Diagnostic Catheter Market by Type (Angiography, OCT, Ultrasound, Electrophysiology, Pressure and Hemodynamic Monitoring), Application Area (Cardiology, Urology, Neurology, Gastroenterology), End User (Hospitals, Imaging Centers).
Market Revenue Growth Analysis and Growth Factors:
The overall diagnostic catheters market is projected to reach USD 4,302.3 million by 2021 from USD 3,025.8 million in 2016, at a CAGR of 7.3%.
Market Growth Drivers:
1. Growth in the Number of Minimally Invasive Surgical Procedures
2. Technological Advancements in Imaging Catheters
3. Growing Prevalence of Cardiovascular Disorders
4. Untapped Emerging Markets
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The diagnostic catheters market is expanding with the emergence of new applications and technologies. These catheters are being used for several indications in different application areas such as cardiology, urology, gastroenterology, neurology, and others. Continuous ongoing improvements in catheter designs to simplify their use and make them safer and more effective are playing a pivotal role in growth of the market.
Detailed Market Segment Analysis:
Based on the type of catheter used in diagnostics, the diagnostic catheters market is segmented into imaging catheters and non-imaging catheters. Imaging catheters are further segmented into angiography catheters, ultrasound catheters, and OCT catheters. Non-imaging catheters are categorized into pressure & hemodynamic monitoring catheters, and temperature monitoring catheters.
Cardiology is one of those applications where diagnostic catheters are extensively used for diagnosis of various disorders. With cardiology catheters, heart diseases such as coronary artery disease, heart valve problem, decreased heart function, congenital heart disease, elevated blood pressure, abnormal cardiac output, heart muscle inflammation, infection, or transplant rejection can be diagnosed. The demand for cardiac catheters is fueled by the increasing incidence of cardiovascular and pulmonary disorders across the globe. Moreover, increasing technological improvements, primarily in the form of wireless technology and software, are expected to enable faster and more convenient diagnosis in the near future.
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The diagnostic catheters market mainly includes catheter manufacturers, diagnostic catheter vendors, and diagnostic kits manufacturers. As this is an emerging market, the focus of players is currently on enhancing and upgrading their product offerings. Moreover, to strengthen their market positions, a majority of players operating in this market are focusing on acquisitions to cater to a larger consumer base. The leading players in this market include Medtronic plc. (Ireland), St. Jude Medical, Inc. (U.S.), Johnson & Johnson (U.S.), Boston Scientific Corporation (U.S.), and Koninklijke Philips N.V. (The Netherlands).