Technavio market research analysts forecast the global diagnostic catheters market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
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Technavio has published a new report on the global diagnostic catheters market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global diagnostic catheters market for 2017-2021. The report also lists neurology, cardiology, urology, gastroenterology, reproductive health, and bronchoscopy as the six major application segments.
According to Neha Noopur, a lead analyst at Technavio for orthopedics and medical devices research, "The global diagnostic catheters market is expected to grow significantly during the forecast period. The major factor driving the growth is the increasing prevalence of CVDs and other-cardiac related diseases such as cardiac arrhythmia. However, the increasing prevalence of neurological diseases, fertility issues, and gastroenterological issues is also driving the market growth. The use of diagnostic catheters is increasing in the interventional procedures."
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global diagnostic catheters market:
- Increasing prevalence of CVDs
- Rising number of diagnostic centers
- Rising demand for diagnostic procedures
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Increasing prevalence of CVDs
According to the CDC report in 2016, deaths due to heart diseases increased by 3% between 2011 and 2014. The major reasons for increasing heart-related problems are changing lifestyle and daily habits, which include smoking, physical inactivity, unhealthy diet, increasing body weight, and high blood pressure and blood sugar levels. These factors lead to hypertension, obesity, and blockage of arteries.
"People are not aware of the preventive measures to be taken for certain cardiac diseases. Governments across the world are focusing on increasing the awareness about cardiac diseases. In addition, the reimbursement scenario in countries like Pakistan, Bangladesh, and Sri Lanka is not favorable to some extent, due to which vendors are focusing on launching devices that are affordable and priced competitively. These factors are expected to drive the market during the forecast period," says Neha.
Rising number of diagnostic centers
Globally, the number of diagnostic centers is increasing as new diagnostic centers are being set up in remote locations to serve the low-income population. These diagnostic centers form partnerships with the major diagnostic centers, which are equipped with technologically advanced devices, and help in proper diagnosis. In addition, the diagnostic centers in the remote locations receive funds from the governments, which help them to serve a major population.
Furthermore, there are mobile diagnostic centers, which help in the diagnosis of the underserved population. These diagnostic centers move from one location to another and diagnose people near their place. Based on the diagnosis results, if required, they refer the patients to hospitals.
Rising demand for diagnostic procedures
With the increasing incidences of neurological disorders, infertility, urological, and gastroenterological diseases, the demand for diagnostic procedures is increasing rapidly. Neurological disorders, ranging from epilepsy to Alzheimer's disease, stroke, multiple sclerosis, and Parkinson's disease affect almost 14% of the total population globally.
The rising prevalence of these neurological disorders, reproductive health issues, and urological and gastroenterological issues are propelling the demand for diagnostic procedures leading to increase the use of diagnostic catheters.
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