[192 Pages Report] The overall diagnostic catheters market is projected to reach USD 4,302.3 million by 2021 from USD 3,025.8 million in 2016, at a CAGR of 7.3% from 2016 to 2021. Diagnostic catheters are useful in performing various diagnostic procedures using different imaging techniques. The diagnostic catheters market is expanding with the emergence of new applications and technologies. These catheters are being used for several indications in different application areas such as cardiology, urology, gastroenterology, neurology, and others. Continuous ongoing improvements in catheter designs to simplify their use and make them safer and more effective are playing a pivotal role in growth of the market.

Market Dynamics

Drivers

Growth in number of minimally invasive surgical procedures

Technological advancements in imaging catheters

Rapid growth in geriatric population and growing prevalence of CVD�s

Restraints

Reuse of disposable diagnostic catheters

Dearth of skilled professionals

Opportunities

Untapped emerging markets

Challenges

Unfavourable reimbursement scenario

Frequent product recalls

Extensive data requirements for launching new technologies, high product costs, and presence of substitutes

Growing preference of OCT imaging catheters in intravascular diagnostics and imaging

OCT has revolutionized the medical imaging industry and has extended its applications in disease diagnosis and imaging of various cellular and molecular processes in vivo. The successful application of OCT imaging in various diagnostic areas such as cardiology has resulted in greater adoption of OCT imaging catheters by doctors for various diagnostic indications. The resolution limits of coronary angiography, along with the need for greater precision during percutaneous interventions have resulted in increased demand for high-resolution intracoronary imaging techniques such as OCT. These varied advantages of OCT imaging have drawn a number of diagnostic catheter industry key players to launch new OCT imaging systems and catheters for diagnostic applications. In October 2013, St. Jude Medical launched an OCT-assisted system for coronary imaging in the US.

The following are the major objectives of the study.

To define, describe, and forecast the global diagnostic catheters market based on type, application area, end user, and region

To provide detailed information regarding the major factors influencing growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

To analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market

To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders

To forecast the size of the market, in four main regions�North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

To profile key players in the global diagnostic catheters market and comprehensively analyze their core competencies2

To track and analyze competitive developments such as product launches, acquisitions, collaborations, alliances, expansions, agreements, and R&D activities of leading players in the global market

During this research study, major players operating in the diagnostic catheters market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The diagnostic catheters market comprises a network of players involved in the research and product development; raw material supply; medical device manufacturing; distribution and sale; and post-sales services. The major players in the global market are Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Medtronic plc. (Ireland), Johnson & Johnson (U.S.), Koninklijke Philips N.V. (The Netherlands), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), C. R. Bard, Inc. (U.S.), Edward Lifesciences Corporation (U.S.), and Terumo Corporation (Japan).

Major Market Developments

In October 2015, Cardinal Health, Inc. acquired Johnson & Johnson's (U.S.) Cordis business, a global player in the cardiovascular and endovascular devices market. The acquisition enhanced Cardinal Health's portfolio of diagnostic catheters used in cardiology and endovascular applications, helping Cardinal Health to strengthen its position in the global market, specifically in the cardiovascular area.

In February 2015, Royal Philips (U.S.), a part of Koninklijke Philips N.V., acquired Volcano Corporation (U.S.), a global leader in intravascular imaging for coronary and peripheral therapeutic devices. This acquisition has helped the company to become a leading systems integrator in the fast-growing image-guided MIS market.

In October 2013, St. Jude Medical launched OCT-assisted system for coronary imaging in the U.S. This system uses St. Jude�s Dragonfly Duo Imaging catheter to capture near-infrared light. This launch has enhanced the company�s portfolio for advanced diagnostic catheters in the US market.

Target Audience

Diagnostic Catheter manufacturers

Medical device manufacturers

Medical device distributors

Hospitals

Diagnostic and imaging centers

Research institutes

Government associations

Research and consulting firms

Medical devices R&D companies

Report Scope

By Type

Diagnostic Imaging Catheters

Angiography Catheters

Electrophysiology Catheters Conventional Electrophysiology Catheters Advanced Electrophysiology Catheters

Non-Imaging Diagnostic Catheter

Pressure and Hemodynamic Monitoring Catheters

Temperature Monitoring Catheters

Other Non-Imaging Diagnostic Catheter

By Application Area:

Cardiology

Urology

Gastroenterology

Neurology

Other Application Areas

By Geography:

North America

US

Canada

Europe

Germany

France

UK

Italy

Spain

RoE

Asia Pacific (APAC)

Japan

China

India

RoAPAC

Rest of the World (RoW)

Latin America

Middle East & Africa

Critical questions which the report answers

What are new application areas which the diagnostic catheters companies are exploring?

Which are the key players in the market and how they are positioned in the market?

Available Customizations

Based on the given market data, MarketsandMarkets offers customizations in the reports as per the client�s specific requirements. The available customization options are as follows:

Geographic Analysis

Further breakdown of the Rest of Asia-Pacific diagnostic catheters market into South Korea, Australia, New Zealand, and others.

