Global Statistics Representing Angiography Catheters Market Scenario
Angiography is a minimally invasive medical procedure which is used for the diagnosis of medical conditions. Angiography is performed by using x-rays, computed tomography or magnetic resonance imaging. The images produced by his procedure provide information regarding various conditions and help in analysis of these indications.
Increasing prevalence of cardiovascular disease, growing elderly population and high demand of minimally invasive procedures is propelling the demand of angiographic catheters globally. According to WHO, 17.9 million people die every year from cardiovascular disease which accounts for 31% of all deaths globally. Cardiovascular disease includes heart and blood vessels abnormalities, coronary heart disease, cerebrovascular disease, rheumatic heart disease and other conditions. Unhealthy lifestyle, consumption of tobacco and no physical activities increase the risk of strokes. Moreover, CVDs are leading cause of deaths around the world. For instance, as per American Heart Association Research 2018, about 1 of every 3 deaths in the U.S. is due to cardiovascular disease.
Growing geriatric population is more prone to CVDs. For instance, according to the estimates of American Heart Association, around 66% of CVD deaths occur in people age 75 and older. Increasing healthcare expenditure around the world in boosting the growth of the market. For instance, according to National Heart Foundation of Australia, in the budget of 2018, it was observed that cardiovascular disease is among most costly disease. Around USD 7.7bn or 10.4% of direct healthcare expenditure in spent on these indications in a year, including USD 4.5bn in hospital admissions and USD 1.65bn in pharmaceuticals.
Global angiography catheters market accounted for over USD 995.10 million in 2017 and is expected to grow at a CAGR of 9.5% during the forecast period, 2019–2026.
The global angiography catheters market is segmented by product type, application, and end users.
By product, the market is segmented into conventional catheters, scoring balloon catheters, drug eluting balloon (DEB) catheters, cutting balloon catheters, and others.
By application, the angiographic catheters market is segmented into coronary, endovascular, neurology, oncology and others. The coronary segment is growing at the fastest CAGR and this growth can be attributed to rising aging population and high prevalence of cardiovascular disease.
Based on end users, the market is segmented into hospitals, ambulatory surgical centers and specialty clinics. Hospitals segment can hold the largest market share as they provide better facilities and treatment.
Geographically, the global angiography catheters market is segmented into North America, Europe, Asia Pacific, and the Latin America and the Middle East & Africa (LAMEA).
North America angiography catheters market is likely to lead due to increase in number of cardiovascular patients, high research and development investment for better technologies and favorable reimbursement policies. For instance, in May 2018, The U.S. Food and Drug Administration (FDA) gave approval to Abbott’s Advisor HD Grid Mapping Catheter, which is sensor enabled. This device allows physicians to view things with precision during cardiac ablation procedures. It provides detailed map of heart for better analysis.
Europe is likely to emerge as the second largest market globally. Presence of a huge patient population suffering from various diseases, improved healthcare infrastructure in the region. For instance, according to European Cardiovascular Disease Statistics 2017, 3.9 million deaths occurred in Europe every year due to cardiovascular disease. It approximately accounts for 45% of all deaths in Europe. Dietary factors contribute the most to the risk of CVD in the region. Furthermore, CVD is estimated to cost 210 billion euro in a year.
The Asia Pacific is expected to witness significant growth on account of availability of low-cost products, affordable treatment and increasing medical tourism in the region.
Latin America and the Middle East & Africa is expected to attain substantial growth owing to constant development, increasing awareness about medical facilities and increasing healthcare infrastructure in the region.
Some of the key players in the global angiography catheters market are Medtronic, Boston Scientific Corporation, Terumo Medical Corporation, Merit Medical Systems, AngioDynamics, Cardinal Health, B. Braun Melsungen AG, Becton, Dickinson and Company, Alvimedica and others.
Angiography Catheters Market Segmentation
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