The deflectable catheters market is expected to register a CAGR of 8.1% over the forecast period. Rising prevalence of cardiovascular disorders and peripheral artery disease, growing geriatric population, and an increasing number of minimally invasive surgeries are some of the key factors boosting the market growth.
Cardiovascular diseases have become the leading cause of death worldwide in the past three decades. A sedentary lifestyle is one of the major causes leading to many chronic disorders such as diabetes and cardiovascular ailments. According to the World Health Organization, in 2019, cardiovascular disease (CVD) is the leading cause of death, claiming around 17.9 million lives each year. Rising hospitalization with an increase in cardiovascular disorders is expected to increase the adoption of the deflectable catheters.
An increasing number of surgeries being performed due to rising cases of CVD is expected to increase the demand for catheters, which will drive the market. Treatment of CVD majorly includes minimally invasive procedures that involve the use of catheters to clear blocked arteries. Growing demand for angioplasty over conventional surgeries due to its minimally invasive nature and better outcomes has gained significant preference among patients. The paradigm shift from conventional surgeries to angioplasty has led to an increase in sales of catheters, including deflectable catheters. These procedures have higher adoption rates and are becoming standard techniques in general surgery due to the use of advanced technologies and availability of innovative deflectable catheters in the market.
The wide range of applications and technological advancement possessing high demand that provide lucrative growth opportunities to the market. Technological advancement such as improved accessibility to the difficult anatomy, the improved catheter stability in operation, the then reduced fluoroscopy times and decreased total radiation exposure to both patients and physicians. Therefore, the aforementioned factors pave the way for market by increasing demand for the catheter.
The risks and complications associated with catheters, such as myocardial infarction, pseudoaneurysm, arteriovenous fistula, hematoma/retroperitoneal bleeding, thrombosis and embolism, and allergic reactions, may impede the growth of the market. However, they can be overcome with technological advancements.
Key Market Trends
The Peripheral Interventions Segment Shows Significant Growth and is Expected to Continue the Same during the Forecast Period
Increasing demand for the early detection of peripheral artery diseases and coronary diseases, along with chronic diseases, such as diabetes and obesity, is expected to trigger the growth of this segment in the coming seven years. Furthermore, short recovery time, less loss of blood, a shorter span of hospital stay, and low risk of infection are the other drivers of the segment.
Peripheral intervention for the treatment of cardiovascular disorders has increased demand for deflectable catheters. According to a research article published by the Institute Jantung Negara in 2019, more than 200 million people suffer from Peripheral Artery Disease (PAD) across the globe. Individuals suffering from PAD are at a higher risk of developing severe heart conditions in the later stages of life. Thus, rising hospitalization with an increase in cardiovascular disorders is expected to upsurge the peripheral intervention procedure.
Furthermore, a broader range of applications of peripheral procedures, such as vascular and oncology procedures, neurology, hepatic (liver), uteral, renal procedures opens up new avenues for the segment.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America held the largest revenue share of the deflectable catheters market in 2019. This can be attributed to factors, such as the presence of a large number of deflectable catheter manufacturers, suppliers, and distributors, high prevalence of cardiovascular disorders, presence of sophisticated healthcare infrastructure, and an increase in patient awareness about emerging minimally invasive surgeries in the region. In addition, growing preference for minimally invasive surgeries, such as minimally invasive coronary bypass and Minimally Invasive Cardiothoracic Surgery (MICS), is contributing to market growth in North America.
Asia-Pacific is projected to register the fastest growth over the course of the forecast period. This growth will be fueled by rising awareness about emerging healthcare developments, increasing disposable income, and the presence of untapped opportunities for market players. Companies have the chance to focus on areas such as the development of deflectable catheters that can reduce catheters-associated risks. Apart from this, rapidly improving economic conditions in emerging countries such as India and China will also benefit market growth. In addition, a booming medical tourism industry and market for medical devices is expected to have a positive impact on the APAC market.
The deflectable catheters market is highly competitive and consists of several global as well as local players. The major players include companies, such as Abbott, Biocardia Inc., Biomerics, Biosense Webster Inc., Boston Scientific Corporation, Cathrx Ltd, Johnson & Johnson, Medtronic, Osypka, and Teleflex Incorporated.
Investment for the development of effective and long-acting products with lesser risks and complications and improving geographic penetration through partnerships and collaborations are the key strategies adopted by the companies to increase their market share. For instance, in August 2019, Boston Scientific Corporation acquired BTG PLC that develops and commercializes products used in minimally invasive procedures. This was carried out to expand the treatment options and gain a competitive advantage.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Growing Usage of the Advanced Materials in Catheters
4.2.2 Increasing Prevalence of Cardiovascular Disorders
4.2.3 Growing Frequency of Minimally Invasive Procedures
4.3 Market Restraints
4.3.1 Risks and Complications Associated with Catheters
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Uni-directional Catheters
5.1.2 Bi-directional Catheters
5.1.3 Multi-directional Catheters
5.2 By Application
5.2.1 Coronary Interventions
5.2.3 Diagnostics Imaging
5.2.4 Peripheral Interventions
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Ambulatory Surgery Center
5.3.3 Other End Users
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6.1.2 Biocardia Inc.
6.1.4 Biosense Webster Inc.
6.1.5 Boston Scientific Corporation
6.1.6 Cathrx Ltd
6.1.7 Johnson & Johnson
6.1.10 Teleflex Incorporated