How Technological Advancements in Imaging Catheters Impacting The Growth Of Global Diagnostic Catheter Market
“Diagnostic Catheter Market by Type (Angiography, OCT, Ultrasound, Electrophysiology, Pressure and Hemodynamic Monitoring), Application Area (Cardiology, Urology, Neurology, Gastroenterology), End User (Hospitals, Imaging Centers) – Global Forecast to 2021” report published by MarketsandMarkets, the global 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.
The growth in this market can be mainly attributed to the increasing number of minimally invasive surgeries, rising geriatric population and increasing prevalence of chronic disorders like cardiovascular and kidney disorders, technological advancements in imaging catheters, and increasing number of imaging and diagnostic centers.
On the basis of type, the market is segmented into imaging catheters and non-imaging catheters. The imaging catheters are further segmented into angiography catheters, ultrasound catheters, OCT imaging catheters, electrophysiology catheters, and other imaging catheters. The non-imaging catheters are segmented into pressure & hemodynamic monitoring catheters, temperature monitoring catheters, and other non-imaging catheters.
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In 2015, the imaging catheters product segment accounted for the largest share of the diagnostic catheters market. This is primarily attributed to the increasing incidence and high prevalence of cardiovascular diseases across the globe due to growth in the aging population and adoption of sedentary lifestyles. Moreover, the development of advanced catheters and increasing regulatory approvals for these catheters is expected to fuel market growth during the forecast period.
In 2015, North America represented the largest regional market, followed by Europe, Asia-Pacific, and the RoW. Asia-Pacific represents the fastest-growing market for diagnostic catheters, primarily due to 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. Various government initiatives towards building better healthcare infrastructure in this region are also fostering the growth of the diagnostic imaging catheters market in the region.
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Major players in the global diagnostic catheters market are Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Medtronic plc (Ireland), Johnson & Johnson (U.S.), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), C.R. Bard, Inc. (U.S.), Cardinal Health, Inc. (U.S.), Edward LifeSciences Corporation (U.S.), and Terumo Corporation (Japan).