Cath Lab Services Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cath Lab Services Market Analysis
The cath lab services market is expected to register a 5.8% CAGR during the forecast period (2022-2027).
Several countries were placed on lockdown in the early days of the pandemic. In the first half of 2020, the government banned trade with other countries and imposed travel restrictions, resulting in a decrease in healthcare services such as diagnoses, treatments, and surgical procedures. According to the findings of a nationwide survey by the Society for Cardiovascular Angiography and Interventions (SCAI) and the American College of Cardiology (ACC) Interventional Council conducted in September 2020, catheterization laboratories showed an "unprecedented" decline in cardiovascular interventions during the COVID-19 pandemic, and those delayed procedures tracked with regional COVID-19 burden. Moreover, the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI) began helping cath labs prepare for the onslaught of the pandemic in March 2020 with a joint statement that provided advice on a variety of issues, including patient selection, resource allocation, and protection of healthcare workers. Therefore, such initiatives are creating lucrative opportunities for the cath lab services market. In turn, it is expected to be continued in the given time frame.
Hospitals halted performing elective treatments during the peak of the pandemic in the spring, including numerous non-urgent cath lab procedures like PCI and transcatheter aortic valve replacement. Hospitals have not stopped performing such treatments during the pandemic's peak but are seeking to strike a balance between COVID-related safety concerns and the need to undertake some CV procedures. With the increasing spread of COVID-19 and the prevailing burden of cardiovascular diseases, people have become more aware of their health and have started taking regular health check-ups, which is expected to foster the growth of the market.
Certain factors that are driving the market growth include the increasing prevalence of cardiovascular disorders and technological advancements. An increasing patient pool of cardiovascular diseases (CVDs) is one of the prime factors augmenting the growth of the cath lab services market. Sedentary lifestyles, junk food consumption, and mental stress are other key factors associated with the development of CVDs. According to the World Health Organization (WHO) data updated in June 2021, nearly 33.5 million people globally are suffering from atrial fibrillation (AFib), which is the most common type of serious arrhythmia. Moreover, the British Heart Foundation's Report titled 'UK Factsheet' published in July 2021, reports that 7.6 million people in the United Kingdom live with heart and circulatory diseases. Further, according to the 2022 American Heart Association (AHA) report, approximately, 244.1 million people were living with ischemic heart disease (IHD) around the world, and North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of IHD in the world in 2020. With the rise in the aging population across the world, the number of patients suffering from heart rhythm disorders is likely to witness an increase, and this is a cause for concern. This will lead to increased adoption of cath lab services, thereby expected to drive the growth of the studied market.
However, the major restraining factor for the market is the lack of proper reimbursement systems globally, which poses significant challenges to the growth of the cath lab services market.
Cath Lab Services Market Trends
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.
Cath Lab Services Industry Overview
Key Players operating in the market include Alberta Health Services, Alliance Healthcare Services, Alliance Medical, Campbell Country Health, Inhealth Group, Netcare Hospital, Ramsay Healthcare, PeaceHealth, Peterborough Regional Health Center, and Canyon Vista Medical Center, among others.
Cath Lab Services Market Leaders
Alberta Health Services
Alliance HealthCare Services
Alliance Medical
Campbell County Healt
Netcare Hospita
*Disclaimer: Major Players sorted in no particular order
Cath Lab Services Market News
- In May 2022, Ruhunu Hospital (Pvt.) Ltd launched the first private sector Cath Lab in the South. The hospital has invested INR 250 million in a Philips Cath Lab machine.
- In March 2022, Kumaran Hospitals and Rela Institute launched an artificial intelligence-based Cath lab. The Innova IGS 5 with auto right with advanced visualization and multipurpose applications will provide fine image details simultaneously on cross-sections and volume-rendered to help you visualize vessels, small devices, and soft tissues.
Cath Lab Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Incidence of Cardiac Diseases
4.2.2 Increasing Preference for Robot-Assisted Surgeries
4.3 Market Restraints
4.3.1 High Operating and Maintenance Cost
4.3.2 Reimbursement Issue
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Type of Service
5.1.1 Therapeutics
5.1.2 Diagnostics
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alberta Health Services
6.1.2 Alliance Healthcare Services
6.1.3 Alliance Medical
6.1.4 Campbell Country Health
6.1.5 Inhealth Group
6.1.6 Netcare Hospital
6.1.7 Ramsay Healthcare
6.1.8 PeaceHealth
6.1.9 Peterborough Regional Health Center
6.1.10 Canyon Vista Medical Center
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cath Lab Services Industry Segmentation
As per the scope of the report, a catheterization lab, commonly known as a cath lab, is an examination room in a hospital, clinic, or diagnostic center where several types of tests and procedures like ablation, angiogram, angioplasty, implantation of pacemakers, etc. are performed. The Cath Lab Services Market is segmented by Type of Service (Therapeutics and Diagnostics) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market size and forecasts in value (USD million) for the above segments.
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Cath Lab Services Market Research FAQs
What is the current Global Cath Lab Services Market size?
The Global Cath Lab Services Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Global Cath Lab Services Market?
Alberta Health Services, Alliance HealthCare Services, Alliance Medical, Campbell County Healt and Netcare Hospita are the major companies operating in the Global Cath Lab Services Market.
Which is the fastest growing region in Global Cath Lab Services Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Cath Lab Services Market?
In 2024, the North America accounts for the largest market share in Global Cath Lab Services Market.
What years does this Global Cath Lab Services Market cover?
The report covers the Global Cath Lab Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Cath Lab Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cathlab Sales and Service Industry Report
Statistics for the 2024 Cathlab Sales and Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cathlab Sales and Service analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
