The market for interventional cardiology and peripheral vascular devices is expected to grow at a compound annual growth rate of 9.7 percent from 2016 to 2022, reaching $25 billion by 2022.

According a study from Allied Market Research (AMR), angioplasty stent systems are estimated to generate the highest revenue among all segments throughout the forecast period due to technological advancements and development of bioabsorbable stents.

North America held the leading position in the global market in 2015—and is expected to maintain its lead going forward. The ranking is attributed to the increase in incidence of heart failures, changes in lifestyle and high adoption of interventional cardiology and peripheral vascular devices in the region.

"Bioabsorbable stents and drug eluting balloons would propel the market growth with a very high rate as these devices get absorbed within the body and therefore eliminate the chances of restenosis within arteries" Hemali Narkhede, Manager, Healthcare Research at AMR, said. "These devices provide better treatment options when compared to conventional stents and balloons," she further added.

Growth in geriatric population, increase in prevalence of chronic diseases, changes in lifestyle of the people, technological advancements in devices, improvement of healthcare infrastructure in developing countries, development of minimally invasive procedures and increase in patient awareness are driving the market growth.

However, stringent approval process for interventional cardiology and peripheral vascular devices is a major factor that hampers the market growth.

Bioabsorbable stents system is expected to register a very high compound annual growth rate of 46 percent over the next six years as this system is fully absorbed into the body and eliminates chances of restenosis.