Deflectable Catheters Market Industry Share & Growth Factors, Top Leaders, Development Strategy 2029
The deflectable catheters market is expected to register a CAGR of 4% over the forecast period 2019-2029. The global deflectable catheters market will likely witness manufacturers focusing on developing cost-effective products, especially for untapped markets. An analysis of the prevailing dynamic is discussed at length in a study on the global deflectable catheters market. Deflectable catheters are used for minimally invasive procedures such as coronary interventions and electrophysiology applications. Due to the upgradation of technology, the core tip can deflect at a certain angle. According to the latest research by FMI, the global deflectable catheters market is expected to account for more than US$ 2,400.0 Mn in terms of value by the end of 2029. The deflectable catheters market report also projects a significant growth potential in the market with a CAGR of ~ 4% during the forecast period.
Companies Eyeing Untapped Opportunities in Cost-sensitive Regional Markets
The current adoption pattern among healthcare professionals favour the use of reposable medical devices, a trend that is most certainly observed in developing countries, to complement the cost factor and availability. In contrast, most of the deflectable catheters used are one-time use products. Factors like blood, debris prevent using reposable deflectable catheters in operations as critical as electrophysiology.
The usage of reposable deflectable catheters is significantly higher in developing economies with inadequate resources, where the cost of treatment can be significantly high, which is unfavourable for patients from poor backgrounds. The present cost structure with the use of reposable deflectable catheters makes it feasible for a sizeable population to opt for low-cost treatment options, which help boost the adoption rate, and thereby expand the consumer pool.
At present, there are only a few companies offering reposable deflectable catheters, and none of the major players are into developing reposable devices. As per the report, a comparatively smaller company, CathRx, has a similar reposable product, Khelix, which is considered to be the first ‘reposable’ diagnostic and therapeutic catheter for the treatment of cardiac arrhythmias.
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Acquisitions & Collaborations Playing Decisive Role in Shaping Deflectable Catheters Market Structure
The affective adjustments and development observed in the parent market influences the deflectable catheters market. The recent trend of involving digital methods for diagnosing cardiac problems is also changing the treatment pattern. All these trends are more governed by the top market leaders in the cardiology market. With abundant resources and investment plans, they manipulate the industry in a way in which no other smaller or regional manufacturer is capable of keeping pace with them.
The trend of acquisition and forming a strategic partnership is positive delivering financial results. For example, Abbott’s acquisition of St. Jude Medical resulted in the consolidation of the 2nd and 4th largest cardiology market players. Moreover, the acquisition of specific treatment technologies has also been observed in the deflectable catheter market, and there has been an increase in the number of players expanding their product portfolio for the treatment of atrial fibrillation/atrial flutter.
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Deflectable Catheters Market: Segmental Analysis
On the basis of product type, the deflectable catheters market has been segmented into uni-directional deflectable catheters, bi-directional deflectable catheters, and multi-directional deflectable catheters. Bi-directional deflectable catheters lead the market due to their high adoption rate and availability.
Based on application, the deflectable catheters market has been segmented into coronary interventions, electrophysiology, diagnostics imaging, and peripheral interventions. In terms of revenue, the electrophysiology segment is expected to have a major share in the deflectable catheters market due to an increase in the number of procedures being carried out by deflectable catheters.
On the basis of end user, the deflectable catheters market has been categorised into hospitals, office-based clinics, ambulatory surgical centres, and independent catheterisation labs. Independent catheterisation labs are expected to witness significant growth, which is driven by an increase in the number of the same.
Some of the key players in the deflectable catheters market include Medtronic Plc, Merit Medical Systems, JOHNSON & JOHNSON, Teleflex Incorporated, Boston Scientific Corporation, Biomerics LLC, OSYPKA AG, Abbott, Japan Lifeline Co., CathRx Ltd., and Biotronik SE & Co. KG.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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