Catheter Market Size Worth USD 53.97 Billion in 2032 | Emergen Research

Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global catheter market is poised for substantial growth, reaching a size of USD 24.33 billion in 2022 and projecting an 8.4% rapid revenue CAGR during the forecast period. This surge is attributed to the increasing demand for minimally invasive procedures, a rise in cardiovascular and urological cases globally, and advancements in catheter technology. The prevalence of chronic diseases, including cardiovascular disorders and neurological conditions, has led to a heightened need for catheters for drug delivery, fluid drainage, and medical testing.

One significant contributor to market expansion is the increasing number of chronic disease cases worldwide, with cardiovascular diseases taking center stage. Government and non-government bodies globally are emphasizing the prevalence of cardiovascular diseases and advocating for healthy lifestyles to curb future cardiovascular issues. According to the Heart Failure Society of America, nearly 6.5 million Americans aged over 20 are believed to suffer from heart failure, with 960,000 new cases reported annually.

The landscape of the healthcare sector is evolving with medical technology playing a pivotal role. Catheter manufacturing has witnessed significant advancements, incorporating sensors and the use of biocompatible metal alloys like Nitinol. Sensor-based catheters aid in navigation through blood vessels, detect body temperature, pressure, obstructions, and generate real-time 3D images. Major companies are investing in research and development, evident in Biosense Webster Inc.'s launch of a high-density diagnostic catheter with TRUEref Technology.

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A noteworthy trend in the market is the integration of embedded electronics in catheters. This innovation replaces bulky remote-control panels, simplifying catheter operation, making it more energy-efficient, and enhancing portability. Embedded electronics act as the eyes and ears of surgeons, revolutionizing minimally invasive surgery. Despite these advancements, challenges persist, including a lack of awareness about advanced catheter usage in the healthcare sector, insufficient training centers for professionals, and a shortage of skilled personnel. The market faced ups and downs in 2022, marked by recall announcements and safety issues alongside improvements in digital monitoring and pediatric devices, exemplified by the recall of Abbott's Dragonfly OpStar imaging catheter by the FDA.

In 2022, the cardiovascular catheters segment dominated the global catheter market, accounting for the largest revenue share. The focus on improving basic cardiovascular catheters has increased their utilization in ambulatory and crisis care settings. The segment's growth is further fueled by the rising geriatric population and the increasing prevalence of cardiovascular diseases worldwide. The urology catheters segment is expected to register a moderately fast revenue growth rate during the forecast period, attributed to their effective nature in various urological chronic conditions and support from government and non-government bodies for R&D.

Hospitals and clinics are anticipated to secure the largest revenue share in the global catheter market in 2022. Their extensive frameworks, specialized expertise, and ability to provide a complete range of services for different patient populations contribute to this dominance. The segment's growth is also driven by the rising demand for high-quality advanced catheters.

North America claimed the largest revenue share in 2022, driven by increasing innovation, medical care, and a high prevalence of chronic diseases. Europe secured the second-largest share due to a well-established pharmaceutical industry and an aging population. The Asia Pacific is poised to register the fastest revenue growth, fueled by increasing medical services spending and a rise in cardiovascular and urological cases. As the global catheter market continues to evolve, major companies are actively contributing to its growth by launching innovative products and upgrading existing portfolios. Collaboration and partnerships, such as the one between CEMMA and LipoCoat for coated Central Venous Catheters, underscore the industry's commitment to sustainable infection control.

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Scope of Research

Major Companies and Competitive Landscape

The global catheter market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective catheter solutions in the market.

Some major players included in the global catheter market report are:

• Hollister Incorporated
• Boston Scientific Corporation
• Edward Lifesciences Corporation
• Smith Medical Inc.
• Teleflex Incorporated
• ConvaTec Group Plc
• Cure Medical LLC
• B. Braun Melsungen AG
• Coloplast
• Medtronic PLC
• Abbott
• Becton Dickinson and Company
• Bard
• Cook Group
• Vitality Medica
• Apexmed International
• BioDerm
• Dileh Medical Supplies
• Poiesis Medical
• Sterimed
• Shockwave Medical, Inc.

Strategic Development

• On 14 March 2023, Shockwave Medical, Inc., a trailblazer in the advancement of Intravascular Lithotripsy (IVL) for the treatment of highly calcified cardiovascular disease, revealed the complete commercial availability of the Shockwave L6 Peripheral IVL Catheter in the U.S. This comes after the clearance granted by the U.S. Food and Drug Administration (FDA). The Shockwave L6 catheter is specifically designed to address calcification in challenging lesions within large peripheral vessels, including the iliac and common femoral arteries.
• On 18 February 2022, Medtronic plc, a prominent global healthcare technology company, announced that the Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters have received approval from the U.S. Food and Drug Administration (FDA). These catheters are the first and only ablation catheters specifically developed to tackle the increasing incidence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT). AVNRT, the most prevalent form of Supraventricular Tachycardia (SVT), poses a life-threatening abnormal heart rhythm, with an annual occurrence of 89,000 cases and a rising trend. Approximately 35% of AVNRT cases affect pediatric patients, defined as individuals under the age of 18.

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For the purpose of this report, Emergen Research has segmented the global catheter market on the basis of product type, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)

• Cardiovascular Catheters
  • • Electrophysiology Catheters
    • Angiography Catheters
    • Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloon Catheters
    • Intravascular Ultrasound (IVUS) Catheters
    • Percutaneous Transluminal Angioplasty (PTA) Balloon Catheters
• Urology Catheters
  • • Hemodialysis Catheters
    • Peritoneal Catheters
    • Foley Catheters
    • Intermittent Catheters
    • External Catheters
• Intravenous Catheters
  • • Peripheral Catheters
    • Midline Peripheral Catheters
    • Central Venous Catheters
• Neurovascular Catheters
• Non-Tunneled Central Catheters
• Skin-Tunneled Central Catheters
• Specialty Catheters
  • • Wound/Surgical Catheters
    • Oximetry Catheters
    • Thermodilution Catheters
    • Intrauterine Insemination (IUI) Catheters
• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Hospitals and Clinics
  • Long-Term Care Facilities
  • Diagnostic Imaging Center
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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