Diagnostic Catheters Market worth 4.30 Billion USD by 2021 – Increasing number of minimally invasive surgeries
Market Size and Factors Driving the Market Growth:
The overall diagnostic catheters market is projected to reach USD 4,302.3 million by 2021 from USD 3,025.8 million in 2016, at a CAGR of 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.
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The global market is a highly competitive market. Competitiveness is mostly based on technological differentiation of various products offered by market players. The technological aspects of products and brand loyalty are the key criteria of consideration for buyers. These factors have boosted innovation in the industry and intensified rivalry among players. Amid intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into the high-growth emerging markets and strengthening their technological competitiveness in the market by acquiring smaller players that have the desired technological capabilities or geographic presence.
On the technological front, significant advancements are being made to improve the detection, sensitivity, and specificity of instruments, consequently improving spatial resolution, image contrast, and overall image quality. Efforts are also being made to develop catheters with advanced technologies and new designs to cater to the need for greater accuracy in minimally invasive diagnostic procedures. While several new and advanced technologies are being explored for clinical diagnostics and preclinical research, the market still faces stiff competition from the presence of alternative technologies such as electrocardiograms and cardiac stress tests, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET).
Based on the type of catheter used in diagnostics, the diagnostic catheters market is segmented into imaging catheters and non-imaging catheters. Imaging catheters are further segmented into angiography catheters, ultrasound catheters, and OCT catheters. Non-imaging catheters are categorized into pressure & hemodynamic monitoring catheters, and temperature monitoring catheters. The Diagnostic Imaging catheters segment accounted for the largest share of the global market in 2015. This segment is projected grow at a higher CAGR during the forecast period.
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The diagnostic catheter market in APAC is expected to grow at the highest CAGR during the forecast period. The growing patient population, increasing awareness about healthcare, growing per capita healthcare expenditure, government initiatives, and growing investments to modernize the healthcare infrastructure in these regions is expected to drive market growth in developing economies. Moreover, regulatory policies in the Asia-Pacific region, being more adaptive and business-friendly than those in developed markets, have led to a surge in the region’s healthcare industry, which is positively affecting the market.
The leading players in this market include Medtronic plc. (Ireland), St. Jude Medical, Inc. (U.S.), Johnson & Johnson (U.S.), Boston Scientific Corporation (U.S.), and Koninklijke Philips N.V. (The Netherlands).