Cardiac Diagnostic Catheters Market
Number of pages: 100 | Report Format: PDF | Published date: April 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 14.16 billion |
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Revenue Forecast in 2031 |
US$ 26.70 billion |
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CAGR |
7.3% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac diagnostic catheters market was valued at US$ 14.16 billion in 2022 and is expected to register a revenue CAGR of 7.3% to reach US$ 26.70 billion by 2031.
Cardiac Diagnostic Catheters Market Fundamentals
Cardiac diagnostic catheters are tools for identifying and managing certain heart conditions. Diagnostic cardiac catheterization is very beneficial when evaluating patients with suspected or known heart disease. The high-quality images obtained from catheter-based diagnostics enable a better understanding of the disease. Cardiac catheterization can be used to diagnose coronary artery disease and measure the pressure and oxygen levels in various heart chambers, examine the function of the heart valves, and gauge the overall pumping capacity of the heart. New developments in cardiac diagnostic catheters include intelligent catheters that allow for the creation of novel, cutting-edge therapies for diseases presently managed through complex surgical procedures. This will lessen risks, enhance the quality of life, and lower mortality rates.
Another emerging cardiac diagnostics catheter market trend is robotic-assisted catheterization treatments, which improve patient outcomes by enabling diagnostic and therapeutic interventions to be carried out more accurately and precisely. These developments could completely change the discipline of cardiology, which would also enhance patient care.
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Cardiac Diagnostic Catheters Market Dynamics
The increasing prevalence of cardiovascular diseases is a major factor propelling the cardiac diagnostic catheters market revenue growth. Cardiac catheterization is a minimally invasive procedure that is frequently chosen over traditional surgery. The growing demand for minimally invasive procedures and the increasing geriatric population are driving the development of the cardiac diagnostic catheters market. Additional factors that are expected to support the revenue growth of the cardiac diagnostic catheters market during the forecast period include technological developments in catheters, an increase in healthcare spending, and growing public awareness of the advantages of early detection and treatment for cardiovascular diseases.
The global cardiovascular disease prevalence is rising, fueling the demand for advanced diagnostic and monitoring techniques. Obesity prevalence and sedentary lives are also on the increase. Additionally, improving access to cardiac care in rural areas and the increasing use of telemedicine and remote patient monitoring are expected to accelerate the market revenue growth. The number of older people more likely to develop heart disease is growing, also influencing the cardiac diagnostic catheters industry trends. Companies in the cardiac diagnostic catheters market are concentrating on launching new products based on cutting-edge technology to shape the global cardiac diagnostic catheters outlook. The top competitors operating in the global market are also investing heavily in research and development to create cutting-edge diagnostic cardiac catheters.
However, a significant problem impeding the expansion of the global market is the reuse of disposable catheters. Reusing throwaway cardiac diagnostic catheters increases the risk of spreading infections and jeopardizes patient safety. To meet this challenge, companies are focusing on developing disposable catheter alternatives that are both reasonably priced and ecologically friendly. This is an essential step in lowering the effect of medical waste on the environment and ensuring that patients have access to sustainable healthcare. These alternatives are becoming more accessible and affordable for hospitals and patients equally, owing to technological advancements. Another cardiac diagnostics catheter market challenge is the lack of trained personnel. The lack of suitable education and training opportunities is mainly to blame for the scarcity of qualified professionals in the workforce. Consequently, healthcare providers find it difficult to complete complex diagnostic procedures, hindering market revenue expansion.
Cardiac Diagnostic Catheters Market Ecosystem
This report provides the global cardiac diagnostic catheters market analysis in terms of revenue growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global cardiac diagnostic catheters market is analyzed from three perspectives: type, end user, and region.
Cardiac Diagnostic Catheters Market by Type
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Based on the types, the global cardiac diagnostic catheters market is segmented into electrophysiology catheters, PTCA balloons catheters, IVUS catheters, and PTA balloons catheters.
The electrophysiology catheters segment accounted for the largest revenue share of the global cardiac diagnostic catheters market in 2022. The rise in atrial fibrillation and atrial flutter prevalence, the rising demand for diagnostic and ablation catheters, the rise in the number of cardiac ablation procedures, and technological advancements in the production of electrophysiology catheters are the main factors driving the growth of the global electrophysiology catheter segment. Additionally, in June 2021, the medical technology firm BioSig Technology, Inc. announced novel signal processing techniques for electrophysiology and highlighted the clinical use of its most recent arrhythmia management software.