Further breakdown of the Latin American diagnostic catheters market into Brazil, Argentina, and Rest of Latin America.

Company Information

Detailed analysis and profiling of additional market players (Up to 5)

The overall diagnostic catheters market is projected to reach USD 4,302.3 million by 2021 from USD 3,025.8 million in 2016, at a CAGR of 7.3% from 2016 to 2021. Advancements in medical imaging technologies, increasing number of minimally invasive procedures, launch of new technologies in terms of catheter design, and rising geriatric population (resulting in a subsequent growth in the prevalence of chronic disorders) are primarily expected to drive growth in the global market. However, factors such as dearth of skilled professionals, high cost of technologically advanced catheters, and the trend of reusing single-use diagnostic catheters are expected to restrain market growth to a certain extent.

The global market is a highly competitive market. Competitiveness is mostly based on technological differentiation of various products offered by market players. The technological aspects of products and brand loyalty are the key criteria of consideration for buyers. These factors have boosted innovation in the industry and intensified rivalry among players. Amid intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into the high-growth emerging markets and strengthening their technological competitiveness in the market by acquiring smaller players that have the desired technological capabilities or geographic presence.

On the technological front, significant advancements are being made to improve the detection, sensitivity, and specificity of instruments, consequently improving spatial resolution, image contrast, and overall image quality. Efforts are also being made to develop catheters with advanced technologies and new designs to cater to the need for greater accuracy in minimally invasive diagnostic procedures. While several new and advanced technologies are being explored for clinical diagnostics and preclinical research, the market still faces stiff competition from the presence of alternative technologies such as electrocardiograms and cardiac stress tests, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET).

Based on the type of catheter used in diagnostics, the diagnostic catheters market is segmented into imaging catheters and non-imaging catheters. Imaging catheters are further segmented into angiography catheters, ultrasound catheters, and OCT catheters. Non-imaging catheters are categorized into pressure & hemodynamic monitoring catheters, and temperature monitoring catheters. The Diagnostic Imaging catheters segment accounted for the largest share of the global market in 2015. This segment is projected grow at a higher CAGR during the forecast period.

The diagnostic catheter market in APAC is expected to grow at the highest CAGR during the forecast period. The growing patient population, increasing awareness about healthcare, growing per capita healthcare expenditure, government initiatives, and growing investments to modernize the healthcare infrastructure in these regions is expected to drive market growth in developing economies. Moreover, regulatory policies in the Asia-Pacific region, being more adaptive and business-friendly than those in developed markets, have led to a surge in the region�s healthcare industry, which is positively affecting the market.

Diagnostic catheters applications in Neurology and cardiology is expected to boost the growth of Diagnostic Catheter market in the near future

Cardiology

Cardiology is one of those applications where diagnostic catheters are extensively used for diagnosis of various disorders. With cardiology catheters, heart diseases such as coronary artery disease, heart valve problem, decreased heart function, congenital heart disease, elevated blood pressure, abnormal cardiac output, heart muscle inflammation, infection, or transplant rejection can be diagnosed. The demand for cardiac catheters is fueled by the increasing incidence of cardiovascular and pulmonary disorders across the globe. Moreover, increasing technological improvements, primarily in the form of wireless technology and software, are expected to enable faster and more convenient diagnosis in the near future.

Neurology

Catheters are also increasingly used for diagnostic applications in neurology. Diagnosis of disorders and diseases such as aneurysms and atherosclerosis (plaque), along with the guidance of X-ray imaging, is done using cerebral angiography. The use of catheters makes it possible to combine diagnosis and treatment in a single procedure, eliminating the need for open surgery.

Critical questions the report answers:

Where will all these developments take the industry in the mid to long term?

What are the upcoming technological advancements in the market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Reuse of disposable diagnostic catheters is a major factor restraining the growth of the market. Over the years, the number of cases for various cardiovascular, gastroenterological, and urological disorders has increased, leading to increase in interventions for their diagnosis. This has led to increased use of various disposable diagnostic and imaging catheters, propelling the consequent economic load demand. However, a number of hospitals and clinics are now reusing these disposable catheters. In contrast to the use of many other disposable devices, a number of imaging catheters are increasingly being reused by hospitals in an attempt to cut costs, due to the high price of these devices. In addition, the current regulatory stance of the U.S. FDA pertaining to the reuse of medical devices is quite limited, which restricts the regulatory pressure on hospitals regarding reuse of diagnostic catheters. Thus, the reuse of disposable catheters, specifically in emerging markets is expected to restrain growth of the market in the coming years.

The diagnostic catheters market mainly includes catheter manufacturers, diagnostic catheter vendors, and diagnostic kits manufacturers. As this is an emerging market, the focus of players is currently on enhancing and upgrading their product offerings. Moreover, to strengthen their market positions, a majority of players operating in this market are focusing on acquisitions to cater to a larger consumer base. The leading players in this market include Medtronic plc. (Ireland), St. Jude Medical, Inc. (U.S.), Johnson & Johnson (U.S.), Boston Scientific Corporation (U.S.), and Koninklijke Philips N.V. (The Netherlands).