Catheters Market Analysis, Segmentation, Business Revenue Forecast and Future Plans 2030
Catheters are medical devices inserted into the human body during treatment of diseases. It is also used in pre-, post-, and during surgical procedures. Modification of catheters by changing the type of material used in its manufacture can extend its application for ophthalmic, neurological, cardiovascular, gastrointestinal, and urological procedures. The global catheters market report by Market Research Future (MRFR) contains opportunities, trends, drivers, and restraints and an analysis at regional and country levels.
The global catheters market is expected to touch a towering valuation by exhibiting 6.14% CAGR from the forecast period. It can touch a valuation of USD 49,731.9 million by end. Rising incidence of cardiovascular diseases and other malaises can drive the market growth exponentially. According to the American College of Cardiology, cardiovascular related deaths accounted for 31% of global mortality statistics. This is supported with recorded evidence of over 790,000 people in the U.S. have heart attacks every year.
Supportive insurance coverage policies are predicted to facilitate in the market growth over the forecast period. Preference of minimally invasive treatments due to errors during surgeries is expected to spur the demand for catheters. The surge noticed in diabetics as well as the geriatric populace due to sedentary lifestyles can be a particular influence on the market.
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Segmentation Analysis
The global catheters market is segmented by type and end-user.
By Types
Neurological Catheters
Intravenous Catheters
Urinary Catheters
Cardiovascular Catheters
Specialty Catheters
By End-user
Ambulatory Surgical Centers
Hospitals & Clinics
Others
Competitive Outlook
Terumo Corporation, Becton, Dickinson and Company, Abbott, ACIST Medical Systems, B. Braun Melsungen AG, Covidien AG, Cook Medical Inc., LuMend Corporation, Boston Scientific Corporation, Medtronic plc, and Koninklijke Philips N.V are some of the prominent names in the global catheters market. Partnerships, acquisitions, expansions, and agreements are core strategies of these players. Recently, Nordson Corporation acquired Clada Medical Devices in order to extend its product offerings to balloon catheters.
Regional Analysis
Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), and the Americas are regions covered in the catheters market report.
The Americas are touted to reach a valuation of USD 16,638.8 million by 2023. Sophisticated healthcare infrastructure and availability of all types of catheters due to presence of major manufacturers can drive the market growth.
Europe is the second largest market after the Americas. Presence of a well-established healthcare ecosystem, strong government support in research and development, and high healthcare expenditure are factors fueling the regional demand for catheters. Europe is studied by bifurcating into Eastern and Western Europe, among which Eastern Europe can exhibit the fastest growth rate during the forecast timespan.
The APAC region is deemed to display an exemplary growth rate during the assessment period due to increasing cases of kidney disorders, reimbursement policies, and improving healthcare infrastructure. According to the World Health Organization (WHO), nearly 60% of the diabetic population lives in the region, widening the scope of the global catheters market by a huge degree. Lastly, the MEA region can contribute to a smaller degree to the overall market revenue due to lack of funding and low availability of medical facilities.
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Industry News
Citrus Pharmaceuticals Inc., a prominent U.S. company, has received approval from the U.S. Food and Drug Administration (FDA) to extend the endpoint for its clinical trial. The trial proposed to demonstrate the disinfection of colonized catheters using bacteremias from Mino-Lok therapy (MLT) to antibiotic lock therapy (ALT).
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