It has been well established that the prevalence of cardiac arrhythmias, especially atrial fibrillation (AF), will rise both in dependence on and independently of other cardiac diseases. There is the possibility that more electrophysiology (EP) procedures will be used as a result of recent and emerging global cardiac diagnostics catheter market trends. On the other hand, to satisfy the growing demand for cardiac diagnostics catheters, there is an increasing need for more skilled electrophysiologists and advanced practice providers in cardiology. Furthermore, the electrophysiology catheter segment's revenue growth will probably be fueled by improvements in technology and methods.
Cardiac Diagnostic Catheters Market by End User
Based on the end users, the global cardiac diagnostic catheters market is segmented as hospitals, diagnostics and imaging centers, and ambulatory surgery centers.
The hospital's segment accounted for the largest revenue share of the global market in 2022. Hospitals are frequently the primary healthcare settings for patients who need evaluations like angiography, electrophysiology tests, and other catheter-based procedures for cardiovascular diseases. These procedures require interventional cardiologists and MRI equipment, both readily available in hospitals. Hospitals are essential for managing complicated cardiovascular conditions and providing comprehensive healthcare because they provide a wide range of medical services, including emergency care, surgery, and inpatient care. As a result, hospitals are a crucial part of the healthcare system worldwide. Hospitals play a critical entity in medical research and teaching by providing opportunities for clinical trials and the training of future healthcare professionals. Hospitals are essential hubs for advancing medical study and improving patient outcomes. A few diagnostic procedures also call for inpatient surveillance and care, only offered in hospitals. This includes procedures for people with complex medical problems or requiring close observation and post-procedure care. Hospitals effectively perform cardiovascular diagnostics because they have adequate funding for cutting-edge equipment. With the help of such financing, hospitals can provide various diagnostic procedures, including electrocardiograms, echocardiograms, and stress tests, all of which are crucial for identifying and tracking cardiovascular diseases. Additionally, the experience of qualified healthcare professionals working in hospitals guarantees accurate interpretation of test findings and prompt intervention.
Cardiac Diagnostic Catheters Market by Region
Based on the region, the global cardiac diagnostic catheters market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global cardiac diagnostic catheters market in 2022. This is attributed to high healthcare spending, a well-developed healthcare infrastructure, and a high prevalence of chronic diseases. In addition, the U.S. highly emphasizes preventive healthcare and health education programs that lighten the burden of chronic diseases. The government also spends a lot of money on research and development to advance medicinal procedures and treatments. More healthcare spending has also made modern medical facilities and qualified medical personnel possible. European governments have instituted beneficial guidelines to support the healthcare industry, such as funding for cutting-edge medical research. Due to the development of novel devices made feasible by this, the market value of cardiac diagnostic catheters has increased. As a result, it is expected that the diagnostic catheter market in Europe will expand quickly in the years to come in the forecast period. The demand for minimally invasive procedures and the increasing prevalence of chronic diseases are both driving growth in the market for cardiac diagnostic catheters.
Asia Pacific is more susceptible to chronic diseases like cancer, diabetes, and cardiovascular disease due to its large and elderly population. This has increased the cardiac diagnostic catheters demand in the Asia Pacific. The revenue growth of the healthcare market is supported by policies put in place by governments in the Asia Pacific. Additionally, it is anticipated that increasing expenditure on healthcare and improved medical services in developing countries like China and India will increase the market for cardiac diagnostic catheters. Market revenue expansion is also encouraged by an increase in general awareness of early disease detection and preventive healthcare practices.
Competitive Landscape of the Global Cardiac Diagnostic Catheters Market
Notable market players operating in the global cardiac diagnostics catheters market with the highest revenue share include:
Strategic Developments in Cardiac Diagnostic Catheters Market
Cardiac diagnostic catheters traverse cardiac anatomy, collect crucial cardiac data, and provide more overviews of exact therapy.
New treatment strategies and the increased prevalence of cardiovascular disease are driving global cardiac diagnostic catheter market revenue growth.
High cost and lack of trained persons for operating cardiac diagnostic catheters are potentially restricting the revenue growth of the global cardiac diagnostic catheters market.
Key companies operating the global cardiac diagnostic catheters market are Boston Scientific Corporation, St. Jude Medical, Inc., Medtronic plc, Johnson & Johnson, Koninklijke Philips N.V., and B. Braun.
The global cardiac diagnostic catheters market is expected to grow at a revenue CAGR of 7.3% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain