Global Angiographic Catheters market is expected to witness a CAGR of 6.7% during the forecast period. Certain factors that are driving the market growth include increasing incidence of cardiovascular diseases and a rise in demand for minimally invasive procedures.
The rise in demand for minimally invasive procedures and an increase in the geriatric population are expected to drive the growth of the market. The development of new multi-speciality hospitals is expected to generate higher demand for various angiographic catheters over the forecast period. According to estimates of the World Health Organization (WHO), 17.9 million die from CVDs every year. The key factors driving the prevalence of cardiovascular diseases across different age groups are stressful work conditions, growing consumption of tobacco, alcohol, and substance abuse.
Key Market Trends
Hospital is Expected to Hold Significant Market Share in the End User Segment
The hospital segment is expected to dominate the overall angiographic catheter market. The factors attributing to the dominance of this segment are enhanced healthcare infrastructure, availability of skilled labor, and affordability. The rise in patient pool, owing to substantial growth in the geriatric population suffering from lifestyle diseases, such as atherosclerosis and heart failure, is expected to enhance revenue generations of the hospitals. Moreover, compared to conventional surgeries, the benefits of minimally invasive surgeries such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time are encouraging more patients to opt for MIS surgeries, which is expected to boost the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America holds the majority share of the market due to the high disease burden, access to modern healthcare infrastructure, high penetration of technological advancements, and favourable reimbursement policies for the cardiac diseases. The high R&D investment in the sector, active collaboration between academic research centers, government agencies, CRO’s, and other stakeholders are accelerating the introduction of new products in the market. Around 2,300 Americans die of cardiovascular disease each day, an average of one death every 38 seconds. It can lead to an increase in the pool of patients, who are suffering from CVD.
Europe is the second-largest growing market because of the increasing CVD patient pool and also due to increasing government support for the treatment of diseases.
The global Angiographic Catheters market is highly competitive and consists of a few major players. Companies like AngioDynamics, Boston Scientific Corporation, Cook Medical, Cordis, Medtronic, Merit Medical Systems, Inc., Oscor Inc., Terumo Interventional Systems, among others, hold the substantial market share in the Angiographic Catheters market.
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