Catheters Market Overview
The catheters market is expected to grow at the CAGR of 6.14% over the forecast period and the catheters market statistics on revenue reveal that the market is likely to reach USD 49.73 billion by 2023. People are more vulnerable to coronary diseases or other associated diseases due to a sedentary lifestyle. Growing the geriatric population, increasing the number of diabetic patients, increasing the preference for minimally invasive techniques, and shifting lifestyles are some of cathers market trends. The involvement of multi-national producers, the improvement of medical services and supportive insurance schemes are also main factors driving the development of the sector.
In addition, the increase in support for R&D by various government bodies and medical device manufacturers would fuel the growth of the catheter industry. Sales of intravenous surgical equipment and vascular access devices have thrived largely on prospects in the global catheter industry. Owing to the use of electrophysiology catheters in a wide variety of diagnostic and therapeutic uses, their uptake in the health care industry has been growing. Focusing on constant materials and technological advancement is expected to define the contours of competition in the neurovascular catheter market in the coming years during the forecast period. In order to meet end-user demand, the top contenders for the unveiling of innovative catheters are testing new elastomer materials that have several mechanical properties.
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The risk of infection due to catheter use may slow market growth.
Catheters Market Segmental Analysis
On the basis of types and end users, the global market for catheters has been segmented.
The market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters and others on the basis of their types.
The market is segmented into hospitals & clinics, outpatient surgical centres, and others on the basis of end users.
Given the global market scenario, because of the presence of a huge population suffering from diabetes, obesity, and cardiovascular diseases, America dominates the global market for catheters. North America has the highest market share in the market for American catheters.
Europe, which is preceded by Asia Pacific, is the second largest market for catheters. The growth of the European catheter market has been propelled by the existence of a well-developed healthcare industry, good government funding for research & development and high healthcare expenditure. In the catheter industry, the introduction of cutting edge intravenous surgical instruments and vascular access devices in healthcare systems has spurred sales.
Asia Pacific is also seeing fast growth in this sector, primarily due to the increasingly growing population of diabetics and obesity and increasing healthcare spending. In addition, the emergence of fast-growing economies such as India and China would fuel demand growth. In the regional market, the increase in medical tourism has encouraged opportunities. The need for minimally invasive medical technology has been increased by a growing elderly population in various countries. This has spurred the demand in the catheter industry for new innovations. In addition, rising government efforts to minimise hospital costs have also propelled the introduction of catheterization procedures for urinary and cardiac conditions. The demand is expected to improve the increased occurrence of cardiovascular therapies.
Owing to weak political conditions in Africa and the inadequate supply of funding and the availability of medical services, the Middle East & Africa hold the least market share. Due to the involvement of well-developed countries like Kuwait, Qatar, Oman and South Arabia, the Middle East retains the largest share of the Middle East & African industry. In comparison, due to the availability of tremendous prospects for business development, the African region expects healthy expansion.
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Catheters Market Competitive Landscape
Some of the major players in this market are Koninklijke Philips N.V, Abbott, Boston Scientific Corporation, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, Covidien AG (Ireland), LuMend Corporation (US), ACIST Medical Systems (US), and Cook Medical Inc. (US).
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