(PharmaNewsWire.Com, June 10, 2020 ) The global diagnostic catheter market is projected to reach USD 4.30 billion by 2021 from USD 3.02 billion in 2016, at a CAGR of around 7.3% from 2016 to 2021. Factors such as the rising geriatric population, increasing prevalence of cardiovascular disorders, growing number of minimally invasive surgeries, growth in the number of diagnostic imaging centers, and technological advancements in imaging catheters are driving the growth of the diagnostic catheters market. In addition, increasing investments in the healthcare industry by key market players and increasing government and private sector investments are further encouraging the growth of the diagnostic catheters market. However, factors such as dearth of skilled professionals, high cost of technologically advanced catheters, and the reuse of single-use diagnostic catheters are hampering the uptake of imaging catheters.
In 2015, the imaging catheters segment accounted for majority of the share of the diagnostic catheters market; it is projected to grow at the highest CAGR during the forecast period. This market is mainly driven by the increasing incidence and high prevalence of cardiovascular diseases across the globe due to the growth in aging population and changing lifestyles, development of technological advanced catheters, and regulatory approvals for these catheters. In the imaging catheters market, the angiography catheters segment accounted for majority of the share of the diagnostic imaging catheters market in 2015. These catheters are widely accepted owing to the growing importance of cardiac care and the increasing demand for minimally invasive surgeries. The OCT catheters segment is expected to grow at the highest CAGR during the forecast period, due to the increasing need for high-depth transversal resolution imaging for diagnostics and growing demand for minimally invasive and safer diagnostic tools.
Of the end-user segments of diagnostic catheters market, the hospitals segment accounted for the largest share of the global diagnostic catheters market in 2015. The growth in this segment is attributed to the large number of screening and diagnostic procedures being carried out in hospitals (as compared to other medical facilities) & the presence of catheter and electrophysiology labs in hospitals, rising prevalence of cardiovascular and other chronic diseases, and the subsequent increase in the number of patients across the globe. Furthermore, the emergence of advanced diagnostic imaging catheters coupled with the growing demand for minimally invasive and safer diagnostic procedures by clinicians across the globe is accelerating the adoption of diagnostic catheters by doctors and surgeons in hospitals.
Geographically, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, being driven by the presence of a large patient population, increased patient awareness for minimally invasive surgeries, rapid rise in the prevalence of cardiovascular and kidney disorders, growth in per capita income, increasing investments in the healthcare industry by key market players, and the rising demand for technologically advanced imaging systems in this region.
The diagnostic catheters market comprises a network of players involved in the research and product development; raw material supply; medical device manufacturing; distribution and sale; and post-sales services. The major players in the global market are Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Medtronic plc. (Ireland), Johnson & Johnson (U.S.), Koninklijke Philips N.V. (The Netherlands), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), C. R. Bard, Inc. (U.S.), Edward Lifesciences Corporation (U.S.), and Terumo Corporation (Japan).
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