Diagnostic Catheters- Market Insights, Competitive Landscape, and Market Forecast–2027

Diagnostic Catheters- Market Insights, Competitive Landscape, and Market Forecast–2027

Diagnostic Catheters Market By Type (Imaging Catheters [Angiography Catheters, Ultrasound Catheters, OCT Catheters, And Electrophysiology Catheters] And Non-Imaging Catheters [Pressure & Hemodynamic Monitoring Catheters And Temperature Monitoring Catheters], By Application (Cardiology, Urology, Neurology, And Others), By End-User (Hospitals, Imaging & Diagnostic Centers, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2027 owing to the growing prevalence of various chronic disorders such as cardiovascular, neurological, urological, and others and the rising demand for imaging devices in the diagnosis of a disease across the globe

The global diagnostic catheter market was valued at USD 4,497.47 million, growing at a CAGR of 6.65% during the forecast period from 2022 to 2027 to reach USD 6,601.68 million by 2027. The diagnostic catheter market is observing remarkable market growth due to the factors such as the growing prevalence of various chronic disorders such as cardiovascular, neurological, and urological, among others. Furthermore, the rising demand for imaging devices in disease diagnosis, growing technological developments in the imaging catheter, an increasing number of imaging and diagnostic centers, an increasing product launch and approvals, and the presence of key players in the market, among other factors will create a requisite for the diagnostic catheters market. Therefore, the market for diagnostic catheters is estimated to grow at a substantial CAGR during the forecast period from 2022 to 2027.

Diagnostic Catheters Market Dynamics:

One of the key aspects driving the diagnostic catheter market is the rising prevalence of chronic disorders such as cardiovascular, neurological, and urological, among others across the globe.

For instance, as per the data provided by World Health Organization (WHO) in 2021, it was reported that cardiovascular diseases (CVDs) are the leading cause of death globally. An estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths, of these deaths, 85% were due to heart attack and stroke. The mortality rate from CVDs can be reduced by providing a proper diagnosis of the disease using the diagnostic catheter, leading to the increased demand for diagnostic catheters in the market.

Additionally, the high demand for diagnostic catheters is attributable to growth in the number of minimally invasive surgical procedures in the market, technological advancements in imaging catheters, rapid growth in the geriatric population, and others.

Further, the presence of advanced products in the market will thereby lead to an increased demand for diagnostic catheters in the upcoming years. For instance, the OCT-assisted system for coronary imaging, launched by Johnson & Johnson, in the United States is one of the prominent diagnostic catheters in the market. The catheter uses the Dragonfly Duo Imaging system to capture near-infrared light, providing clear images to the physicians.

Therefore, the factors stated above collectively will drive the overall diagnostic catheter market throughout the forecast period from 2022-2027.

However, the high cost of the device and procedure, complications related to the anesthesia used during the diagnosis procedure, shortage of skilled professionals, and others may prove to be challenging factors for diagnostic catheter market growth.

The diagnostic catheters market was negatively impacted during the period of COVID- 19 pandemic as the pandemic decreased the number of diagnostics tests due to the huge spread of COVID-19 infection across the globe. Further, to curb the spread of infection the government across the globe imposed strict lockdown rules, resulting in a shortage of supply chains, raw materials, and other resources in the market, leading to the decreased manufacturing of all medical devices. Moreover, the patients and physicians postponed many elective surgeries, diagnostic tests, laboratory visits, and other healthcare facilities to stop the spread of the infection, thereby decreasing the number of in-patient visits in hospitals and clinics for diagnosis and treatment. However, the vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as regular out-patients visits for treatments and diagnosis in hospitals, clinics, and laboratories, thereby bringing the demand for products on track in the diagnostic catheters market.

Diagnostic Catheters Market Segment Analysis:

Diagnostic Catheters Market by Type (Imaging Catheters [Angiography Catheters, Ultrasound Catheters, OCT Catheters, and Electrophysiology Catheters] and Non-Imaging Catheters [Pressure and Hemodynamic Monitoring Catheters and Temperature Monitoring Catheters], Application (Cardiology, Urology, Neurology, and Others), End-User (Hospitals, Imaging & Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the type segment of the diagnostic catheter market, the ultrasound catheter segment is expected to have a significant revenue share in the year 2021. This was primarily owing to the rising demand and availability of ultrasound catheters in the market, rising launches, strategic investments, and other activities by key players in the market, and advantages offered by the segment.

For instance, ultrasound catheters offer real-time visualization of a vessel, leading to a proper diagnosis of the disease. Also, the catheter improves pre-procedure planning, thereby reducing the complications related to the insertion of the catheter.

Additionally, the ultrasound catheter increases the success rate, reduced complications, reduces time spent placing the catheter, and others. All these advantages offered by the diagnostic catheter make it an apt option for physicians and patients, thereby leading to its increased demand in the market.

Moreover, the ultrasound catheter can be used in various situations such as with patients without a palpable radial pulse, patients who have undergone prior attempts, patients with coagulopathy or abnormal clotting factors, and patients with severe hypertension.

Furthermore, various activities by the key players such as acquisitions, agreements or partnerships, product or service launches, and others will increase the demand for Diagnostic Catheters in the upcoming years. For instance, in June 2020, Northeast Scientific Inc., a leading medical device company, announced that it has received FDA 510(k) clearance for reprocessing a .014-inch digital intravascular ultrasound (IVUS) catheter.

