Global cardiovascular catheters, systems market to reach $3.4B by 2010
Driven by increasing number of interventional procedures due to a continuous rise in the incidence of cardiovascular diseases, the global market for cardiovascular catheters and systems is projected to reach $3.4 billion by 2010, according to a new report from Global Industry Analysts (GIA).
Advancements in the field of robotics and imaging have contributed to augmenting the effectiveness of minimally invasive catheterization procedures, according to the report. Further, lack of significant pharmacological alternatives has fostered the demand for cardiovascular catheters around the world.
The U.S. represents the largest market for cardiovascular catheters in the world, accounting for 40 percent of the revenues in 2008, according to GIA. Asia Pacific is forecast to be the fastest growing market, with a compound annual growth rate of 8 percent during the period 2005-2010, the report noted.
In Europe, GIA said that therapeutic catheters represent the largest segment and are projected to reach $662 million by 2010. Within therapeutic catheters segment, the report said that EP ablation catheters market is projected to report the fastest growth at a compounded annual rate of 10.5 percent over the 2005-2010 period.
Radiofrequency (RF) catheter ablation has gained popularity as an effective procedure for management of atrial fibrillation (AF). With enormous complications associated with drug therapy, RF catheter ablation is set to become a major therapy for treatment of AF. Within diagnostic catheters category, GIA said that the angiography catheter market represents the larger segment, with sales estimated at $318 million for the year 2008.
The report also noted that global cardiovascular catheter market is highly concentrated with few players dominating the market: Boston Scientific, Abbott Laboratories, C.R. Bard, Medtronic, Cordis, St. Jude Medical, Terumo Medical and Teleflex Medical.
Advancements in the field of robotics and imaging have contributed to augmenting the effectiveness of minimally invasive catheterization procedures, according to the report. Further, lack of significant pharmacological alternatives has fostered the demand for cardiovascular catheters around the world.
The U.S. represents the largest market for cardiovascular catheters in the world, accounting for 40 percent of the revenues in 2008, according to GIA. Asia Pacific is forecast to be the fastest growing market, with a compound annual growth rate of 8 percent during the period 2005-2010, the report noted.
In Europe, GIA said that therapeutic catheters represent the largest segment and are projected to reach $662 million by 2010. Within therapeutic catheters segment, the report said that EP ablation catheters market is projected to report the fastest growth at a compounded annual rate of 10.5 percent over the 2005-2010 period.
Radiofrequency (RF) catheter ablation has gained popularity as an effective procedure for management of atrial fibrillation (AF). With enormous complications associated with drug therapy, RF catheter ablation is set to become a major therapy for treatment of AF. Within diagnostic catheters category, GIA said that the angiography catheter market represents the larger segment, with sales estimated at $318 million for the year 2008.
The report also noted that global cardiovascular catheter market is highly concentrated with few players dominating the market: Boston Scientific, Abbott Laboratories, C.R. Bard, Medtronic, Cordis, St. Jude Medical, Terumo Medical and Teleflex Medical.