According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capitaexpenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Increased Prevalence of Obesity - Obesity is a complicated illness caused by an excess of body fat. It's a medical condition that raises the risk of other diseases and health issues like heart disease, diabetes, and certain types of cancer.As per the data released by the World Health Organization (WHO), by 2022, more than one billion people worldwide have effected by obesity, including 650 million adults, 340 million adolescents, and 39 million children. This figure is still steadily increasing.
Growing Number of Strokes - A stroke occurs when a blood vessel in the brain ruptures and bleeds, or when the blood supply to the brain is cut off. Stroke is the most common reason for severe long-term impairment.For instance, every year, over 12.5 million new strokes occur, out of which, people aged between 15 to 49 account for more than 16% of all stroke cases.
Upsurge in Chronic Diseases - Globally, the prevalence of chronic diseases and ailments is soaring, which is effecting the life of several people. For instance, by 2020, the prevalence of chronic diseases was increased by 59%.
Increasing Chronic Kidney Disease (CKD) - Globally, kidney disease is one of the primary causes of death.As per the data released by the Center for Disease Control and Prevention (CDC), approximately 37 million US adults are expected to have chronic kidney disease by 2022, with the majority remaining undiagnosed.
Increasing Geriatric Population – Aged people are more prone to numerous serious medical conditions and require immediate treatment. According to the data by the United Nations, by 2050, 1 in every 6 people in the world is estimated to be over age of 65 (16%), which is up from one in 11 in 2019 (9%).
The global catheter-directed thrombolysismarket is segmented and analyzed for demand and supply by end-user intoambulatory surgical centers, hospitals, radiology clinics, and others. Out of these, hospitals segment is estimated to significantly grow over the forecast period owing to theincreasing number of patients of pulmonary embolism, and deep vein thrombosis, and increasing government investments in healthcare sector. Asper the data by the World Bank, the world-wide health expenditure in 2019 was grown to 9.83%.
Regionally, the global catheter-directed thrombolysis market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the availability of advanced healthcare facilities, increase in healthcare expenditure, and growing disposable incomein the region.According to the data released by the Centers for Medicare & Medicaid Services (CMS), in 2020, US national healthcare expenditure expanded 9.7% to USD 4.1 trillion, equivalent to USD 12,530 per person, representing for 19.7% of Gross Domestic Product.
The global catheter-directed thrombolysis market is further classified on the basis of region as follows:
Our in-depth analysis of the global catheter-directed thrombolysis market includes the following segments:
By Delivery Mode
Boston Scientific Corporation (BSC)acquired Obsidio, Inc., a privately-held company that has developed Gel Embolic Material (GEM) technology for embolizing blood vessels in the peripheral circulatory system.
iVascular S.L.U,launched its sergeant peripheral support catheter for patients with peripheral artery disease or challenging anatomy during diagnostic and interventional procedures. The device offers excellent torque capacity and pushability owing to its tapered shaft design.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Increased prevalence of obesity, growing number of strokes, upsurge in chronic diseases, and increasing chronic kidney disease are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
Ans: Shortage of advanced healthcare infrastructure in developing countries, risk coupled with the catheter-directed thrombolysis, and lack of knowledge about the procedureare estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Boston Scientific Corporation (BSC), Inari Medical, Inc.AngioDynamics, Inc.Ivascular, S.L.U, Teleflex Incorporated, Penumbra, Inc., Thrombolex, Inc., Medtronic, BrosMed Medical Co.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by delivery mode, indication, end-user, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.