Cardiac Catheterization is a procedure of testing the functioning of the heart and is used to treat and diagnose cardiovascular diseases. Cardiovascular diseases refer to conditions associated with narrowed or blocked blood vessels that can lead to chest pain and heart attack. During cardiac catheterization, diagnosis is done by inserting the catheter into the vein or artery. The diagnostic test includes detection of congenital heart defects, biopsy, left or right ventriculogram, hemodynamic, and angiogram.
The Global Cardiac Catheterization Market was valued at USD 11.4 Bn in 2020 and is expected to reach USD 20.8 Bn by 2027, with a growing CAGR of 8.9% during the forecast period (2021-2027).
An increase in the number of angiographic procedures and the rising incidence of cardiovascular diseases are some of the factors that are driving the growth of Cardiac Catheterization market. Additionally, a rise in obesity among the population and a surge in demand for minimally invasive procedures are propelling the growth of the market. However, a stringent regulatory environment for the approval of medical devices is obstructing the growth of the market in recent years.
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Based on the product type, the angiographic balloon catheter segment will witness significant growth in the coming years. The angiographic balloon is used to improve blood flow and open the blood vessels. The balloon angioplasty treatment is relatively less expensive and is a low-risk and less invasive procedure, which is boosting the demand for this treatment among patients. Based on applications, the heart catheterization segment will dominate the Cardiac Catheterization Market, owing to the increasing use of cardiac catheterization to treat or diagnose heart diseases. The increasing number of heart patients is driving the demand for this segment.
North America dominated the market in 2018 and is expected to show similar trends during the forecast period. Development in the healthcare infrastructure is boosting the growth of the Cardiac Catheterization market in the region. Further, the Asia-Pacific market is exhibiting significant growth owing to a rise in patient population and a surge in disposable income of the people. Further, increasing geriatric population, a rise in the adoption of healthcare technology, and favourable reimbursement and insurance policies are some of the factors that are propelling the growth of Cardiac Catheterization Market in the region. At the same time, Middle East & Africa (MEA) is likely to show sluggish growth owing to the limited availability and access to treatment facilities and a lack of awareness in the region.
The key players in the Cardiac Catheterization market are Medtronic plc, Terumo Corporation, Boston Scientific Corporation, Johnson & Johnson, GE Healthcare, Edwards Life Sciences, Cook Medical, Abbott, B. Braun, Teleflex Incorporated, and C. R. Bard. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovation in products, in order to strengthen their market share. For instance, in 2019, Medtronic acquired EPIX Inc., a privately held medical devices company and owing to this acquisition, the company will expand its cardiac ablation portfolio.