Thermodilution Catheter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Thermodilution Catheter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The thermodilution catheter market is expected to register a CAGR of 5.5% during the forecast period.

The impact of COVID-19 was adverse on the studied market owing to cancellations in elective procedures, including diagnosis and treatment of cardiovascular diseases, which impacted the studied market. For instance, according to an article published by the National Library of Medicine, in March 2022, there was a 52.7% reduction in adult cardiac surgery volume in the United States and a 65.5% reduction in elective cases. The Mid-Atlantic region was most affected by the COVID-19 surge in the initial phase, with a 69.7% reduction in overall case volume and an 80.0% reduction in elective cases. After the COVID-19 surge, nationwide cardiac surgical case volumes did not return to baseline, indicating a COVID-19–associated deficit of cardiac surgery patients. Hence, COVID-19 significantly impacted cardiac treatment and, consequently, the thermodilution catheter market. However, the current market is witnessing stabilized growth owing to the decrease in COVID-19 cases and is expected to project a similar trend over the coming years per the analysis.

The prevalence of cardiac diseases and increased incidences of stroke, as growing research and development activities to develop novel technologies in cardiac stroke management is actively affecting the growth of the studied market. For instance, according to the AHA's Heart Disease & Stroke Statistical Update Fact Sheet, published in January 2022, 244.1 million people were living with ischemic heart disease worldwide and it was more prevalent in males than in females (141.0 and 103.1 million people, respectively). Additionally, according to WHO data updated in June 2021, nearly 33.5 million people worldwide suffer from atrial fibrillation (AFib), the most common type of serious arrhythmia. The surge in cardiac diseases and incidences of stroke is projected to propel the demand for thermodilution catheters, required during the treatment of these diseases which is ultimately projected to boost the market growth.

The increasing product approvals, launches, partnerships, and acquisitions by key market players are projected to augment the market growth. For instance, in July 2022, the Zurich-based company Nanoflex Robotics, a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH), developed an innovative catheter for rapid surgical interventions on stroke patients. Such developments are expected to boost the market growth.

While the market is poised for an upward trend, the lack of skilled healthcare professionals in emerging markets and difficulty in catheter localization in the patient's heart is likely to impede the market growth.

Polyurethane thermodilution catheters accounted for a significant share in recent years and are expected to do so over the forecast period owing to their wide range of applications, safety, reduced risk of patient latex allergy or hypersensitivity, and non-irritant nature. Additionally, an increased adoption rate of polyurethane catheters by doctors due to their enhanced mechanical strength and flexibility compared to silicon catheters is likely to drive the segment over the forecast period. For instance, an article published in NCBI in July 2022 stated that a Swan-Ganz catheter or right heart catheter is a quadruple-lumen catheter with a thermodilution sensor that is attached to a pressure transducer outside the body to identify the central vein pressure right atrial pressure, right ventricular pressure, and pulmonary artery pressure. These advantages and a rapid increase in the adoption of thermodilution catheters for monitoring pulmonary arterial pressure are also expected to increase the demand for manufacturers and propel the global market.

Moreover, rising company activities and product innovations are also expected to propel market growth over the forecast period. For instance, in March 2022, CATHI launched a new Right Heart Catheter simulator offering all the features of CATHI’s original RHC simulator, with the additional benefits of wire-assisted navigation and the potential to work with real liquids (S-HUB), thereby allowing thermodilution to be performed.

North America is expected to show significant growth in the market owing to factors such as the rising incidence of cardiac diseases, growing geriatric population, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the strong presence of industry players in the region. For instance, according to a CDC 2022 update, 12.1 million people in the United States will likely have atrial fibrillation in 2030. As per the same source, one person dies every 34 seconds in the United States from cardiovascular disease. About 697,000 people in the United States died from heart disease in 2020, accounting for 1 in every 5 deaths. Owing to the high burden and severity of the disease, the utility of thermodilution catheters is expected to rise in the region.

Various campaigns are conducted in the region to protect lives impacted by heart diseases. For instance, the Centers for Medicare & Medicaid Services and the CDC in the United States jointly lead the nationwide Million Hearts campaign. The initiative commenced on January 2022 and will continue till December 2026. The goal of the initiative is to prevent 1 million heart attacks and strokes within 5 years. Such initiatives are likely to expedite the treatment and diagnosis of cardiac diseases to prevent strokes and other heart diseases and ultimately boost the usage of thermodilution catheters for monitoring cardiac output, which is projected to enhance the market in the region during the forecast period.

The thermodilution catheters market is consolidated in nature due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known. Some key market players are Alpha Medical Instruments LLC, Edwards Lifesciences, Teleflex Incorporated, DeRoyal Industries, ICU Medical Inc, Nolato AB, B. Braun SE, Merit Medical Systems Inc., Avicenna Healthcare Solutions, Advanced Lifesciences Pvt Ltd, among others.

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