Cardiac Catheterization Market: By Procedure (Coronary Angioplasty, Balloon Septostomy), Types (Coronary Angiogram, Fractional Flow Reserve), Application (Heart Attack, Abnormal Stress Test), and End-User (Hospitals Clinics) – Global Forecast Till 2027.
Global Cardiac catheterization is a widely used procedure in different cardiovascular surgeries. This procedure involves insertion of a small tube into a chamber or vessel of the heart. It is the most commonly used technique for the diagnosis and treatment of cardiac diseases.
According to a recent study published by the Market Research Future analysts, the global cardiac catheterization market is growing at a moderate growth rate; mainly due to increasing number of people suffering from cardiac diseases leading to the requirement of surgical procedures. The factors that are responsible for driving the growth of the market are rising occurrence of cardiovascular diseases, growing number of cardiac surgeries, a high number of diabetic and obese population, huge geriatric population, and changing living standards leading to development of cardiac disorders.
On the other hand, availability of alternative therapies, and the higher cost of the surgeries are some of the obstacles in growth of this market. Moreover, high risk of development of infection due to the catheterization procedures is further hindering the growth of the market.
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Global Cardiac Catheterization Market – Competitive Analysis
The global market consist of players such as Boston Scientific Corporation (US), Coloplast (Denmark), Dispocard GmbH (Germany), Becton, Dickinson and Company (US), St. Jude Medical (US), Abbott (US), Johnson Johnson Private Limited (US), Teleflex Incorporated (US)., Smiths Medical (US), Edwards Life Sciences Corporation (US), Medtronic Inc (US), Rochester Medical Corporation (U.S), Maquet Medical India Private Limited (India), Terumo Medical Corporation (Japan), and others. These are some of the prominent players at the forefront of competition in the global cardiac catheterization market.
The market for Global cardiac catheterization is well established market with number of companies operating in this market. There are large number of companies involved in the development of the products, including the devices, and accessories for the various types of cardiac catheters.
The global cardiac catheterization market is highly saturated due to the presence of many small and medium companies. Some of the companies are focusing on cost-effective and efficient products development, whereas, some of the companies are focusing on acquisitions and strategic alliances to sustain in the highly saturated competition.
Abbott is one of the big companies that is involved in the development of the cardiac catheterization products. The company has had some great developments in the cardiac catheterization segment in 2017.
In November 2017, Abbott announced the approval of its MitraClip device for treatment of people with mitral regurgitation (MR) from Japan’s Ministry of Health, Labour and Welfare (MHLW).
In May 2017, Abbott announced the CE Mark of the “TactiCath Contact Force Ablation Catheter, Sensor Enabled”. The product is developed to make it easier for physicians to more effectively treat atrial fibrillation (AF).
In March 2017, Abbott announced U.S. Food and Drug Administration (FDA) approval of the “FlexAbility Ablation Catheter, Sensor Enabled” designed to improve the versatility and precision during cardiac ablation procedures to treat atrial flutter, a type of irregular heartbeat.
In January 2017, Abbott announced the U.S. launch and the first commercial uses of the new “EnSite Precision cardiac mapping system” and “Advisor FL Circular Mapping Catheter, Sensor Enabled” to map cardiac arrhythmias during ablation treatments.
Owing to the presence of huge patients suffering from cardiovascular diseases, America dominates the global cardiac catheterization market. According to the Centers for Disease Control and Prevention, 28.4 million adults were suffering from heart diseases by January 2017. Increasing number of patients suffering from heart diseases and increasing healthcare expenditure have driven the growth of the market. Europe accounts for the second largest market due to continuously increasing patient population, well-developed healthcare sector, high healthcare expenditure, and government support for the research and development. Asia Pacific is the fastest growing market; according to the World Health Organization (WHO), 60% of total world diabetic population lives in Asia Pacific region. Diabetes is one of the major risk factors for causing heart diseases. Increasing patients suffering from diabetes and heart diseases have stimulated the growth of the market. The Middle East Africa has the lowest market for the cardiac catheterization; however, the Middle East is the major contributor in this region due to the presence of well-developed economies like Kuwait and Qatar. On the other hand, because of limited development in the field of medical science and existence of economically poor countries, the market is limited in Africa.
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