Therefore, owing to the above-mentioned factors, the demand for ultrasound catheters upsurges, thereby the category is expected to witness considerable growth eventually contributing to the overall growth of the global diagnostic catheters market during the forecast period from 2022-2027.

North America is expected to dominate the overall Diagnostic Catheters Market:

Among all the regions, North America is expected to dominate the global diagnostic catheters market in the year 2021 and is expected to do the same during the forecast period from 2022-2027.

This can be ascribed to the increasing demand for diagnostic catheters among the physicians and patients in the region, the increasing patient pool suffering from chronic diseases such as cardiovascular, urological, and others, the rising demand for imaging and diagnostic centers in the region, rising number of geriatric population, the presence of key market players among other factors will contribute to the growth of the diagnostic catheters market in North America.

The rising burden of the geriatric population in the United States will also increase the demand for diagnostic catheters as the geriatric population is more prone to cardiovascular, neurological, urological, and other chronic disorders. For instance, as per the U.S. Census Bureau 2021, more than 54 million adults ages 65 and older lived in the United States, in 2021. The number of older adults living in the United States is expected to rise by 85.7 million by 2050.

Further, the diagnostic catheter is used for the diagnosis of various neurological disorders such as stroke, blood clots, brain tumors, brain aneurysms, and others. As per the latest data brain aneurysm foundation, an estimated 6.5 million people in the United States had an unruptured brain aneurysm, in 2021. Thus, the increasing prevalence of brain aneurysms will propel the demand for diagnostic catheters as the catheters are used in the diagnosis of the disease.

Additionally, the growing awareness of invasive surgeries and the growing demand for technologically advanced imaging systems will spur the market growth of the catheter. Also, initiatives and massive investments by the government, various organizations, and key players to improve health infrastructure in the region are expected to further boost the market growth of diagnostic catheters in North America.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the diagnostic catheter market.

Diagnostic Catheters Market Key Players:

Some of the key market players operating in the diagnostic catheters market include Abbott, Boston Scientific Corporation, Medical Devices Business Services, Inc., Medtronic, B. Braun SE, Cardinal Health., Terumo Medical Corporation, Koninklijke Philips N.V., Edwards Lifesciences Corporation, BD., Cook, AngioDynamics., Teleflex Incorporated., Lepu Medical Technology, Cordis., and others.

Recent Developmental Activities in the Diagnostic Catheters Market:

In March 2022, Guerbet, a global leader in medical imaging, announced the launch of microcatheters, catheters, and a new line of guidewires, resulting in a broad range of interventional imaging and embolization solutions available.

In November 2019, Baylis Medical, a cardiology devices developer, launched its 2-French (2F) EPstar fixed electrophysiology catheter in the North American market. EPstar is said to be one of the smallest diagnostic catheters in North America’s electrophysiology market.

Key Takeaways from the Diagnostic Catheters Market Report Study

Market size analysis for current diagnostic catheters market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the diagnostic catheter market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global diagnostic catheter market.

Various opportunities available for the other competitor in the diagnostic catheters market space.

What are the top-performing segments in 2021? How these segments will perform in 2027.

Which are the top-performing regions and countries in the current diagnostic catheter market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for diagnostic catheter market growth in the coming future?

Target Audience who can be benefited from this Diagnostic Catheters Market Report Study

Diagnostic catheters products providers

Research organizations and consulting companies

Diagnostic catheters -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in diagnostic catheters

Various end users who want to know more about the diagnostic catheters market and latest technological developments in the diagnostic catheters market.

Frequently Asked Questions for the Diagnostic Catheters Market:

1. What is a diagnostic catheter?

The diagnostic catheter is a hollow plastic tube 2-3 mm in diameter that is inserted into the veins or arteries of the neck, leg, or arm under local anesthesia. They can be used to measure blood pressure in the chambers of the heart, collect blood samples, and perform angiographies.

2. What is the global market for diagnostic catheters?

The global diagnostic catheter market was valued at USD 4,497.47 million, growing at a CAGR of 6.65% during the forecast period from 2022 to 2027 to reach USD 6,601.68 million by 2027.

3. What are the drivers for the global diagnostic catheter market?

The diagnostic catheters market is witnessing positive market growth owing to the factors such as the growing prevalence of various chronic disorders such as cardiovascular, neurological, urological, and others, rising demand for imaging devices in the diagnosis of a disease, growing technological developments in the imaging catheter, increasing imaging and diagnostic centers, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the diagnostic catheters market.

4. Who are the key players operating in the global diagnostic catheter market?

Some of the key market players operating in the diagnostic catheters market include Abbott, Boston Scientific Corporation, Medical Devices Business Services, Inc., Medtronic, B. Braun SE, Cardinal Health., Terumo Medical Corporation, Koninklijke Philips N.V., Edwards Lifesciences Corporation, BD., Cook, AngioDynamics., Teleflex Incorporated., Lepu Medical Technology, Cordis., and others.

5. Which region has the highest share in the diagnostic catheter market?

Among all the regions, North America is estimated to amass a significant revenue share in the global diagnostic catheter market. This can be ascribed to the increasing demand for diagnostic catheters among physicians and patients in the region owing to the increasing prevalence of various chronic diseases. Further, increasing imaging and diagnostic centers and the presence of key market players in the region are the reasons which act as a supportive factor for the North America diagnostic catheters market growth.

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