The thermodilution catheter market studied was anticipated to grow with a CAGR of nearly 5.5% during the forecast period. The major factors attributing to the growth of the market are steep rise inthe volume of patients diagnosed with cardiopulmonary diseases, stroke and a rise in the geriatric population. For instance, according to the American Heart Association report published for the year 2019, cardiac diseases like coronary heart disease, hypertension, and stroke were ranked as the highest cause of deaths in the US demanding the evaluation of cardiopulmonary functioning which is likely to fuel the market over the forecast period.
Key Market Trends
The Polyurethane Thermodilution Catheters by Material Segment is Expected to Hold the Largest Market Share in the Thermodilution Catheters Market
- The Polyurethane thermodilution catheters accounted for the largest revenue share in recent years and expected to do so over the forecast period. This dominance is owing to the increased demand owing to their wide range of applications, safety, reduced the risk of patient latex allergy or hypersensitivity, and non-irritant nature. Additionally, an increased adoption rate of polyurethane catheters by the doctors due to their enhanced mechanical strength and flexibility compared to silicon catheters is likely to drive the segment over the forecast period
- Based on the End-User, the major share of the thermodilution catheters market is covered by hospitals due to the presence of a huge number of hospitalized patients with cardiac and respiratory conditions. Also, the rapid increase in the adoption of thermodilution catheters for monitoring of pulmonary arterial pressure is also expected to increase the demand for manufacturers and propel the global market.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall thermodilution catheters market throughout the forecast period. The dominance is due to a rise in global prevalence of cardiovascular indications like CAD, strokes and atrial fibrillation, higher adoption of technology and established healthcare infrastructures that monitor heart pressure to assess the treatment. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the U.S. suffered from cardiovascular diseases resulted in higher demand for these catheters, which drives the market in the region.
The thermodilution catheters market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share. For Instance, In November 2019, ICU Medical acquired Pursuit Vascular Inc, a medical device company that focuses on R&D and the manufacture of innovative catheters. Through this acquisition, ICU Medical added ClearGuard HD cap, which is used to maintain hemodialysis catheters to existing product portfolio expanding its market globally. Few of the major players currently dominating the industry in terms of revenue are Alpha Medical Instruments LLC, Edwards Lifesciences, Teleflex Incorporated, DeRoyal Industries, and ICU Medical Inc
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