Revenue From Diagnostic Catheters Will Nearly Double By 2031
As per Fact.MR – a market research and competitive intelligence provider, the global market for diagnostic catheters is anticipated to grow 1.7X in value over next 10 years.
Catheters are flexible tubes made of materials such as polyvinyl chloride (PVC), plastic, nylon, and silicon rubber, and are inserted by a narrow opening into a patient’s body for diagnostic purposes. Catheters are used in numerous medical procedures such as neurosurgery, angioplasty, and cardiac electrophysiology.
A large number of surgeons perform numerous procedures using diagnostic catheters. An increasing trend for efficient and superior patient diagnosis in hospitals is expected to boost market growth.
The Asia Pacific region is projected to be a leading region in the global diagnostic catheters market. The dominant position in the market is attributed to growing awareness about minimally invasive surgeries and increasing demand for technologically advanced imaging systems.
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Key Takeaways from Market Study
- Market expected to expand at CAGR of 6% across assessment period.
- Demand for diagnostic catheters in China to expand at CAGR of 9.5% over analysis period.
- Demand for diagnostic catheters in cardiology will remain high across assessment period.
- Market in Asia Pacific expected to rise at fast pace over next ten years.
- Demand for imaging catheters to remain high across forecast period.
“Increasing cases of cardiovascular diseases is expected to nudge overall sales of diagnostic catheters over the coming years across geographies,” says a Fact.MR analyst.
Key Segments Covered in Diagnostic Catheters Industry Research
- Diagnostic Imaging Catheters
- Diagnostic Ultrasound Catheters
- Diagnostic Angiography Catheters
- Diagnostic Electrophysiology Catheters
- Diagnostic OCT Catheters
- Diagnostic Non-imaging Catheters
- Temperature Monitoring Catheters
- Pressure & Hemodynamic Monitoring Catheters
- Diagnostic Imaging Catheters
- Diagnostic Catheters in Cardiology
- Diagnostic Catheters in Urology
- Diagnostic Catheters in Neurology
- Diagnostic Catheters in Gastroenterology
The global market is a highly competitive. Competitiveness is mostly based on technological differentiation of various products offered by major market players in the diagnostic catheters market.
Technological aspects of products and brand loyalty are 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.
Some of the key developments are:
- In October 2015, Cardinal Health, Inc. acquired Johnson & Johnson’s (U.S.) Cordis business, a global player in the cardiovascular and endovascular devices market. The acquisition enhanced Cardinal Health’s portfolio of diagnostic catheters used in cardiology and endovascular applications, helping Cardinal Health to strengthen its position in the global market, specifically in the cardiovascular area.
- In February 2015, Royal Philips (U.S.), a part of Koninklijke Philips N.V., acquired Volcano Corporation (U.S.), a global leader in intravascular imaging for coronary and peripheral therapeutic devices. This acquisition has helped the company to become a leading systems integrator in the fast-growing image-guided MIS market.
- In October 2013, St. Jude Medical launched OCT-assisted system for coronary imaging in the U.S. This system uses St. Jude’s Dragonfly Duo Imaging catheter to capture near-infrared light. This launch has enhanced the company’s portfolio for advanced diagnostic catheters in the US market.