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.
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