Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global catheters market is expected to grow from USD 24.39 Billion in 2022 to USD 53.30 Billion by 2032, at a CAGR of 8.13% during the forecast period 2023-2032.
It has been observed that there is a growing demand for sterile and disposable catheters, and minimally invasive surgical procedures are majorly preferred; furthermore, there is funding from several government organizations and medical device manufacturers. Also, there is advancement in technology in catheterization techniques, and there is a substantial increase in incontinence problems among the geriatric population. All these factors are propelling the growth of the catheter market.
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Competitive Strategy
To enhance their market position in the global catheters market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In August 2023: Boston Scientific Corporation received the FDA clearance for the POLARx Cryoablation System. This system is designed to treat patients having paroxysmal atrial fibrillation (AF). This system has POLARx FIT Cryoablation Balloon Catheter, an instrument with the impressive capability of facilitating two balloon measures, 28mm and 33mm, in a single catheter, which is helpful in the minimally invasive cryoablation procedure. It will eventually help the organization gain market share in the catheter market.
Market Growth & Trends
The catheter is a thin tube inserted into the patient's body for therapeutic and diagnostic purposes. It uses medical-grade materials like nylon, plastic, silicone rubbers, polyvinyl chloride (PVC), latex and plastic. It is broadly used in catheterization during surgical procedures like neurosurgery and angioplasty. This market is growing significantly due to a surge in the population which suffers from cardiovascular disorders and diabetes. Presently, there are many countries which have shown an increase in the number of patients suffering from hypertension and diabetes due to a sedentary lifestyle along with a growing drinking and smoking population. Moreover, favourable reimbursement policies are growing the demand for minimally invasive surgeries, and the catheter is also advancing technologically with high effectiveness. All these factors are eventually driving the catheter market. Catheters are used in many surgeries like angioplasty, pushing the market to grow. There is also the reimbursement policy by the Medicaid program, which offers around 100 catheters every 100 months due to the growing prevalence of cardiovascular disease and the growing demand for minimally invasive surgeries. The senior population is expanding globally. Based on one of the studies, in 2022, there were around 771 million people aged more than 65 globally, which accounts for almost 10% of the global population. This segment is growing quickly, and it is anticipated to reach 16% in 2050 and will become 24% by 2100. All these factors eventually propel the Catheters market in the forecasting period.
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Key Findings
• In 2022, the cardiovascular catheters segment dominated the market with the largest market share of 35.14% and market revenue of USD 8.57 Billion.
The product type segment is divided into cardiovascular catheters, neurovascular catheters, urological catheters, intravenous catheters and specialty catheters. In 2022, the cardiovascular catheters segment dominated the market with the largest market share of 35.14% and market revenue of USD 8.57 Billion. It is broadly driven by the surge in the cases of cardiovascular diseases, which supports cardiovascular interventional procedures. Also, the surge in deaths from cardiovascular-related disease has increased by 60% globally in the last 30 years.
• In 2022, the hospitals segment dominated the market with the largest market share of 66.83% and market revenue of USD 16.30 Billion.
The end user segment is divided into hospitals, ambulatory surgery centers, dialysis centers and others. In 2022, the hospitals segment dominated the market with the largest market share of 66.83% and market revenue of USD 16.30 Billion. This lion's share is attributed to the growing use of catheters in hospitals, and people generally prefer to be hospitalized for any complex interventional surgeries.
Regional Segment Analysis of the Catheters Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global catheters industry, with a market share of 34.44% and a market value of around USD 8.40 Billion in 2022. It is attributed to the surge in product launches and the increase in regulatory approvals in the US, positively impacting the region's market growth. Also, there is the presence of the most refined health infrastructure, and the volume of catheterization for medical procedures is also high. All these factors are also boosting the market in the region. Moreover, the healthcare expenditure of an individual in the region has also increased, and patients have a high level of awareness about the use of catheters. Asia Pacific region is showing the highest growth rate due to the surge in the penetration rate of catheters in the emerging economies.
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Key players operating in the global catheters market are:
• Boston Scientific Corporation
• Abbott Laboratories
• Becton Dickinson And Company
• Johnson & Johnson
• Stryker Corporation.
• B. Braun Melsungen AG
• Teleflex Incorporated
• Edwards Lifesciences Corporation
• Cook Medical
• Medtronic, Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global catheters market based on below mentioned segments:
Global Catheters Market by Product Type:
• Cardiovascular Catheters
• Neurovascular Catheters
• Urological Catheters
• Intravenous Catheters
• Specialty Catheters
Global Catheters Market by End User:
• Hospitals
• Ambulatory Surgery Centers
• Dialysis Centers
• Others
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About the report:
The global catheters market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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