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The Wedge pressure catheter market studied was anticipated to grow with a CAGR of nearly 6.5% during the forecast period. The major factor attributing to the growth of the market is an increasing number of patients diagnosed with cardiovascular diseases and stroke. For instance, according to the American Heart Association 2019 report, Heart Diseases like Coronary Heart Disease, Hypertension, and Stroke are ranked as the highest cause of deaths in the US. Also, an increase in R&D activities to develop novel technologies to treat various Cardiac disorders and stroke management is expected to witness lucrative growth over the forecast period.
Key Market Trends
The Pulmonary Artery Segment by Application is Expected to Hold the Largest Market Share in the Wedge Pressure Catheter Market
- The pulmonary artery segment 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 due to high incidence rate of cardiovascular diseases and the availability of various types of products launched by the key players that are suitable for various disease conditions in the segment.
- By material, the Polyurethane wedge pressure catheters are expected to exhibit the fastest growth rate over the forecast period. The growth rate is expected to increase due to their wide range of applications, preference of the doctors to their flexibility, reduced the risk of patient latex allergy or hypersensitivity, and non-irritant nature. Additionally, Polyurethane catheters are highly used in monitoring PAP and PAOP increasing their demand which fuels the market growth.
- By End-User, the major share of the wedge pressure catheters market is covered by Hospitals due to a large number of hospitalized patients with cardiac and respiratory conditions. The rapid increase in adoption of wedge pressure catheters for monitoring of arterial pressure is also expected to increase the demand for manufacturers and fuel 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 wedge pressure catheters market, throughout the forecast period. The dominance is due to a higher rate of cardiac diseases and disorders, higher adoption of technology and established healthcare infrastructures which monitor heart pressure to plan 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. According to Heart Disease and Stroke Statistics-2019 report, Heart attacks were recorded as the most expensive conditions in US hospitals with an expenditure of USD 12.1 billion in 2013.
Followed by North America, Europe accounts for the second-highest market revenue due to factors such huge patient pool in the region which generates high demand for treatment, necessitates the requirement of wedge pressure catheters and availability of skilled medical professionals in the region. Also, the government support and initiatives in the medical field like H2020 in the region is expected to increase the potential for new entrants.
Asia Pacific region is set to grow at the fastest rate during the forecast period, driven by enhanced awareness about the application of in countries such as China, India, and Japan. China plays a pivotal role due to its high population and high extent of government support to the healthcare sector.
However, nations like the Middle East and Africa are expected to experience the least growth in the wedge pressure catheters market throughout the forecast period owing to the lack of advanced healthcare infrastructure and skilled professionals in the region.
The wedge pressure 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. The acquisition added Pursuit Vascular’s primary product, ClearGuard HD cap, that is used to maintain hemodialysis catheters to ICU Medical’s existing product portfolio expanding its market globally. Teleflex introduced an optional polyurethane version of wedge catheters that reduces risks associated with PVC materials and thus increased preference by the clinicians and patients contributing to its significant market share in the industry. Few of the major players currently dominating the industry in terms of revenue are Alpha Medical Instruments LLC, Advanced Lifesciences Pvt Ltd, Advanced Lifesciences Pvt Ltd, DeRoyal Industries, and ICU Medical Inc.
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