Diagnostic Catheter Market

Global Diagnostic Catheter Market Size (2022 to 2027)

The global diagnostic catheter market is estimated to be worth USD 5.67 billion by 2027 from USD 3.97 billion in 2022, growing at a CAGR of 7.37% during the forecast period.

Catheters are thin tubes made of medical-grade materials such as plastic, silicon rubber, polyvinyl chloride (PVC), and nylon inserted into the patient’s body for therapeutic and diagnostic purposes. Catheterization is a primary co-procedure performed with various other medical procedures such as angioplasty, cardiac electrophysiology, and neurosurgery, wherein catheters are used. The diagnostic catheter is a hollow plastic tube of 2-3 MM diameter, and these catheters are used in various diagnostic procedures using multiple imaging techniques. These diagnostic catheters are used for several indications in applications such as gastroenterology, neurology, cardiology, urology, and others.

Impact of COVID-19 on diagnostic catheter market:

COVID-19 has negatively affected all sectors of the economy during the first half of the pandemic period. As a result, the World Health Organization announced COVID-19 as an emergence in healthcare. Coronavirus is an infectious disease it quickly spreads from person to person; to control the widespread of the virus, the governments have imposed nationwide lockdown and ban on flights. However, with the unlock guidelines by the government everywhere, the market’s growth rate is accelerating gradually. 

MARKET DRIVERS:

Owing to the rise in the number of surgeries and the high demand for minimally invasive procedures, the global market for diagnostic catheters is expected to grow significantly during the forecast period.

The growth of the global diagnostic catheter market is further driven by factors such as the rising geriatric population, increasing chronic diseases, kidney and cardiovascular diseases, and the increasing number of minimally invasive surgeries. Besides, growing reimbursement in imaging catheter technology and improving technological advancements are expected to create the demand for these products. Increasing investments by the key market players in R&D, innovations, and new technologies are expected to boost the market's growth rate during the forecast period. Moreover, investments by the government and various private organizations to develop the healthcare infrastructure are further expected to improve the market growth. 

Also, an increase in the geriatric population base and a rise in demand for sterile & disposable catheters supplement the market growth. Furthermore, the increase in reimbursement levels and catheter technology advancements is expected to boost the market growth.

MARKET RESTRAINTS:

However, inadequate quality assurance and price competition at domestic levels are expected to hamper this growth. Additionally, the unavailability of skilled professionals and the high cost of these devices are expected to restrain the development of the diagnostic catheter market.

REPORT COVERAGE:

This research report on the global diagnostic catheter market has been segmented and sub-segmented based on type, application, end-user, and region,

Diagnostic Catheter Market – By Type:      

• Imaging catheters               
• Non-imaging catheters               

Based on type, the imaging catheters segment dominated the global market for diagnostic catheters in 2021.

Diagnostic Catheter Market – By Application:

• Neurology     
• Urology
• Gastroenterology        
• Cardiology   
• Others (Bronchoscopy and Gynaecology)

Based on the application, the cardiology segment accounted for the largest share of the global diagnostic catheter market in 2021. Cardiology is the application where diagnostic catheters are used to diagnose various disorders. The increasing incidence of cardiovascular diseases drives the cardiac catheter segment, and rising pulmonary disorders worldwide are expected to faster the market growth.

Diagnostic Catheter Market – By End-user:

• Hospitals                
• Imaging & Diagnostic Centers 

Based on end-user, the imaging and diagnostic centers segment led the market in 2021. Increasing cardiovascular diseases, rising minimally invasive disorders, growing reimbursement in imaging catheter technology, and improving technological advancements are expected to create the demand for imaging and diagnostic centers.

Diagnostic Catheter Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the North American diagnostic catheter market commanded the largest share of the global market in 2021 and is predicted to be continuing the dominating trend throughout the forecast period. Factors such as increased imaging and diagnostic centers and increasing awareness of minimally invasive techniques among people are expected to drive the market during the forecast period.

The European diagnostic catheter market is anticipated to hold a substantial share of the global market during the forecast period. Growing population, increasing the healthcare concern, and improving healthcare infrastructure are predicted to enlarge the market growth.

The Asia-Pacific diagnostic catheter market is expected to witness the highest growth during the forecast period due to the rise in Catheter-related infections and cardiovascular disorders. Also, with the growing population, the people in this region are much more aware of healthcare. Therefore, the increase in healthcare expenditure to provide better treatments for the people in these countries influences the diagnostic catheter market's market growth during the forecast period.

Simultaneously, the Latin American diagnostic catheter market was growing steadily and was predicted to be worth USD 648 million by 2027.

The diagnostic catheter market in the Middle East and Africa is estimated to hike at 7.25 CAGR during the forecast period. However, the diagnostic catheters market has been holding a better market share over the years with influential growth factors such as the increasing geriatric population and availability of healthcare facilities.

KEY MARKET PLAYERS:

Companies playing a leading role in the global diagnostic catheter market profiled in this report are Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Medtronic plc (Ireland), Johnson & Johnson (U.S.), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), C.R. Bard, Inc. (U.S.), Cardinal Health, Inc. (U.S.), Edward Lifesciences Corporation (U.S.), and Terumo Corporation (Japan).