Diagnostic Catheter Market By Product (Imaging, Non-imaging), Application (Cardiology, Urology, Gastroenterology, Neurology), End-User (Hospitals, Diagnostic & Imaging Centers), & Region for 2024- 2031

Diagnostic Catheter Market Valuation - 2024-2031

The increasing frequency of chronic ailments, the growing elderly population, the growing desire for less invasive operations, and the rising incidence of kidney and cardiovascular disorders are all driving the diagnostic catheters market. According to the analyst from Verified Market Research, the diagnostic catheter market is estimated to reach a valuation of USD 7.26 Billion over the forecast subjugating around USD 4.39 Billion valued in 2024.

Due to their increased diagnostic accuracy and precision, the market is also being driven by the increasing use of new technologies in diagnostic catheters, such as MRI-compatible and ultrasound-guided catheters. It enables the market to grow at aCAGR of 6.50% from 2024 to 2031.

Diagnostic Catheter Market: Definition/Overview

A diagnostic catheter is a specialized medical device that is placed into the body to help visualize and diagnose various medical diseases. These catheters are employed in imaging procedures like angiography, where they allow for the injection of contrast chemicals to improve the visibility of blood arteries and organs during imaging examinations.

Furthermore, diagnostic catheters have a wide range of applications in medicine, including cardiology for analyzing heart ailments, urology for studying urinary tract concerns, gastroenterology for evaluating digestive illnesses, and neurology for exploring neurological diseases. Their ability to deliver vital diagnostic information makes them indispensable instruments in modern medicine.

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What are the Aspects Influencing the Growth of the Diagnostic Catheter Market?

The increasing frequency of cardiovascular illnesses is a major driver of the diagnostic catheter market. According to the World Health Organization (WHO), cardiovascular disease is the leading cause of death worldwide, killing an estimated 17.9 million people each year. According to the American Heart Association's 2021 Heart Disease and Stroke Statistics update, 48% of all adults in the United States suffer from cardiovascular disease. This high frequency needs more frequent use of diagnostic catheters to ensure correct diagnosis and treatment planning.

The global aging population is increasing demand for diagnostic catheters, as older people are more susceptible to different ailments that necessitate catheter-based diagnosis. According to the United Nations World Population Prospects 2019 report, by 2050, one in every six individuals will be beyond the age of 65 (16%), up from one in every eleven (9%). In North America and Europe, this rate is expected to reach one in every four people by 2050. This demographic shift is projected to boost the need for diagnostic treatments involving catheters.

Furthermore, catheter technology and accompanying imaging techniques are constantly evolving, expanding diagnostic catheter uses and improving their efficacy. The FDA authorized 22 novel cardiovascular devices in 2020, several of which use sophisticated catheter technologies. According to the Medical Device Innovation Consortium, the worldwide medical device industry is predicted to increase at a 5.4% CAGR between 2021 and 2028, reaching $719.8 billion by 2028. This growth is being driven in part by advances in diagnostic technology, such as catheters, which are becoming more widely used in a variety of medical operations.

What are the Primary Challenges Faced by the Diagnostic Catheter Market?

The high cost of advanced equipment is a significant restriction on the diagnostic catheter market. The creation and manufacturing of sophisticated diagnostic catheters require expensive materials and elaborate designs, which raises production costs. This results in increased prices for end consumers, limiting market access, especially in underdeveloped countries where healthcare budgets are constrained.

Furthermore, the diagnostic catheter market faces a problem due to a skills shortage. The proper use of diagnostic catheters necessitates specific training and experience, which are not easily available in all healthcare settings. This shortage restricts the adoption of these devices, particularly in rural or underserved areas, affecting overall market growth.

Category-wise Acumens

What Factors Contribute to the Increasing Demand for Diagnostic Imaging Catheters?

According to VMR analyst, the diagnostic imaging catheter segment is expected to dominate within the diagnostic catheter market during the forecast period. The increasing frequency of chronic diseases, especially cardiovascular and neurological disorders, necessitates the use of improved diagnostic technologies for optimal therapy. As these disorders become more widespread, the demand for imaging catheters that provide precise and detailed diagnostic information rises, boosting market expansion and reinforcing the segment's dominant position.

The developments in imaging technologies that improve the capabilities of diagnostic imaging catheters are another important driver. Improvements in image resolution, real-time imaging, and integration with other diagnostic modalities have increased the effectiveness and attraction of these catheters to healthcare practitioners. These technical advancements not only improve patient outcomes but also encourage the use of imaging catheters in clinical settings.

