Portland, OR, July 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cath lab services Market by Service Type (Diagnostic and Therapeutic), by Application (Cardiac and Brain & Spine), by Service Provider (Hospital and Individual Cath Labs): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global cath lab services market was valued at $46.0 billion in 2022, and is projected to reach $78.2 billion by 2032, registering a CAGR of 5.4% from 2022 to 2032.
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Prime determinants of growth
Rapidly rising prevalence of cardiac diseases such as coronary artery disease, angina, valvular disease, cardiomyopathy, endocarditis, congenital heart defects, and occlusive vascular disease and increasing demand for cath lab procedures such as angioplasty, angiography, stent placement and others are anticipated to boost the growth of market. However, high cost associated to cath lab services is anticipated to boost the growth of market. On the contrary, high presence of cath lab service providers and rise in initiative taken by government to develop healthcare infrastructure is expected to witness growth during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $46.0 billion |
| Market Size in 2032 | $78.2 billion |
| CAGR | 5.4% |
| No. of Pages in Report | 351 |
| Segments covered | Service type, application, service provider and Region. |
| Drivers | Rise in prevalence of cardiovascular disease Rise in demand for angiography and angioplasty Rise in number of healthcare service provider |
| Opportunities | Rise in awareness about cath lab services in developing countries |
| Restraints | High cost of cath lab services |
Covid-19 Scenario
- The global cath lab services market was negatively impacted during the pandemic. The pandemic has led to a decreased in number of cath lab services as there is cancelation of surgeries and increased risk for COVID-19 infection.
- The post-pandemic COVID-19 had a positive impact on the cath lab services market owing to rise in the number of cardiovascular surgeries and increase in the number of procedures which were cancelled during the pandemic.
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The therapeutic segment to maintain its leadership status throughout the forecast period.
Based on service type, the therapeutic segment held the highest market share in 2022, accounting for around three-fourths of the global cath lab services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in incidence of cardiac disease and rise in prevalence of brain & spine diseases. However, the diagnostic segment is projected to manifest significant growth with a CAGR of 5.9% from 2023 to 2032, owing to the surge in the number of diagnostic procedures such as angiography and rise in awareness among population regarding cath lab services.
The cardiac segment to maintain its leadership status throughout the forecast period.
Based on application, the cardiac segment held the highest market share in 2022, accounting for more than four-fifths of the global cath lab services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in awareness regarding cardiovascular diseases and rise in prevalence of cardiac diseases due to change in lifestyle. However, the brain & spine segment is projected to manifest a significant CAGR of 5.7% from 2023 to 2032, owing to rising prevalence of brain tumor and spine tumor and increase in prevalence of brain aneurysm.
The hospitals segment to maintain its leadership status throughout the forecast period.
Based on service provider, the hospital segment held the highest market share in 2022, accounting for more than two-thirds of the global cath lab services market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to initiative take by service providers to develop healthcare infrastructure and rise in awareness among the people in cath services. Also, the same segment would portray the fastest CAGR of 5.6% from 2023 to 2032.
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North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global cath lab services market revenue. This is attributed to high presence of cath lab service providers in North America and rising prevalence of cardiovascular disease. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.2% from 2023 to 2032, owing to rising number of geriatric populations, as geriatric population is more susceptible to cardiovascular diseases and increase in awareness among the people regarding cath lab services. These factors are expected to boost the growth of the market.
Leading Market Players: -
- Ochsner Rush Health
- Alberta Health Services
- Adventist Health Bakersfield
- Alliance Medical Associates
- Campbell Country Health
- Inhealthgroup
- Netcare Hospitals
- Ramsayhealth
- Canyon Vista Medical Center
- Henryford Health
The report provides a detailed analysis of these key players of the global cath lab market. These players have adopted different strategies such as agreement, partnership, acquisition, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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