Dilation Catheter Market: Introduction
- Dilation catheter is a tube-shaped medical device, which is inserted into body cavities for diagnostic or therapeutic purposes. Dilation catheters are made of medical grade materials such as polyvinyl chloride (PVC), plastic, nylon, latex, and silicon rubber.
- Dilation catheters are used for widening or opening of narrowed or obstructed body lumens such as veins. They are also used as a tool to dilate lumens for easy access and further insertion of other therapeutic or diagnostic devices.
Key Drivers and Restraints of Global Dilation Catheter Market
- Several individuals are suffering from cardiovascular, neurological, and other disorders. This has resulted in increase in demand for dilation catheters.
- Geriatric population is expected to increase the patient pool worldwide and demand for minimally invasive procedures, which, in turn, is projected to drive the global dilation catheter market during the forecast period. Based on the United Nations Report in 2017, geriatric population aged 60 years and above, is expected to grow two-fold by 2050. The number is projected to reach 2.1 billion by 2050, an increase from 962 million in 2017. Furthermore, the geriatric patient pool in developing regions, such as Latin America, Asia, and Africa, is anticipated to rise rapidly. For instance, the number of geriatric people in developing regions is estimated to increase by 154% between 2017 and 2050, exceeding 1.6 billion by 2050.
- Government initiatives to promote better hospital facilities, increase in strategic collaborations, along with mergers and acquisitions, strong product pipeline, and rise in applications of dilation catheters are likely to drive the global dilation catheter market. In 2018, Surmodics Inc., a provider of medical device and in-vitro diagnostic technologies, received the U.S. Food and Drug Administration 510(k) clearance for its low-profile percutaneous transluminal angioplasty (PTA) balloon dilation catheter, designed and indicated for a broad range of peripheral vascular applications.
- Stringent regulatory requirements and product recalls are major factors restraining the global dilation catheter market. In April 2019, Edwards Lifesciences recalled miller and fogarty atrioseptostomy dilation catheters due to balloon deflation, fragmentation, and detachment issue. Medtronic voluntarily recalled certain balloon dilation catheters that have proven difficult to remove from patients’ bodies.
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Cardiovascular Indication Segment to Dominate Global Market
- Various types of dilation catheters available for different indications in the global market are cardiovascular, urology, intravenous, other, and neurovascular. Of these, the demand for cardiovascular is projected to remain the highest. High prevalence of cardiovascular diseases and rise in the number of surgeries pertaining to treating the same are driving the cardiovascular indication segment.
- The World Health Organization states that cardiovascular diseases are the main cause of deaths across the world. Statistics revealed by WHO states that 17.7 million deaths were recorded due to cardiovascular diseases in 2015. These alarming figures are projected to be the primary growth driver for use of dilation catheters in the cardiovascular segment. Furthermore, increase in demand for minimally invasive procedures has also supported market growth.
Hospitals End-user Segment to Witness Significant Growth
- On the basis of end-user, the global dilation catheters market can be segmented into ambulatory surgical centers, hospitals, clinics, and others. Of these, the hospitals segment dominates the global market, as dilation catheters are mainly used in hospitals.
- Hospitals segment will continue to dominate the global market during the forecast period due to the growing number of private and government-run hospitals
North America to Lead Global Dilation Catheter Market
- In terms of region, the global dilation catheters market can be segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
- North America is expected to lead the dilation catheters market. The North America dilation catheters market is driven by a well-established health care infrastructure in the region. This has led to a rise in the number of catheterization procedures, thereby boosting the regional market’s share.
- This market in Europe is projected to expand due to the growing patient pool of geriatric population, high incidences of lifestyle disorders, technological advancements and acceptance of the same are expected to keep these two regional markets motivated throughout the forecast period
- Asia Pacific dilation catheters market too is expected to witness rapid growth rate, owing to rise in medical tourism, increasing efforts by the governments of the developing countries to better the healthcare infrastructure, and technological advancements
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Key Manufacturers Operating in Global Dilation Catheter Market
The global market for dilation catheters is moderately fragmented with market players focusing on strategically important partnerships, collaborations, mergers, acquisitions, and product launched. Key manufacturers operating in the global market are:
- Boston Scientific Corporation
- Cook Medical
- Terumo Corporation
- Meril Life Sciences Pvt. Ltd.
- Becton Dickinson & Company
- Urotronic Inc.
- Teleflex Incorporated
- Edwards Life Sciences
Global Dilation Catheter Market Scope
Global Dilation Catheter Market, by Indication
Global Dilation Catheter Market, by End-user
- Ambulatory Surgical Centers
Global Dilation Catheter Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.