Catheter Market to Witness 6.3% through 2033 amid Skyrocketing Demand for Less Invasive Treatments and Antimicrobial Items | Future Market Insights, Inc.

NEWARK, Del, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The catheter market is expected to grow to approximately US$ 12,591.30 million by 2023. Over the projected period from 2023 to 2033, a compound annual growth rate of 6.3% is anticipated.

By 2033, the catheter market will probably be worth US$ 23,281.63 million. During the assessment period, it is anticipated to demonstrate a total financial potential worth US$ 9,621.3 million.

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Cardiac catheters are projected to witness high demand owing to their growing usage in heart treatment procedures like angiograms and angioplasty. They are highly renowned for reducing infections and complications, making them equally preferred among patients.

The global catheter market is poised for substantial growth, driven by several factors. These include the increasing prevalence of cardiovascular, neurologic, and urological disorders. A rising preference for minimally invasive procedures and the growing demand for antimicrobial catheters are also crucial market drivers. Chronic disorders have become a leading cause of mortality and morbidity worldwide, underscoring the market's significance.

The worldwide demand for catheters is expected to increase due to the rising popularity of minimally invasive surgeries, as people prefer less invasive treatments. Leading market participants are also introducing new items to satisfy this need.

A novel coronary drug-coated balloon (DCB) developed for percutaneous coronary intervention (PCI) treatments in patients with coronary artery disease (CAD) is the Prevail DCB catheter. Medtronic plc debuted this product in Europe in July 2021. With the increased popularity of minimally invasive treatments, the introduction of similar products is anticipated to accelerate the use of catheters to treat cardiovascular disease.

Key Takeaways:

• The global catheter market stood at around US$ 11930.3 million in 2022.
• The hospital segment by end-use is set to showcase a steady CAGR of 5.7% through 2033.
• The acute kidney injury segment, by indication, is estimated to register a significant CAGR of 8.1% in the forecast period.
• The intravenous catheters segment by product accounted for a dominant share of 64.4% in 2022 in the global catheter industry.
• The United Kingdom is estimated to register an average CAGR of 6.1% during the forecast period in the catheter industry.
  
  

“It is anticipated that catheters would be employed for diagnostic procedures, including hemodialysis and electrophysiological tests. Globally, it is anticipated that there will be an increasing demand for effective medical services due to the rising prevalence of diseases, such as cancer, acute illness, and trauma. To provide appropriate care, it is expected that medical practitioners will use peripherally inserted central catheters (PICC) more frequently in hospitals, operating rooms, and emergency departments,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.

Catheter Market Size:

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Competitive Landscape:

The improvement of product features is a top priority for leading players in the catheter industry as a way to strengthen their positions. They also want to increase their presence in emerging areas.

Entering into strategic collaborations and agreements with other businesses is a key tactic used by top manufacturers to keep their dominance in the catheter market. It is predicted that these tactics will aid them in extending the reach of their firm.

For instance,

• Coloplast introduced the cutting-edge intermittent catheter Luja in February 2023 to address significant UTI risk factors. These place a heavy burden on both people who use intermittent catheters and the healthcare system as a whole. The first and only male catheter with more than 80 micro-holes, Luja, was created to help address severe UTI risk factors related to intermittent catheterization.
• Cardinal Health and Kinaxis entered into a collaboration agreement in February 2022 to improve the visibility of medical products and the efficiency of the supply chain.

Catheter Market Segmentation:

By Product:

• Urinary Catheters
  • Foley Catheters
  • Intermittent Catheters
  • External Catheters
  • Compact Catheters
• Intravenous Catheters
  • Peripheral Catheters
    • Short Peripheral IV Catheter
    • Integrated/Closed PIVC
  • Central Venous Catheters
    • Peripherally Inserted Central Catheters (PICC)
    • Implanted Port
    • Tunneled Central Venous Catheters
    • Non-tunneled Central Venous Catheters
• Hemodialysis Catheters
  • Cuffed Tunneled Catheter
  • Non-cuffed Tunneled Catheters
  • Non-tunneled Catheters

By Indication:

• Urinary Incontinence
• Urethral Stricture
• Chronic Obstruction
• Neurogenic Bladder
• Enlarged Prostate Gland/BPH
• Prostate Cancer
• Acute Kidney Injury
• Others

By End-user:

• Hospitals
• Dialysis Centers
• Long-term Care Facilities
• Ambulatory Surgical Centers
• Home Care
  

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa
  
  

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

Explore Future Market Insights, Inc. Extensive Coverage in Healthcare Market Domain:

• Catheter-Directed Thrombolysis Market Analysis:  The global market is valued at US$ 454.8 million in 2023. The market is likely to grow at a CAGR of 5.9% and is anticipated to be valued at US$ 808 million by 2033.
• Catheter Associated Urinary Tract Infections Treatment Market Sales: According to Future Market Insights research, the global market is expected to grow at a CAGR of 3.0% during the projected period. The market value is projected to increase from US$ 1.31 Billion in 2023 to US$ 1.76 Billion by 2033.
• Transcatheter Heart Valve Replacement (TAVR) Market Revenue: The global market enjoys a valuation of US$ 5.7 Billion in 2022, and it is further projected to expand at a CAGR of 14.8% over the forecasted years
• Catheter Related Bloodstream Infection (CRBSI) Market Trends: The global market is expected to garner a market value of US$ 44.67 Billion in 2023 and is expected to accumulate a market value of US$ 80 Billion by registering a CAGR of 6% in the forecast period 2023 to 2033. 
• Central Venous Catheter Market Outlook: The global market size is slated to attain a valuation of US$ 5,314.5 million by 2033. Our healthcare analysts opine that can expect a modest CAGR of 5.1% through 2033, with a current valuation of US$ 3,238.1 million in 2023.
  
  

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