in the next two to three years, compared to 4 percent to 5 percent annually for the medical device industry as a whole.
Older cardiology devices, such as traditional pacemakers and stents, are expected to have low sales as smaller, innovative devices designed for minimally invasive procedures dominate the market, according to Medtech Dive. Boston Scientific's Watchman line and Abbott's MitraClip are examples of the kinds of devices expected to lead sales growth.
Moody's predictions are based on the expectations that TAVR devices will be used to treat a growing number of low-risk heart patients.
Edwards Lifesciences and Medtronic are expected to be the biggest beneficiaries of the cardiology revenue trend, and Abbott and Boston Scientific are also expected to grow cardiology device sales.
However, the regulatory risk associated with introducing new devices to the market could be a barrier for above-market growth in cardiology devices, according to Medtech Dive.
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