Catheters Market Size By Product (Cardiovascular, Urology, Intravenous, Neurovascular, Specialty Catheters), By End-use (Hospital, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Catheters Market will exceed USD 73.5 billion by 2024; as per a new research report.
Growing prevalence of chronic diseases such as cardiovascular disease, neurovascular disease and urinary disease worldwide will spur the catheters market growth over the forecast period. According to American Heart Association, the prevalence of heart failure is estimated to account for 22% by 2030. Increasing hospitalization owing to high healthcare expenditure in many developed as well as developing economies will surge the number of surgeries being performed each year. Aforementioned factors will augment the catheters market growth during the forthcoming years.
Growing geriatric patient population across the globe will serve to be another positive impact rendering factor in the market growth. Ageing population prone to various diseases owing to functional and structural changes will drive the catheters market during the analysis period. Furthermore, development in catheters that offer superior efficiency, high flexibility as well as user friendly catheters enabling self-administration should accelerate the industry growth. Significant rise in the number of geriatric patients undergoing catheter based surgeries will foster the catheters market growth.
However, reluctance regarding use of catheters owing to high risk of infection will restrain the catheters market growth. For instance, use of urinary catheters may lead to infections in the urethra, kidney and bladder. Such factors may hamper the use of catheters that will negatively impact the industry growth.
Neurovascular catheters segment will witness CAGR of 11.6% during the analysis period owing to increasing prevalence of neurovascular diseases such as aneurysms, cerebral arterial stenosis, cerebral hemorrhage and carotid stenosis. According to Texas Heart Institute, around 5,00,000 coronary bypass procedures are performed each year in the U.S. Technological developments will further boost the demand for neurovascular catheters. For instance, FDA’s Center for Devices and Radiological Health (CDRH), is focusing on offering effective and safe usage of neurovascular catheters. Such factors will accelerate the market growth in the coming years.
Ambulatory surgical centers segment accounted for USD 11.6 Billion in 2017 and forecasted to show rapid growth over the forecast timeframe. Benefits offered by ASCs over hospital surgeries such as short hospital stay, less invasive procedures, reduced cost and low risk of hospital acquired infections will augment the segmental growth. Furthermore, growing incidence of chronic diseases among the geriatric population base will further escalate the demand for catheter-based surgeries performed at the ambulatory surgical centers.
U.S. catheters market dominated the catheters market in 2017 and is estimated to grow with 8.4% CAGR during the forthcoming years. Prevalence of cardiovascular diseases is growing in the region owing to increasing incidence of obesity, lifestyle changes and unhealthy dietary habits. Moreover, technological innovations due to presence of major industry players in the region will drive the regional growth. Availability of advanced healthcare facilities coupled with high healthcare expenditure will further spur the U.S. catheters market.
Some of the prominent market players operating in catheters market include Abbott Laboratories, Arrow International Inc. (Teleflex Inc.), B. Braun Melsungen, Boston Scientific Corporation, C.R Bard, Coloplast, ConvaTec, Cure Medical, Edwards Life Sciences Corporation, Hollister Incorporated, Johnson & Johnson, Manfred Sauer, Medtronic Inc., Smiths Medical, Stryker Corporation and Wellspect Healthcare. The companies majorly focus on strategic partnerships, acquisitions, collaborations and new product launch to enhance their product portfolio and improve financial performance.