Furthermore, the increasing number of imaging and diagnostic centers worldwide is critical to the segment's growth. As healthcare systems extend their diagnostic capacities, there is a greater demand for sophisticated imaging catheters that can match these facilities' requirements. This tendency is especially prominent in emerging nations, where healthcare infrastructure investments are increasing, reinforcing the diagnostic imaging catheter segment's dominance.

What are the Drivers that Bolster the Demand for Diagnostic Catheters for Cardiology?

The cardiology segment is estimated to hold the largest share of the diagnostic catheter market during the forecast period due to the increasing frequency of cardiovascular disorders. As cardiovascular disease remains the top cause of death worldwide, there is an increasing demand for improved diagnostic technologies. Diagnostic catheters make crucial operations like angiography easier, allowing healthcare providers to precisely detect and treat cardiac problems, which is why they are so often used in cardiology.

Advances in catheter technology have enabled less invasive methods of diagnosing and treating cardiovascular problems, which are preferred by both patients and healthcare practitioners. These treatments often result in faster recovery times and hospital stays, driving up demand for diagnostic catheters in cardiology applications.

Furthermore, technological developments in imaging techniques provide a substantial contribution to the cardiology segment's growth. Enhancements to diagnostic catheter imaging capabilities improve the accuracy and effectiveness of cardiovascular examinations. These innovations not only improve diagnosis and treatment planning but also raise the overall efficiency of cardiovascular care, maintaining the cardiology segment's dominant position in the diagnostic catheter market.

Country/Region-wise Acumens

What are the Drivers Contributing to the Dominance of North America in the Market?

North America is estimated to dominate the diagnostic catheter market during the forecast period. North America, particularly the United States, has a high burden of cardiovascular illness, which drives demand for diagnostic catheters. According to the American Heart Association's 2021 Heart Disease and Stroke Statistics update, heart disease kills approximately 655,000 Americans each year, accounting for one out of every four fatalities. According to the Centers for Disease Control and Prevention (CDC), coronary heart disease is the most frequent type of heart disease, accounting for 365,914 deaths in 2017. Because of the high frequency of cardiovascular disorders, diagnostic catheters are used regularly to ensure appropriate diagnosis and treatment.

Furthermore, North America's advanced healthcare infrastructure and significant healthcare spending help to drive the diagnostic catheter market in this region. According to the Centers for Medicare and Medicaid Services, healthcare spending in the United States increased by 9.7% in 2020 to $4.1 trillion, or $12,530 per person. Health spending made up 19.7% of the nation's GDP. This high healthcare spending allows for higher use of new medical technologies, such as sophisticated diagnostic catheters.

What Factors Influence the Market of Diagnostic Catheters in the Asia Pacific Region?

The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia Pacific region's population is rapidly aging, creating the need for diagnostic catheters. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the region's elder population (aged 65 and more) is predicted to more than double from 535 million in 2015 to around 1.3 billion by 2050. This demographic transition coincides with an increase in the prevalence of chronic diseases. According to the World Health Organization, cardiovascular illnesses cause 31% of all fatalities in the Western Pacific Region, accounting for an estimated 6.7 million deaths each year. The increasing illness load is driving the demand for catheter-based diagnostic catheters.

Furthermore, the Asia Pacific region is experiencing tremendous increases in healthcare infrastructure and investment, which is pushing the adoption of modern medical technologies such as diagnostic catheters. According to the World Bank, health expenditure as a proportion of GDP in East Asia and the Pacific rose from 6.4% in 2010 to 7.1% in 2018. In South Asia, it increased from 3.5% to 3.9% over the same period. The Asian Development Bank predicts that healthcare spending in Asia will reach $2.4 trillion by 2030, a 250% increase over 2015 figures. This increasing investment allows healthcare facilities to obtain and use more sophisticated diagnostic technologies, such as improved catheter systems.

Competitive Landscape

The diagnostic catheter market is competitive due to rapid technical improvements and a focus on product differentiation. Companies are investing extensively in R&D to innovate and improve diagnostic catheter performance, including imaging enhancements and the development of customized catheters for a variety of medical purposes.

Some of the prominent players operating in the diagnostic catheter market include:

Medtronic plc

Boston Scientific Corporation

Abbott

Johnson & Johnson

Koninklijke Philips N.V.

Terumo Corporation

Bard, Inc.

Edwards Lifesciences Corporation

Braun Melsungen AG

Cardinal Health, Inc.

Diagnostic Catheter Market Latest Developments:

In September 2022, Philips introduced the Verisight Pro, a real-time 3D intracardiac echocardiography system. At Baptist Health's Miami Cardiac & Vascular Institute in Florida, the ICE catheter was effectively used to treat patients with structural heart disease during minimally invasive image-guided treatments.