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(Medical-NewsWire.com, September 16, 2020 ) According to a new market research report "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" 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.
Browse 135 market data Tables and 38 Figures spread through 192 Pages and in-depth TOC on "Diagnostic Catheter Market"
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.
In this report, the global Diagnostic Catheters Market is segmented on the basis of type, application areas, and end user. 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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On the basis of application area, the Diagnostic Catheters Market is segmented into five segments, namely, cardiology, gastroenterology, urology, neurology, and others. The Diagnostic Catheters Market by end user is segmented into hospital and imaging & diagnostic centers.
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.
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).
Boston Scientific Corporation (U.S) offers catheters under its cardiovascular and rhythm management business segment. The company has a strong presence in the U.S., which is the largest market for the diagnostic catheters globally. This can be attributed to the steady increase in revenue generated by the company’s cardiovascular and rhythm management business segment over the years. In order to grow in the diagnostic catheters market, the company majorly focuses on acquisition of other key players in the market. In November 2013, Boston Scientific acquired Bard EP, the electrophysiology (EP) business of C.R. Bard Inc. (U.S.). This acquisition enabled the company to offer a broad portfolio for electrophysiology products and strengthened its presence in the diagnostic catheters market for electrophysiology.
Major Market Developments:
1. 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.
2. 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.
3. 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.
Mr. Aashish Mehra