Angiographic Catheters Market Regions, Key Players, Outlook and Forecasts by 2024
Industry Overview
An angiographic catheter is used in angiographic procedures. It distributes radiopaque media and healing agents to specific sites in the vascular system. However, it is also used to escort a guidewire or a catheter to the target area. Worldwide angiographic catheters market is growing at a significant pace, due to the mounting occurrence of coronary artery related disease. Other applications of the angiographic catheter contributed to the angiographic catheters market size. The market has observed high demand for coronary application over the last few years due to the mounting occurrence of coronary heart disease, expanding geriatric population and mounting acceptance of minimally invasive procedure.
Market Segmentation
Insight by Application
On the basis of application type, the angiographic catheters market is further divided into endovascular, neurology, oncology, coronary and others. Coronary application is estimated to account the biggest revenue and also expected to grow at the fastest pace due to expanding alertness of various diseases in developing countries like Africa and some of Asian countries like India, China, rising occurrence of cardiovascular diseases, expanding geriatric population, and boosting the need for catheter-based angiography in coronary treatments. According to the Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S.
Industry Dynamics
Growth Drivers
The increasing acceptance of minimally invasive procedure, a mounting occurrence of cardiovascular diseases, growing need for accurate diagnosis, and expanding alertness regarding various diseases such as CVD’s, are the key growth drivers for angiographic catheters market. According to the World Health Organization (WHO), in 2015, approximately 17.7 million people died from cardiovascular diseases, indicating 31 percent of the global deaths. Furthermore, according to CDC, in the U.S. approximately 610,000 people die every year due to heart-related disease.
In addition, growing geriatric population and expansion in the occurrence of vascular syndrome due to obesity, hypertension and sedentary lifestyle are also enhancing the growth of the angiographic catheters market globally. For instance, as per to WHO, in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050. However, need for an angiographic catheter for the diagnosis of arterial blockages, mounting healthcare expenditure, and expanding need for these catheters in various applications such as chemoembolization are also driving the growth of the angiographic catheters market.
Challenges
The stringent regulatory necessities, the high cost of the procedure, the availability of alternative treatments such as medications & complications and deficiency of skilled professionals are the key challenges for the growth of the angiographic catheters market.
Industry Ecosystem
Worldwide, the manufacturing companies trying to enter the angiographic catheters market are required to maintain stringent regulatory standards. Furthermore, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players to retain their market share.
Geographic Overview
Globally, Europe is the largest angiographic catheters market as in the region the prevalence of coronary heart disease is mounting and large population base. According to WHO, more than half of all deaths in the European region especially UK, France, Germany are due to cardiovascular diseases. In addition, healthcare expenditure is increasing in Europe, which has improved the availability and affordability of treatment among individuals. Increasing geriatric population and escalating need for minimally invasive surgeries are also up surging growth of the European angiographic catheters industry. As per WHO, by 2020, the number of people aged 85 years and above is expected to reach 19 million in the European region.
North America is the second biggest market due to the escalating occurrence of cardiovascular disease and expanding the geriatric population. According to CDC, in the U.S. approximately 610,000 people die every year due to heart disease. In addition, as per the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific especially India, China, Japan, Taiwan is observed to witness the fastest growth in the market due to expanding geriatric population and improving healthcare infrastructure. In addition, huge population base mounting healthcare expenditure, boosting the need for angiographic catheters for diagnosis, and mounting occurrence of cardiovascular diseases are also creating a positive impact on the angiographic catheters market growth in the region.
Competitive Insight
Main players in the angiographic catheters industry are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2015, Cook Medical initiated a recall for selected sizes of Beacon Tip Angiographic Catheters due to its tip separation, which leads to loss of device function. Boston Scientific Corporation, Medtronic PLC., Terumo Medical Corporation, Merit Medical System Inc., B. Braun Melsungen AG, Angiodynamics Inc., Cardinal Health, Inc., C.R. Bard, Inc., Cook Medical LLC, and Alvimedica Medical Devices Inc. are the key players offering catheters.
