Promising Growth Awaits the Global Diagnostic Catheter Market: Projected to Grow at a CAGR of 6.0% in the Forecast Period
Published | 23 June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global diagnostic catheter market was worth USD 3.5 billion in the year 2020 and is estimated to grow at a CAGR of 6.0%, earning revenue of around USD 5.3 billion by the end of 2027. The global demand for diagnostic catheters is high due to their localization and mapping competencies. Companies are coming up with the newest technologies to drive the revenue of the said market through advanced sales. Additionally, the emphasis on the outline of cost-effective product lines is governed by end-user requirements. All of these factors are helping to drive the global diagnostic catheter market forward.
Surging Prevalence of Cardiovascular Diseases Estimated to Boost the Global Diagnostic Catheter Market In The Forecast Period
According to the World Health organization, cardiovascular diseases are the major cause of death around the world, taking the lives of around 17.9 million each year. Furthermore, the prevalence of cardiovascular diseases is expected to rise across all age groups as a result of changing lifestyles and a lack of physical activity. With such increasing prevalence, the demand for various complicated as well as minimally invasive surgical procedures is going to escalate. This factor is one of the major causes for the growth in the demand for diagnostic catheters around the world.
Developing Healthcare Infrastructure in Emerging Economies Are Projecting Great Opportunities for The Global Diagnostic Catheter Market
The emerging economies are greatly focusing on developing the healthcare infrastructure in their countries so as to make the healthcare services accessible to everyone, besides boosting the economy. They are also taking various initiatives towards promoting medical tourism around the world as they prove to be cost-effective as compared to developed countries with an almost equal amount of efficiency. Because of this, the demand for various surgical procedures is escalating, further propelling the demand for diagnostic catheters.
Global Diagnostic Catheter Market - By End-User
Based on the end-users, the global diagnostic catheter market is categorized into hospitals and imaging & diagnostic centers. The demand for diagnostic catheters is very prominent in the hospitals, thus, making it the largest consumer of diagnostic catheters. A large percentage of surgeons and doctors use diagnostic catheters for performing complex or minimally invasive surgeries. The demand for various kinds of surgeries has also increased over the years with the increasing healthcare expenditure. Furthermore, hospitals spend significant amounts of money on adopting technologically advanced products, fueling the growth of the diagnostic catheters market.
Global Diagnostic Catheter Market - Regional Insights
Geographically, the global diagnostic catheter market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share, followed by Europe owing to the developed healthcare infrastructure and high healthcare expenditure in these regions. The diagnostic catheter market in the Asia Pacific is supposed to rise at a faster pace due to the increasing number of cases of catheter-associated contagions and circulatory ailments. The said market in Latin America and Middle East & Africa is also expected to experience moderate growth throughout the forecast period due to sluggish acceptance of the latest machinery.
Impact of COVID-19 on Global Diagnostic Catheter Market
As a result of the COVID-19 outbreak, the global diagnostic catheter market initially went through a huge setback. The use of diagnostic catheters decreased dramatically since all elective and non-emergency surgical operations were postponed in order to maintain the hospital's resources available for COVID-19 patients and to ensure the safety of patients and healthcare personnel. However, the market is expected to grow in the post-COVID-19 period as the prevalence of numerous cardiovascular illnesses and other medical disorders have increased due to the restrictive lifestyle caused by the pandemic. Furthermore, all the postponed surgeries have to be resumed soon, which will escalate the demand for diagnostic catheters globally.
Global Diagnostic Catheter Market Faces Stiff Competition
The leading market players in the global diagnostic catheter market are Terumo Corporation, St. Jude Medical, Inc., Boston Scientific Corporation, Koninklijke Philips N.V., C. R. Bard, Inc., Johnson & Johnson, Medtronic, Edward Lifesciences Corporation, B. Braun Melsungen AG, and Cardinal Health, Inc. and other prominent players.
The market is highly competitive with the presence of giants who cover a large percentage of the global revenue. To stay ahead of the competition, the companies concentrate on developing and technologically improving their products, as well as participating in product approvals and launches. They also focus on strengthening their distribution system to make their products more accessible to the end-users.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global diagnostic catheter market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global diagnostic catheter market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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