The Global "Diagnostic Catheter Market" is expected to grow at a high CAGR during the forecasting period of (2022 - 2029).
A diagnostic catheter is a thin plastic tube, is 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.).
The global market for the Diagnostic Catheter Market is primarily driven by the increase in cardiovascular surgeries globally, an increase in surgical procedures, and an inclination towards minimally invasive surgeries.
According to researchers at the National Institute of Health in 2017, it has been estimated that 92.1 million adults have at least one form of cardiovascular disease (CVD) and by 2030 43.9% of our population is projected to have one type of CVD.
According to researchers at the National Institute of Health in 2016, more than 3200 robotics platforms have been installed worldwide in assisting gynecological surgery.
However, unfavorable reimbursement scenarios, and extensive data requirements for launching new technologies, high product costs, and the presence of substitutes may hinder the market progress.
The global diagnostic catheter market is segmented on technology type includes imaging and non-imaging catheters. Imaging diagnostic catheter is further segmented to angiography catheters, MRI guided catheters, intravascular ultrasonic catheters (IVUS), EP mapping catheters, cardiac output catheters, and others.
Non-imaging catheters include pressure monitoring catheters, flow monitoring catheters oximetry catheters, temperature monitoring catheters, and others. Imaging diagnostic catheter dominates the global diagnostic catheter market due to the increase in demand for medical imaging and benefits. According to NHS U.K 39.8 million, imaging tests were performed in 2017 was high when compared with 2014.
By application, the global diagnostic catheter market is segmented into cardiology, gastroenterology, urology, neurology, and others. Cardiology share holds the most significant share in the market owes it to the rising prevalence and high incidence of cardiovascular diseases all over the world. According to WHO, an estimated 17.9 million people died from cardiovascular diseases in 2016, representing 31% of all global deaths.
North America is the dominant share in the global Diagnostic Catheter market, and it is primarily attributed to factors such as the increase in cardiovascular disease prevalence along with the rising in the number of technological advancements. According to the Centre of Disease Control and Prevention in 2017, it has been estimated that 2.7-6.1 million in the United States have atrial fibrillation and this number is expected to increase.
According to a study conducted by researchers at the National Institute of Health in December 2016, in the U.S the prevalence of supraventricular tachycardias is 2.25 cases per 1000 population. Moreover, the established healthcare infrastructure and the rising disposable income, and higher investment in R&D activities contribute to the growth of North America’s share.
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New diagnostic catheter launches and FDA approvals on the new catheter are driving the global diagnostic catheter market.
In February 2019, Intuitive Surgical Inc. announced that the U.S. Food and Drug Administration had cleared its Ion system. The robotic endoluminal system is designed to enable doctors to conduct minimally invasive biopsies deep within the lung.
In September 2018, Medtronic launched Infinity diagnostic catheter for OCT spinal system.
In June 2017, Philips inc acquired cardioprofilic Inc. a US-based privately held company that develops catheter-based thrombectomy to treat peripheral vascular disease.
In May 2017, FDA approved Abbott FLEXIBILITYTM ablation catheter, and was sensor-enabled to advance the treatment of complex cardiac arrhythmias.
In June 2016, FDA approved FLEX Scoring Catheter, an alternative to balloon-based snoring with one-small-fits-all platform technology.
In May 2016, Boston Scientific received FDA approval for IntellaNav XP and the Intella Nav MiFi XP that can be used with Rhytmia mapping system.
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