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The cardiovascular catheters market size is forecast to increase by USD 6.97 billion at a CAGR of 7.97% between 2022 and 2027. Market growth hinges on diverse factors, including the escalating prevalence of cardiac ailments and the expansion of insurance providers' reach. Additionally, the market is propelled by advancements such as enhanced medical imaging and the integration of robotic-assisted surgeries. Moreover, the uptick in merger and acquisition endeavors contributes significantly to market dynamics. These multifaceted elements collectively shape the trajectory of market development. The increasing occurrence of cardiac diseases underscores the need for innovative medical solutions, while the proliferation of insurance coverage expands accessibility to essential healthcare services. Furthermore, the integration of cutting-edge technologies like improved imaging techniques and robotic-assisted surgeries enhances treatment efficacy and patient outcomes. Amidst these transformative trends, the surge in merger and acquisition activities reflects a broader industry trend towards consolidation and strategic partnerships to drive innovation and market expansion.
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This market report extensively covers market segmentation by product (cardiovascular therapeutic catheters and cardiovascular diagnostic catheters), end-user (hospitals, ambulatory surgical centers, and clinics), and geography (Asia, North America, Europe, and the Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the cardiovascular therapeutic catheters segment will be significant during the forecast period. The cardiovascular therapeutic catheters segment of the market includes conventional catheters, cutting balloon catheters, scoring balloon catheters, and cardiac ablation catheters. Moreover, the increasing number of angiography procedures to reduce the number of heart attacks and strokes is driving the growth of the market. Hence, to fulfill the demand for angiography procedures, the market is growing moderately for conventional and scoring balloon catheters.
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The cardiovascular therapeutic catheters segment was valued at USD 7.52 billion in 2017. Under this segment, companies such as Boston Scientific and BD are focusing on developing next-generation DEBs that are based on coating technology. Moreover, AngioScore, now a part of Spectranetics, developed a Drug-Coated AngioSculpt scoring balloon catheter in the market. Owing to the coating, the catheter can achieve more predictable luminal expansion, which can avoid slippage. Due to the low rate of dissection, such scoring catheters can increase the demand for an angioplasty procedure, which can, in turn, increase the angiography procedures too. Such factors will boost the growth of the global market during the forecast period.
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Asia is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The incidence of CVDs is on the rise in Asia. The region is densely populated and has many developing countries that are experiencing rapid urbanization and economic development. This has increased the disposable income of people, which has led to lifestyle changes such as unhealthy food habits and physical inactivity. These factors can result in obesity and diabetes, which can cause CVDs. These factors will facilitate market growth during the forecast period.
The market is propelled by advancements in technology, facilitating minimally invasive procedures for cardiovascular disorders like Coronary Heart Disease and Stroke. Increased prevalence of chronic diseases like Urology and Gastrointestinal tract issues further drives market growth. Technological innovations such as 3D mapping and nanotechnology enhance catheter systems, improving patient outcomes. However, challenges persist, including the complexity of procedures, regulatory hurdles, and the need for skilled physicians. Collaboration among various governments, organizations, and manufacturers is crucial to address these challenges and ensure continued advancements in cardiovascular catheter technologies. In the market, emphasis on additional features and specialized skills drives innovation to treat conditions like Arrhythmia and Blocked arteries. With a focus on patient education and remote monitoring, catheters play a vital role in managing CVDs and congenital heart disease, ensuring affordability and reducing mortality rates. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising incidence of cardiac diseases and the growth of insurance providers is a key driver for the growth of the market. The incidence of heart disease is increasing in developed as well as developing countries. According to NIH, in 2020, the degenerative abnormalities associated with severe aortic stenosis and mitral and tricuspid regurgitation were found in nearly 10% of the population aged 75 years and above. Therefore, with the expanding aging population base in developed as well as developing countries, the prevalence of heart diseases will likely increase, which, in turn, will augment the growth of the global heart disease treatment devices market.
