Catheters Market Analysis Explosive Growth Opportunity, Latest Trends, Positioning, Challenges, Potential Benefits till 2022- 2027

Catheters Market

Market Highlights

The global catheters market is expected to grow at a CAGR of 6.14% during the forecast period.

Drivers and Constraints Impacting the Market

With rising geriatric population, growing preference for minimal invasive techniques, accelerating number of diabetic patients,and changing lifestyle, the global catheters market is estimated to flourish during the assessment period.Patients suffering from urological and cardiacdiseases have triggered the demand for catheters across the globe. Moreover, several manufacturers are introducing new and advanced types of catheters in order to increase the market demand, which is further contributing to the growth of the market. The changing lifestyle coupled with theincreasing healthcare expenditureis estimated to spur the growth of the market during the appraisal period. Also, increasing reimbursement levels coupled with the advancements in catheter technology are considered to fuel the market growth.

On the flip side, risk of infection associated with the use of catheter is considered to impede the market growth during the appraisal period.For instance, as per the Centers for Disease Control and Prevention, in 5% of the causes, catheter-associated urinary tract infection was observedin the year 2015. Additionally, long time for approval is estimated to dampen the market growth in the coming years. Inadequate quality assurance along with price competition at domestic levels are also anticipated to hamper the growth.

Market Segmentation

The global catheters market has been segmented on the basis of types and end users.

On the basis of the types, the market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters, and others.

On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others.

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Regional Analysis

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.

Key Players

Some of the major players in this market are Boston Scientific Corporation, Koninklijke Philips N.V, Abbott, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, LuMend Corporation (US),  Covidien AG (Ireland), ACIST Medical Systems (US), and Cook Medical Inc. (US).

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