The European interventional cardiology market witnessed a minor decline in 2022 compared to the previous year, primarily attributed to low unit sales growth and extensive price erosion. This trend is expected to continue throughout the projected period, resulting in a slight contraction of the market by 2029. Despite the availability of numerous innovative devices, the market remains largely stagnant, prompting the question of what is hindering its growth. In this blog, we will delve into the factors responsible for stunting the expansion of the European interventional cardiology market.
1. COVID-19 Recovery
The interventional cardiology and minimally invasive procedures market faced significant challenges when these procedures were categorized as non-essential elective surgeries, resulting in a turbulent period. Hospital procedures in heavily impacted areas decreased by up to 80% of regular monthly numbers. By mid-2021 and 2022, surgeries began to be scheduled again, and there is hope of returning to previous levels. However, the backlog of cases has led to scheduling difficulties, particularly in the United Kingdom. In Germany and France, there is a severe shortage of trained medical personnel, and patient backlogs continue to be a significant concern.
2. Limited Human Capital
As previously stated, Germany and France are currently facing challenges in recruiting and retaining trained medical professionals, resulting in a shortage of staff. Care support personnel, particularly nurses, are experiencing a significant labor shortage, leading many areas to rely on traveling nurses to address the staffing gap. The shortage is believed to be caused by an aging workforce and burnout due to complications from COVID-19. As the demand for healthcare professionals continues to grow, it will be crucial for healthcare organizations to prioritize strategies that promote recruitment, retention, and work-life balance for their staff. This includes investing in continuing education, offering competitive salaries, and providing support for mental health and wellness.
3. Price Erosion
Since 2005, analog device pricing has been declining steadily due to companies attempting to gain more market share by offering products at more competitive prices. While newer digital devices typically have a higher average selling price (ASP) than analog devices, they also face pricing pressure due to their commoditized nature. Consequently, the digital device market is also expected to experience normal price erosion throughout the forecast period. In conclusion, the ongoing pricing pressure in the interventional cardiology market highlights the need for companies to adopt innovative strategies that focus on value-based pricing and differentiation. As companies continue to compete in an increasingly crowded market, those that can effectively balance pricing and innovation are likely to emerge as winners, driving growth and profitability in the long run.
In conclusion, the European interventional cardiology market is facing several challenges that are hindering its growth. The COVID-19 pandemic has caused significant disruptions, leading to a backlog of cases and scheduling difficulties. Moreover, the shortage of trained medical personnel, particularly in Germany and France, has resulted in a staffing gap, causing concern for patient care. Additionally, the market is facing pricing pressure due to intense competition and commoditization. While the availability of innovative devices offers hope for future growth, it remains to be seen how the market will overcome these challenges and bounce back. Overall, the European interventional cardiology market is likely to witness a slight contraction in the coming years, underscoring the need for proactive measures to revive it.