Market Trends of Global Cath Lab Services Industry
This section covers the major market trends shaping the Cath Lab Services Market according to our research experts:
Diagnostic Segment is Expected to Hold the Significant Market Share in the Market
The diagnostic segment is expected to dominate the target market growth during the forecast period. Cardiac catheterization is a common procedure that can help diagnose heart disease. In some cases, catheterization is also used to treat heart disease by opening blocked arteries with balloon angioplasty and stent placement.
Cardiac catheterization helps in the diagnosis of multiple heart diseases, atherosclerosis, cardiomyopathy, congenital heart disease, heart failure, and heart valve disease. With the growing burden of cardiovascular diseases all over the world, the diagnostic segment is expected to witness significant growth. As per a February 2022 published update by the Centers for Disease Control and Prevention (CDC), in 2020, the percentage of adults diagnosed with coronary heart disease was 4.6% in the United States. In addition, as of February 2021, approximately 1.5 million heart attacks and strokes occur every year in the United States. Moreover, as per the 2021 Pan American Health Organization (PAHO), cardiovascular diseases account for 40.8 million disability-adjusted life years (DALYs) in the Americas. In addition, according to the National Center for Chronic Disease Prevention and Health Promotion, Division for Heart Disease and Stroke Prevention data updated in July 2022, coronary heart disease is the most common type of heart disease. Moreover, every year, about 805,000 people in the United States have a heart attack. This alarming situation is leading to growing awareness regarding disease management and the importance of diagnostics among people.
Thus, owing to the abovementioned factors, it is expected to drive the diagnostic segment growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to account for the largest share of the global cath lab service market. The region's cath lab service market is expected to benefit from the well-established healthcare industry, the growing burden of cardiovascular diseases, rising healthcare expenditure, and increasing preference for robotic-assisted surgeries. For instance, according to the National Health Expenditure Accounts, data released in December 2021, the United States spent 4.1 trillion dollars on healthcare in 2020.
Moreover, due to the high prevalence of chronic diseases, this region has become the hub of the major players. According to the American Heart Association's Heart & Stroke Statistics 2020 Update, there are more than 356,000 out-of-hospital cardiac arrests (OHCA) in the United States each year, with over 90% of these being fatal. The annual incidence of non-traumatic OHCA is estimated to be 356,461, or about 1,000 people each day. This will lead to increased adoption of cath lab services in the region, thereby expected to drive the growth of this market.
In the United States, Good Samaritan Medical Center in Florida and PeaceHealth Sacred Heart Medical Center at River Bend, Alaska, are some of the players that provide diagnostic services. In addition to this, several market players are engaged in business expansion, thereby contributing to the region's growth. For instance, in May 2022, the Cardiac Catheterization Lab at Mary Lanning Healthcare was upgraded. The new Intrasight platform, which combines iFR (instantaneous wave-free ratio) and high-definition intravascular ultrasound (IVUS)digital, is the first upgrade (intravascular ultrasound). The new high-definition IVUS delivers a clearer picture and more information about the heart's arteries.
Hence, such factors will have a positive influence on the target market growth in the forecasted period.
