Market Trends of Global Wedge Pressure Catheter Industry
This section covers the major market trends shaping the Wedge Pressure Catheter Market according to our research experts:
Pulmonary Artery Segment by Application is Expected to Hold the Largest Market Share
The pulmonary artery segment accounted for the largest revenue share in recent years and is expected to do so over the forecast period. This dominance is owing to the increased demand due to the high incidence rate of cardiovascular diseases and the availability of various types of products launched by the key players that are suitable for various disease conditions. Furthermore, the rapid increase in the adoption of wedge pressure catheters for monitoring arterial pressure is also expected to increase the demand for manufacturers, which will drive the global market.
As per an article published in January 2022 by Pulmonary Circulation, pulmonary arterial hypertension (PAH) is characterized by increased resistance in the pulmonary arterioles because of remodeled blood vessels. The prevalence ranged from 0.4 to 1.4 per 100,000 people. Moreover, according to WHO key facts published in August 2021, an estimated 1.28 billion adults worldwide aged 30-79 years have hypertension, with most (two-thirds) living in low- and middle-income countries. One of the global targets for non-communicable diseases is to reduce the prevalence of hypertension by 33% between 2010 and 2030. The increasing prevalence of pulmonary arterial hypertension and the growing geriatric population are the main factors that are boosting the growth of the pulmonary artery segment's market.
According to the WHO, by 2050, the world's population over 60 will nearly double to 22% from the previous year. The symptoms of pulmonary arterial hypertension include shortness of breath (dyspnea), especially during exercise, chest pain, and fainting. The increase in the number of geriatrics leads to consequences that, in several cases, include complications related to pulmonary arterial hypertension. All these factors boost the growth of the segment.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall wedge pressure catheters market throughout the forecast period. The primary driving factors for the growth of the North American wedge pressure catheter market are the growing burden of cardiovascular diseases, the rising adoption of technologies, increasing product approvals, increasing investments, and initiatives taken by the government.
According to a report by the United States CDC (statistics updated in 2021), every 40 seconds, an American may have a heart attack. Thus, there is a high burden of people suffering from cardiovascular diseases, which are expected to increase the demand for wedge pressure catheters. This is expected to drive the market in the region.
Moreover, increased awareness, a high diagnosis rate, and supportive government initiatives are further expected to boost the growth of the market over the forecast period. According to Centers for Disease Control and Prevention data published in August 2022, Million Hearts is a national initiative to prevent 1 million heart attacks and strokes within 5 years. It focuses on implementing a small set of evidence-based priorities and targets that can improve cardiovascular health for all. Another instance is the WHO global HEARTS Initiative, which supports countries strengthening actions to prevent CVD, such as enhanced tobacco control, dietary salt reduction, increasing physical activity, the elimination of industrially produced dietary trans-fats, and the management of CVD risks.
Therefore, the above-mentioned factors are expected to drive market growth in the region during the forecast period.
