Diagnostic Catheters Market
Number of pages: 100 | Report Format: PDF | Published date: April 06, 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$ 4.52 billion |
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Revenue Forecast in 2031 |
US$ 8.90 billion |
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CAGR |
7.8% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Product, 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 diagnostic catheters market was valued at US$ 4.52 billion in 2022 and is expected to register a revenue CAGR of 7.8% to reach US$ 8.90 billion by 2031.
Diagnostic Catheters Market Fundamentals
Diagnostic catheters navigate anatomy, record vital data, and administer more exact therapy. These devices are in high demand as they can provide better care and enhance patient outcomes owing to their cutting-edge features and capabilities. The gold standard for assessing brain, head, neck, and vertebrae vascular lesions is still diagnostic catheter angiography. Diagnostic catheters are a good option for patients who cannot endure radiation exposure and those who cannot be anesthetized because they do not require general anesthesia or expose the patient to radiation. Therefore, the advantages of minimally invasive, high-quality imaging support the global diagnostic catheter market demand.
The products offer highly accurate imaging that enables physicians to determine the body's anatomy. For instance, a diagnostic catheter may be used for image-based guidance during stent placement into a coronary artery. This enables high-precision imaging and better treatment success rates with minimum invasion. Appropriate use enables early diagnosis, better outcomes, overall cost savings, and reduced burden on the healthcare system.
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Diagnostic Catheters Market Dynamics
The key driver of diagnostics catheters market revenue is the increased upsurge of chronic diseases. The rise in chronic diseases has led to increased demand for diagnostic catheters used to diagnose and treat several conditions. This trend is expected to continue as the population ages and the prevalence of chronic diseases continues to grow. According to the CDC, one or more chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans. These and other chronic illnesses are the main contributors to health care expenses and the leading causes of death and disability in the United States. Some medical innovations, such as diagnostic catheters, are essential to enhancing the effectiveness of healthcare delivery, raising the standard of care given, and lowering overall costs. Physicians can visualize and identify various medical conditions with the help of a diagnostic catheter, which minimizes the need for more invasive procedures. Additionally, it allows medical professionals to spot potential health problems early on, which improves treatment results and lowers treatment costs. Higher quality-of-life scores following minimally invasive surgery (MIS) compared to conventional open surgery show that patients in healthcare institutions are benefiting from advanced technologies.
However, reusing disposable diagnostic catheters is a major issue hindering the revenue growth of the global diagnostics catheters market. Reusing disposable diagnostic catheters poses a significant risk of infection transmission and compromises patient safety. Manufacturers develop cost-effective and eco-friendly alternatives to disposable catheters to overcome this challenge. Another factor limiting market revenue growth is a shortage of qualified professionals to operate diagnostic catheters. The dearth of appropriate training and education programs contributes to the shortage of skilled professionals. As a result, complex diagnostic processes are challenging for healthcare providers to complete, impeding market revenue growth.
Market Ecosystem
This report provides the global diagnostic catheters market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global diagnostic catheters market is analyzed from four perspectives: type, product, end user, and region.
Diagnostic Catheters Market by Type
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Based on the types, the global diagnostic catheters market is segmented into imaging catheters and non-imaging catheters.
The imaging catheters market is classified into angiography catheters, ultrasound catheters, oct catheters, and electrophysiology catheters. The non-imaging catheters market is segmented into pressure & hemodynamic monitoring catheters and temperature monitoring catheters.
The imaging catheters segment accounted for the largest revenue share of the global diagnostic catheters market in 2022. Due to the greater use of advanced diagnosis for better treatment, imaging diagnostic catheters are becoming more common. These catheters feature cutting-edge imaging technologies that give physicians a more accurate and detailed view of the body's interior, resulting in more accurate diagnoses and targeted treatments. They are especially helpful for diagnosing and treating cardiac conditions like coronary artery disease and heart failure. Patients can avoid operation with the aid of angiography catheter imaging. If surgical intervention is still required, it can be done more precisely. Angiography catheter depicts The blood arteries in great detail, with clarity and accuracy. This is particularly useful when considering a surgical procedure or other percutaneous intervention. With the help of such imaging techniques, physicians can spot blockages or other blood vessel abnormalities that can be addressed with less invasive techniques like angioplasty or stenting.
