Growth in this market is primarily attributed to the rising geriatric population and the subsequent increase in the prevalence of cardiovascular diseases, cost benefits of FFR, and the presence of a favorable reimbursement scenario for FFR.
[105 Pages Report] The fractional flow reserve market is projected to reach USD 1,082 million by 2024 from USD 516 million in 2019, at a CAGR of 16.0% during the forecast period.
Driver: Rising geriatric population and the subsequent growth in the prevalence of CVD
Over the years, there has been a significant increase in the geriatric population across the globe. According to the UN World Population Ageing Report 2017, the global geriatric population (aged 60 years and above) is expected to reach 2.1 billion by 2050 from 962 million in 2017.
As this population segment is highly susceptible to CVD and other target diseases, the demand for advanced diagnostic and treatment options is expected to increase in the coming years. Changing lifestyle, smoking, hypertension, high blood cholesterol levels, physical inactivity, high BMI, and high blood sugar levels are the leading risk factors for heart disease and stroke. With the rising prevalence of CVD, the number of related diagnostic and treatment procedures is expected to increase significantly across the globe in the coming years. In this scenario, the demand for fractional flow reserve is likely to increase as it provides various benefits, such as assessing if the stenosis is required, which in turn helps in avoiding surgeries (in cases where stenosis is not needed).
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Report Objectives in Detailed:
- To define, describe, and forecast the fractional flow reserve market by technology, application, and region
- To provide detailed information regarding factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
By technology, the invasive monitoring segment is estimated to hold the largest share of the fractional flow reserve market
Based on technology, the fractional flow reserve market is segmented into invasive and non-invasive monitoring. The invasive monitoring segment accounted for the largest share of the market in 2018. The large share of this segment can be attributed to the strong recommendation for FFR usage in coronary angiography by the American College of Cardiology, American Heart Association, European Society of Cardiology (ESC), and the European Association for Cardio-Thoracic Surgery (EACTS).
Pressure Guidewires to dominate fractional flow reserve market during the forecast period
On the basis of type, the invasive monitoring market is segmented into pressure guidewires and FFR monitoring systems. The pressure guidewires segment accounted for the larger market share in 2018. This can be attributed to the growth in the number of PCI procedures (as a result of the rising prevalence of CVD), strong recommendation for guided revascularization by measuring FFR in specific clinical scenarios, and the single-use nature of pressure guidewires.
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North America is expected to hold the largest market share during the forecast period
North America is the major revenue-generating region in the fractional flow reserve market. The fractional flow reserve market in the region is driven by high healthcare spending in the region, rising prevalence of CVD and lifestyle diseases, growth in the geriatric population, a large number of ongoing research activities and product launches, availability of reimbursements, and the rapid adoption of technologically advanced imaging systems.
Key Market Players
The key players in the fractional flow reserve industry are Abbott (US), Boston Scientific (US), ACIST Medical Systems (US), Koninklijke Philips N.V. (Netherlands), Opsens, Inc. (Canada), HeartFlow, Inc. (US), Siemens Healthineers (Germany), Pie Medical Imaging (Netherlands), CathWorks (Israel), and Medis Medical Imaging Systems BV (Netherlands)