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

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

The wedge pressure catheter market is expected to register a CAGR of 6.5% over the forecast period.

The rising COVID-19 cases across the world and the lockdown situation had a significant impact on the market, initially due to on-hold services such as treatment, diagnostic, and surgical services to prevent the spread of COVID-19. The impact of COVID-19 on the cardiovascular system was prominent and multifaceted. As per the study published in December 2020 by the National Library of Medicine, pulmonary artery wedge pressure was higher in COVID-19 patients than in acute respiratory distress syndrome (ARDS) patients and inversely related to lung compliance. Therefore, there was a need for wedge pressure catheters during COVID-19, as they had wide-ranging effects on the cardiovascular system due to coagulopathy and resultant venous and arterial thromboembolism. Furthermore, market growth is stabilizing in the current scenario following COVID-19, as global restrictions were eased and disease screening services were resumed.

The increasing number of patients diagnosed with cardiovascular diseases and stroke is a major factor driving market growth.According to data published by the World Stroke Organization (WSO) in 2022, about 12 million (12,224,551) people experienced a stroke. The organization stated that there are more than 12.2 million new strokes each year, and globally, one in four people after age 25 experiences a stroke in their lifetime. Hence, the increasing burden of patients globally is expected to drive the demand for surgical procedures, which is further expected to drive the wedge pressure catheter market growth over the forecast period.

Moreover, according to a study published by the British Heart Foundation in January 2022, there were approximately 7.6 million people with heart disease in the United Kingdom. An average of 460 deaths per day, or one death every three minutes, happen in the United Kingdom due to CVDs. Due to the rising burden of cardiovascular diseases, there is an increasing demand for innovative technologies that can decrease the mortality rates associated with heart failure, thereby increasing the demand for wedge pressure catheters during the study period.

Heart diseases like coronary heart disease, hypertension, and stroke are ranked as the highest cause of death in the United States. Furthermore, an increase in research and development activities to develop novel technologies to treat various cardiac disorders and stroke management is expected to see profitable growth during the forecast period.

But problems with the wedge pressure catheter and a lack of trained medical professionals in emerging markets are likely to slow the market's growth.

The pulmonary artery segment accounted for the largest revenue share in recent years and is expected to do so over the forecast period. This dominance is owing to the increased demand due to the high incidence rate of cardiovascular diseases and the availability of various types of products launched by the key players that are suitable for various disease conditions. Furthermore, the rapid increase in the adoption of wedge pressure catheters for monitoring arterial pressure is also expected to increase the demand for manufacturers, which will drive the global market.

As per an article published in January 2022 by Pulmonary Circulation, pulmonary arterial hypertension (PAH) is characterized by increased resistance in the pulmonary arterioles because of remodeled blood vessels. The prevalence ranged from 0.4 to 1.4 per 100,000 people. Moreover, according to WHO key facts published in August 2021, an estimated 1.28 billion adults worldwide aged 30-79 years have hypertension, with most (two-thirds) living in low- and middle-income countries. One of the global targets for non-communicable diseases is to reduce the prevalence of hypertension by 33% between 2010 and 2030. The increasing prevalence of pulmonary arterial hypertension and the growing geriatric population are the main factors that are boosting the growth of the pulmonary artery segment's market.

According to the WHO, by 2050, the world's population over 60 will nearly double to 22% from the previous year. The symptoms of pulmonary arterial hypertension include shortness of breath (dyspnea), especially during exercise, chest pain, and fainting. The increase in the number of geriatrics leads to consequences that, in several cases, include complications related to pulmonary arterial hypertension. All these factors boost the growth of the segment.

North America is expected to dominate the overall wedge pressure catheters market throughout the forecast period. The primary driving factors for the growth of the North American wedge pressure catheter market are the growing burden of cardiovascular diseases, the rising adoption of technologies, increasing product approvals, increasing investments, and initiatives taken by the government.

According to a report by the United States CDC (statistics updated in 2021), every 40 seconds, an American may have a heart attack. Thus, there is a high burden of people suffering from cardiovascular diseases, which are expected to increase the demand for wedge pressure catheters. This is expected to drive the market in the region.

Moreover, increased awareness, a high diagnosis rate, and supportive government initiatives are further expected to boost the growth of the market over the forecast period. According to Centers for Disease Control and Prevention data published in August 2022, Million Hearts is a national initiative to prevent 1 million heart attacks and strokes within 5 years. It focuses on implementing a small set of evidence-based priorities and targets that can improve cardiovascular health for all. Another instance is the WHO global HEARTS Initiative, which supports countries strengthening actions to prevent CVD, such as enhanced tobacco control, dietary salt reduction, increasing physical activity, the elimination of industrially produced dietary trans-fats, and the management of CVD risks.

Therefore, the above-mentioned factors are expected to drive market growth in the region during the forecast period.

The Wedge Pressure Catheter Market is moderately competitive and consists of several major players. Some of the companies are expanding their market position, while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share. Companies like Alpha Medical Instruments LLC, Advanced Lifesciences Pvt. Ltd., Teleflex Incorporated, DeRoyal Industries, and ICU Medical Inc., among others, hold a substantial market share.

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