The major factor attributing to the growth of the market is an increasing number of patients diagnosed with cardiovascular diseases and stroke. As per a 2019 report by the American Heart Association, the number of deaths from CVD is expected to increase to more than 23.6 million by 2030, which is expected to drive the demand for surgical procedures.
Heart Diseases like Coronary Heart Disease, Hypertension, and Stroke are ranked as the highest cause of deaths in the United States. Also, an increase in R&D activities to develop novel technologies to treat various Cardiac disorders and stroke management is expected to witness lucrative growth over the forecast period.
Key Market Trends
Pulmonary Artery Segment by Application is Expected to Hold the Largest Market Share
The pulmonary artery segment accounted for the largest revenue share in recent years and expected to do so over the forecast period. This dominance is owing to the increased demand due to the high incidence rate of cardiovascular diseases and the availability of various types of products launched by the key players that are suitable for various disease conditions. Furthermore, owing to the rapid increase in the adoption of wedge pressure catheters for monitoring of arterial pressure is also expected to increase the demand for manufacturers, which will drive the global market.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall wedge pressure catheters market, throughout the forecast period. The dominance is due to a higher rate of cardiac diseases and disorders, higher adoption of technology, and established healthcare infrastructures which monitor heart pressure to plan the treatment. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the U.S. suffered from cardiovascular diseases resulted in higher demand for these catheters, which drives the market in the region.
Followed by North America, Europe accounts for the second-highest market revenue due to factors such huge patient pool in the region which generates high demand for treatment, necessitates the requirement of wedge pressure catheters, and availability of skilled medical professionals in the region. Also, government support and initiatives in the medical field is expected to increase the potential for new entrants.
The wedge pressure catheters market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share.
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