Cath Lab Services Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global cath lab services market from 2017-2021. (Photo: Business Wire)

LONDON--()--Technavio analysts forecast the global cath lab services market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global cath lab services market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The introduction of hybrid operating rooms and hybrid cath labs in the developed countries has triggered the market growth. The adoption rate of hybrid cath labs is high in developed countries. The socioeconomic factors and healthcare spending by the government favor the set-up of hybrid cath labs in developed countries. However, the adoption rate remains low in developing countries due to the budgetary constraints, lack of reimbursement, and poor hospital infrastructure.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global cath lab services market:

  • Rising incidence of cardiac diseases and growth of insurance providers
  • Market inclination toward robotic-assisted surgeries
  • Hospital consolidation and increase in number of cardiologists

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Rising incidence of cardiac diseases and growth of insurance providers

In the Americas, the US occupies the major market share due to the increasing incidence of CVDs. According to the CDC (2017), about 28.4 million people were diagnosed with heart diseases. About 18.6 million people visit physician offices. About 614,348 deaths were reported in the country due to cardiac diseases by CDC. According to the CDC (2015), about 610,000 deaths were caused because of CVDs in the US.

Srinivas Sashidhar, a lead cardiovascular devices research analyst at Technavio, says, “To track the increasing number of heart diseases, the US government initiated the Million Hearts plan. The plan focuses on preventing one million heart attacks by 2017. To provide better treatment, the government offers reimbursement plans, which cover the treatment cost. This will encourage people to opt for early treatment plans such as angiography and cardiac ablation procedures.”

Market inclination toward robotic-assisted surgeries

Medical facilities worldwide are shifting toward minimally invasive procedures, which involve the use of radiotherapy and imaging technologies and expand the treatment options for cardiac diseases such as atrial fibrillation. The anatomy of the heart can be studied through imaging, which helps the physician diagnose and conduct cardiac ablation procedure.

“For cardiac ablation procedures, the ablation catheter is positioned with the robotic system. A study conducted by the Department of Cardiology, Charité — Universitätsmedizin Berlin, Germany and Department of Cardiology, University Hospital Zurich, Switzerland in 2015 found that remote control systems control the remote catheter system in robotic platform. The remote controller helps to deflect the catheter while conducting the cardiac ablation,” adds Srinivas.

Hospital consolidation and increase in number of cardiologists

The growing acquisition of small hospitals has helped increase wound care, which has indirectly impacted the growth of the cardiovascular catheter market positively. Tier-1 hospitals acquire small specialized hospitals, which helps them train the healthcare staff, including the physicians and nurses. As small hospitals get acquired by larger ones, the patient need is met by providing a range of, cardiac ablation catheters, electrophysiology catheters, and angiography catheters.

The presence of skilled professionals in these hospitals will encourage more people to opt for these hospitals. The skills and techniques used by professional healthcare providers have improved with the increase in M&A of small hospitals, thereby fueling the market growth. Also, the cath lab services market has helped in creating employment in emerging economies such as Saudi Arabia, South Africa, and India.

Top vendors:

  • Alliance HealthCare Services
  • Alliance Medical

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio analysts forecast the global cath lab services market to grow at a CAGR of almost 6% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com