Global Diagnostic Catheter Market - 2022-2029

Global Diagnostic Catheter Market - 2022-2029:

Market Overview

Diagnostic Catheter Market was valued at US$ 4,292.31 million in 2021 and is estimated to reach US$ 6,628.54 million by 2029, growing at a CAGR of 7.04% during the forecast period (2022-2029).

A diagnostic catheter is a thin plastic tube inserted into the artery through a small incision on the skin. Once the catheter is guided to the area to be examined, a contrast material (radiopaque media or therapeutic agent) is injected through the tube and images or required information are captured using technological equipment such as (micro cameras, x-ray fluids, pressure monitors, etc.).

Market Dynamics

The global diagnostic catheter market growth is driven by factors, such as the increase in cardiovascular surgeries globally, surgical procedures, and an inclination towards minimally invasive surgeries.

The increasing number of novel, innovative technological advancements are driving the market growth.

The market is driven by the increasing technological advancements related to diagnostic catheters fuelling the market’s growth globally. For instance, in Jun 2021, Abbott announced that the company could support the growing demand for mechanical circulatory support devices to treat advanced heart failure properly.

According to the National Health and Nutrition Examination Survey (NHANES) data (2020), an estimated 6.2 million American adults ≥20 years of age (2.2%) had heart failure. More than 5.7 million Americans suffer from heart failure, and approximately 915,000 new patients are diagnosed annually. The prevalence of chronic ailments like heart failure, cardiovascular disease, and coronary artery disease is increasing due to unhealthy lifestyles and changing environments worldwide. These latest product launches and technological advances will be able to combat these diseases. For instance, In Apr 2022, Franklin Medical Mountain announced it received approval for UltraNav, a transseptal catheter system, from the United States Food and Drug Administration. It will provide controlled delivery of cardiovascular catheters by the transseptal puncture.

Major key players are producing novel, innovative products and various pipelines and studies are being conducted by these key players to derive market growth. For instance, in Aug 2022, AstraZeneca presented its novel results from the analysis of phase III trials of DAPA-HF and DELIVER that shows the mortality benefit of Farxiga over placebo in heart failure patients.

The side effects associated with diagnostic catheters will hamper the market’s growth.

However, the lack of skilled medical professionals, stringent government regulations, and the onset of side effects hamper the market. Among these, the onset of side effects is expected to restrain the market. For instance, stroke, chemical allergies, and esophageal injury are seen in less percentage of the total population.

COVID-19 Impact Analysis

Due to lockdowns and travel restrictions brought on by the spread of COVID-19, makers of novel diagnostic catheters experienced problems. Because the spread of COVID-19 infections badly impacted major economies, diagnostic catheter therapeutics production was greatly impacted.

Market participants are changing their long-term and short-term growth strategies by utilizing the research market and creating cutting-edge items to combat the pandemic. Even though COVID-19 harmed the diagnostic catheter industry, preparing and implementing backup plans as soon as possible for business operations is crucial.

Segment Analysis

The imaging diagnostic catheters segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The imaging diagnostic has the largest market share in the forecast period. Electrophysiology mapping (EP) devices sub segment hold the largest market share as these catheter devices are often used to confirm the atrial fibrillation diagnosis and to decide its most suitable treatment. Due to its incorporated mapping capability, the usage of EP mapping catheters is increasing. The non-mapping electrophysiology catheters are less expensive than mapping ones as they do not provide the mapping. Various latest innovations are leading towards the growth of the market. For instance, in Jan 2022, Abbott announced that its cardiac mapping platform, Ensite X EP system with Omnipolar technology, got clearance from the U.S. FDA. This mapping system is developed to assist physicians in better treatment of cardiac arrhythmias. It provides the heart’s detailed three-dimensional map as it’s designed with the electrophysiologist’s inputs.

Geographical Analysis

The North American region holds the largest global diagnostic catheter market.

North America dominates the diagnostic catheter market and is expected to show a similar trend over the forecast period. The growth of North American diagnostic catheters can be attributed to the rising prevalence of heart failure cases and the surge in the geriatric population. Strong healthcare infrastructure and an increase in research and development expenditure are to blame for this supremacy. Furthermore, the rising prevalence of cardiovascular diseases in this region due to unhealthy lifestyles and diets has propelled diagnostic catheter demand in the market.

According to the American Heart Association report 2020, approximately 790,000 people in the U.S. have heart attacks yearly. The rising number of people suffering from cardiovascular diseases and growing technological advancements and mergers or acquisitions by key players boost the demand for diagnostic catheter treatment in this region. For instance, in Jun 2021, Abiomed announced its acquisition of a precardiac catheter developer that provides less invasive options for treating patients with acute decompensated heart failure.

Competitive Landscape

The diagnostic catheter market is highly competitive with local and global companies. Some key players contributing to the market’s growth are B. Braun Melsungen AG, Abbott, Medtronic, Boston Scientific, Infiniti Medical, Merit Medical, Osypka AG, Terumo Corporation, and Royal Philips, among others. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the diagnostic catheter market globally. For instance, in Feb 2022, Interrad Medical, a private company of medical devices, and Eloquest Healthcare announced their strategic partnership to expand SecurAcath sales in the U.S.

B. Braun Melsungen AG.

Overview:

B. Braun is a company that manufactures medical and pharmaceuticals device. Headquartered in Melsungen, Germany and established in 1839. They provide services in around 60 countries and employ around 63,000 people. They have around 5,000 varieties of healthcare products.

Product Portfolio:

Angiodyn diagnostic catheters: Angiodyn diagnostic catheters are used for coronary angiographies. For 1:1 force transmission, it contains a symmetrical braided shaft.

Key Development:

In Jul 2022, B. Braun Medical Inc., a developer of infusion therapy, launched its one-time blood control Introcan safety 2 IV catheter. It is developed for safe IV access.

The global diagnostic catheter market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.