Moreover, the EU provides a European Health Insurance Card (EHIC), which provides access the people to opt for healthcare provided by the state and country. If the procedure cost is less, then the card helps the patient to avail free of cost treatment. However, in some cases, it requires a minimal amount from the patient, which is also known as copayment. Such factors will propel the growth of the cardiovascular catheter market during the forecast period.
Increasing strategic alliances between companies is a key trend shaping the market. Strategic alliances can help medical device companies pursue additional opportunities without significant financial burdens. Such product development and product distribution alliances offer several advantages to suppliers such as cost containment, extended product line, and increased geographical reach.
Furthermore, these factors are boosting the growth of the healthcare devices market, including the market. Increasing partnerships and collaboration between suppliers, end-users, and government agencies will increase the global presence of suppliers and drive market growth during the forecast period.
Strict regulation and product recall are the major challenges to the growth of the cardiovascular catheter market. Companies are targeting the market by developing cardiovascular catheters that can be useful in cardiac care. However, in some cases, such products may cause side effects that may lead to products being withdrawn from the market.
Therefore, companies must emphasize patient safety to avoid adverse effects. Cardiovascular catheters, such as angiographic catheters used for therapeutic purposes, are considered Class I, II, and III medical devices based on their associated risks. In addition to Class III cardiovascular catheters, regulators are also recalling Class I catheters, which are used to inject contrast material into blood vessels, due to manufacturing or design defects. Such measures will increase the financial burden, which will affect the adoption of these procedures in the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abiomed Inc.- The company offers cardiovascular catheters through its subsidiary preCARDIA. Also, they engage in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It distributes its products under the Impella brand.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.
The market addresses a wide range of medical diseases, particularly those related to the cardiovascular system such as Chronic Non-Communicable Diseases (NCDs) and Cardiovascular Diseases (CVDs). These catheters play a crucial role in managing conditions affecting the heart, including minimally invasive surgical procedures like Coronary Angiography and Percutaneous Coronary Intervention (PCI). Additionally, advancements in catheter technology extend to other areas such as the nervous system and urinary tract, with specialized catheters designed for procedures involving the bladder and urinary catheterization. As chronic illnesses continue to pose significant health challenges globally, cardiovascular catheters remain essential tools in diagnosis, treatment, and management. The collaboration between healthcare institutions and organizations like the National Center for Biotechnology Information and FrontPublic Health further drives innovation and awareness in the field, ensuring better outcomes for patients with cardiovascular disorders.
In addition, In the market, advancements in specialty catheters address the rising prevalence of CVDs. Highly skilled healthcare professionals perform intricate procedures with double-lumen and triple-lumen catheters, reducing mortality rates and hospitalizations due to myocardial infarction. Quality catheters from companies like Biomerics ensure safety in vascular and intravenous procedures, mitigating high risks of infections. With a focus on reimbursement scenarios, healthcare providers invest in training for skilled surgeons, enhancing treatment for valvular disease and vascular disorders. As the cardiovascular devices industry evolves, specialized catheters play a pivotal role in improving patient outcomes and reducing healthcare spending.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.97% |
Market growth 2023-2027 |
USD 6.97 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.57 |
Regional analysis |
Asia, North America, Europe, and Rest of World (ROW) |
Performing market contribution |
Asia at 39% |
Key countries |
US, Germany, UK, China, and India |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Abiomed Inc., B. Braun SE, Becton Dickinson and Co., BIOTRONIK SE and Co. KG, Boston Scientific Corp., CardioFocus Inc., Cardionovum GmbH, Cardiovascular Systems Inc., CathRx Pty Ltd., Cook Medical LLC, Edwards Lifesciences Corp., Getinge AB., Innovative Cardiovascular Solutions LLC, LivaNova Plc, Medtronic Plc, Merit Medical Systems Inc., MicroPort Scientific Corp., Terumo Corp., and ZOLL Medical Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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