Angiographic Catheters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Angiographic Catheters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Angiographic Catheters market is expected to witness a CAGR of 6.7% during the forecast period.

The angiographic catheter market is anticipated to have been significantly impacted by the COVID-19 pandemic as most elective surgeries were deferred to contain the spread of the SARS-Cov2 viral transmission. The article titled "Electrophysiology and Interventional Cardiology Procedure Volumes During the Coronavirus Disease 2019 Pandemic" published in the National Library of Medicine in October 2021, stated the impact of the COVID-19 pandemic on the number of interventional cardiology (IC) and electrophysiology (EP) operations performed globally. Multiple clinical services in the area of interventional cardiology were immediately discontinued upon the onset of the COVID-19 pandemic to better allocate resources and prevent potential exposure across numerous countries. All percutaneous coronary interventions (PCI) performed in the United Kingdom during the lockdown imposed by the pandemic were retrospectively studied by the British Cardiovascular Interventional Society and their results were compared to PCI volumes during the pre-pandemic period. The results indicated that PCI volumes decreased by 49%, with the highest decline occurring in PCI for stable angina (66% reduction). Thus, the outbreak has hurt the market's growth in its preliminary phase. However, the market is anticipated to gain traction over the coming years as most elective surgical procedures and treatments have resumed worldwide.

Certain factors that are driving the market growth include the increasing incidence of cardiovascular diseases and a rise in demand for minimally invasive procedures.

The rise in demand for minimally invasive procedures and an increase in the geriatric population are expected to drive the growth of the market. The development of new multi-specialty hospitals is expected to generate higher demand for various angiographic catheters over the forecast period. The growing and thus drives growth of the market burden of cardiovascular diseases also generates a need for interventional cardiology devices. For instance, according to the data published by the European Heart network in 2021 reported that in the European Union more than 60 million people live with Cardiovascular disease and close to 13 million new cases of cardiovascular diseases are diagnosed every year. Such increasing prevalence of cardiovascular diseases which led to an increasing need for early diagnosis and treatment is expected to drive the growth of the angiographic catheters market. The key factors driving the prevalence of cardiovascular diseases across different age groups are stressful work conditions, growing consumption of tobacco, alcohol, and substance abuse.

Thus the above-mentioned factors are expected to drive the demand for the growth of the market during the forecast period.

Key Market TrendsHospital is Expected to Hold Significant Market Share in the End User Segment

The hospital segment is expected to dominate the overall angiographic catheter market. The factors attributing to the dominance of this segment are enhanced healthcare infrastructure, availability of skilled labor, and affordability. The rise in patient pool, owing to substantial growth in the geriatric population suffering from lifestyle diseases, such as atherosclerosis and heart failure, is expected to enhance revenue generations of the hospitals.

Similarly, with the rising burden of diseases caused by unhealthy lifestyles such as obesity, being overweight is expected to drive the growth of the market. The article published by A-ManisaBiotech in 2020 states that more than 2 billion adults, 18 years and older were overweight across the world. Of these, over 650 million were obese in the world. Moreover, compared to conventional surgeries, the benefits of minimally invasive surgeries such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time are encouraging more patients to opt for minimally invasive surgeries, which is expected to boost the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America holds the majority share of the market due to the high disease burden, access to modern healthcare infrastructure, high penetration of technological advancements, and favorable reimbursement policies for cardiac diseases.

The high investment in the healthcare sector and active collaboration between academic research centers, government agencies, CROs, and other stakeholders are accelerating the introduction of new products in the market. For instance, the article titled" Spending on Cardiovascular disease and cardiovascular risk factors in the United States" published in April 2021 mentioned that the United States adult cardiovascular spending increased by more than USD 100 million in the past ten years.

Additionally, the report titled ” the number of older people will hit the United States economy like a ‘brick’- US trade Secretary”, published in April 2021, about 16.5% of the United States population, or 54 million, over the age of 65 by 2020. By 2030, that number will rise to 74 million. The number of people over the age of 85, who are at risk of developing heart disease in the country, is expected to increase significantly. Such an increase in the elderly population leads to the rising demand for the angiographic catheter market. It can lead to an increase in the pool of patients, who are suffering from Cardiovascular disease.

Competitive Landscape

The global Angiographic Catheters market is highly competitive and consists of a few major players. Companies like AngioDynamics, Boston Scientific Corporation, Cook Medical, Cordis, Medtronic, Merit Medical Systems, Inc., Oscor Inc., Terumo Interventional Systems, among others, hold the substantial market share in the Angiographic Catheters market.

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