Ultrasound Catheters: Introduction
- Ultrasound catheter is a catheter-based imaging technique to provide information of the coronary arteries about the amount and type of plaque buildup. It is useful in determining the risk of heart attack. Ultrasound does not use ionizing radiation, has no known harmful effects, and can provide clear pictures of soft tissues that are not visible on x-ray images. These disposable catheter costs around US$ 600 – US$ 1,000.
- Rise in demand for effective diagnostic cardiovascular imaging techniques due to increase in the incidence of chronic diseases, such as heart stroke, coronary artery disease, and myocardial infarction, is one of the high impact factors resulting in greater adoption of intravascular ultrasound (IVUS) devices
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Key Drivers and Restraints of Global Ultrasound Catheters Market
- Significant increase in the prevalence of chronic diseases, such as cardiovascular diseases, boost the market. Coronary heart disease is one of the major causes of deaths in the U.S. Coronary artery disease also weakens the heart muscles leading to heart failure and arrhythmias. According to the American Heart Association, nearly 836,546 deaths were reported in the U.S. in 2018, which is about 1 in every 3 deaths due to cardiovascular diseases. As per the American Heart Association report, in 2018, among all deaths caused by cardiovascular diseases in the U.S., coronary heart disease accounted for 43.8%.
- Increase in geriatric population is another reason for the rise in demand for ultrasound catheters products. Majority of cardiovascular disease cases and deaths occur in people aged 65 years and above. Based on data by World health Organization, between 2015 and 2050, the proportion of the world's population over the age of 60 years will nearly double from 12% to 22%.
- Product recalls of catheters may hamper market growth. In 2019, Visions PV .035 Digital IVUS Catheter manufactured by Volcano Corporation was recalled due to the potential inability to pass the guidewire through the y-port of the catheters
Ultrasound Catheters for Use in Peripheral to Witness High Demand
- Based on application, the global ultrasound catheters market can be segmented into peripheral and coronary
- Peripheral segment held a major share of the market in 2018. This segment is likely to grow at a high rate during the forecast period. Rise in cases of peripheral arterial disease (PAD) is expected to fuel market growth. As per an article published in the National Center for Biotechnology Information in 2018, more than 200 million people are suffering from PAD worldwide and the presence of PAD is associated with a 2-fold increase in the prevalence of heart failure.
Hospital Segment to Grow at a Rapid Rate
- Based on end-user, the global ultrasound catheters market can be categorized into hospitals, ambulatory surgical centers, and specialty clinics
- Hospitals end-user segment dominates the global ultrasound catheters market, as a large number of procedures are performed due to the availability of technologically advanced products and reimbursement policies
- Ambulatory surgical centers segment is expected to gain market share during the forecast period. This segment is estimated to grow at a high CAGR. According to an article published in Industry Dive in 2019, CMS is proposing to add 12 cardiac catheterization procedures to its coverage list for ambulatory surgical centers (ASC). CMS also estimated that nearly 5% of cardiac catheterization procedures shifted from hospital outpatient settings to ASC as a result of the proposed policy.
North America to Dominate Global Market for Ultrasound Catheters Market
- In terms of region, the global ultrasound catheters market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In 2018, North America dominated the global market and is anticipated to maintain this trend during the forecast period. This can be attributed to the rise in prevalence of cardiovascular diseases, favorable reimbursement policies, and rapid adoption of innovative technologies. In 2019, Philips has launched a new IntraSight interventional applications platform, which offers a comprehensive platform of clinically proven instant wave-free ratio (iFR), fractional flow reserve (FFR), intravascular ultrasound (IVUS), and co-registration modalities to simplify complex interventions and speed routine procedures.
- This market in Asia Pacific region is expected to grow at a rapid CAGR during the forecast period due to continuous development of health care and pharmaceutical industries in the region. In 2019, Infraredx, a Nipro Company, received 510(k) clearance from the U.S. FDA for Makoto intravascular imaging system. Its intravascular ultrasound (IVUS) and near-infrared spectroscopy (NIRS) technology is used to identify coronary plaques for major adverse cardiac events (MACE). Rise in incidence of cardiovascular diseases is also driving market growth in the region. According to the World Health Organization (WHO), in 2017, 75% of CVD deaths occurred in low-income and middle-income economies.
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Key Manufacturers Operating in Global Market
The global ultrasound catheters market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Boston Scientific Corporation
- Cardinal Health
- Smiths Medical
- Terumo Corporation
- Koninklijke Philips N.V.
- Biosense Webster, Inc
- Infraredx, Inc.
- Volcano Corporation
Global Ultrasound Catheters Market: Research Scope
Global Ultrasound Catheters Market, by Application
Global Ultrasound Catheters Market, by End-user
- Ambulatory Surgical Centers
- Specialty Clinics
Global Ultrasound Catheters Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- 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.
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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.