In general, the angiography catheter imaging segment offers a less invasive and more accurate choice for vascular conditions diagnosis and treatment. Using a catheter enables the combination of diagnosis and treatment in a single operation, unlike computed tomography (CT) or magnetic resonance (MR) angiography. The angiography catheters market revenue growth is driven by increased cardiovascular disease prevalence and a sizable patient pool for diabetes and other chronic diseases. Therefore, disease prevalence statistics indicate increased revenue share for the overall global diagnostic catheter market. The overall number of angiography catheters demand is also increasing as a result of the aging population and the rising preference for minimally invasive procedures. Manufacturers are spending money on R&D to release cutting-edge goods with increased efficacy and safety.
Diagnostic Catheters Market by Application
Based on the products, the global diagnostic catheters market is segmented into cardiovascular, neurovascular, urological, intravenous, and others.
The cardiovascular catheters segment accounted for the largest revenue share of the global diagnostic catheters market in 2022. The high prevalence of cardiovascular diseases and rising demand for minimally invasive diagnostic methods are the major driving factors of segment revenue growth. Cardiovascular disease is one of the most prevalent and incapacitating chronic conditions afflicting individuals worldwide. To correctly identify and treat these conditions, there is an increased demand for diagnostic procedures like coronary angiography and peripheral angiography. Furthermore, these treatments are now safer and more efficient owing to technological developments in diagnostic catheters, which have increased their popularity in cardiology.
Diagnostic Catheters Market by End User
Based on the end users, the global 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 Diagnostic Catheters market in 2022. Patients requiring diagnostic procedures like angiography, electrophysiology studies, and other catheter-based procedures seek hospitals as their main healthcare facilities. Interventional cardiologists and imaging systems, easily accessible in hospitals, are needed for these procedures. Hospitals are also crucial for managing complex medical conditions and offering patients comprehensive healthcare because they offer various medical services, such as emergency care, surgery, and inpatient care. Because of this, hospitals are an essential component of the healthcare infrastructure in the majority of nations. Hospitals also offer chances for clinical trials and future healthcare workers to be trained, an important part of their medical research and education. As a result, hospitals are crucial hubs for expanding medical research and enhancing patient outcomes. Additionally, several diagnostic treatments necessitate inpatient monitoring and care, only available in hospitals. This covers procedures for patients with complicated medical conditions or needing careful supervision and after-procedure care.
Diagnostic Catheters Market by Region
Based on the region, the global 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 diagnostic catheters market in 2022. High healthcare spending, a well-developed healthcare system, and a high prevalence of chronic diseases are attributed to this. In addition, the nation prioritizes health education and preventive healthcare initiatives that lessen the weight of chronic diseases. Additionally, the government makes significant investments in R&D to improve medical technology and therapies. Additionally, increased healthcare spending has led to modern medical centers and skilled medical personnel. Governments in Europe have implemented beneficial policies, such as funding for innovative medical studies, to support the healthcare sector. This has made it possible to create innovative diagnostic catheter technologies, which has increased the market worth for diagnostic catheters. Consequently, in the upcoming years, the Europe diagnostic catheters market is expected to experience rapid revenue growth.
The diagnostic catheters market in Asia Pacific is also expanding due to the rising prevalence of chronic illnesses and the rising demand for minimally invasive procedures. A large aging population makes the region more vulnerable to chronic illnesses like cancer, diabetes, and cardiovascular disease. This has driven the desire for diagnostic catheters in the area. Governments in the Asia Pacific region have put in place supportive policies, such as funding for medical study and innovation, to support the expansion of the healthcare market. Furthermore, the demand for diagnostic catheters will increase due to rising healthcare spending and improved healthcare facilities in developing nations like China and India. Growing public knowledge of early disease detection and preventive healthcare practices also expands market revenue.
Competitive Landscape of the Global Diagnostic Catheters Market
The notable market participants in the global diagnostic catheters market include:
Strategic Developments in Diagnostic Catheters Market
Diagnostic catheters traverse different anatomic areas, collect crucial imaging data, and provide more exact therapy.
New treatment strategies and increased chronic disease prevalence are the key trends to fuel the revenue growth of the global diagnostic catheter market.
High cost and lack of trained persons for operating diagnostic catheters restrict the growth of the global diagnostic catheters market revenue.
Key companies operating the global diagnostic catheters market are Boston Scientific Corporation, St. Jude Medical, Inc., Medtronic plc, Johnson & Johnson, Koninklijke Philips N.V., and B. Braun Melsungen AG.
The global diagnostic catheters market is expected to grow at a revenue CAGR of 7.8% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain