Catheters Market: Snapshot
A catheter refers to a thin tube inserted in the human body for performing a surgical procedure or during the treatment of several diseases. In healthcare sector, catheters are used for a wide range of purposes. These devices are used in numerous medical procedures including cardiac electrophysiology, neurosurgery, and angioplasty. Thus, these are considered integral part of healthcare industry worldwide.
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Catheters are manufactured using various medical materials such as silicon rubber, plastic, nylon, and polyvinyl chloride (PVC). Based on the end-use, the companies working in the catheters market make essential changes to the material used while manufacturing their products.
Depending on the purpose of use, catheters are named as urological, cardiovascular, neurovascular, ophthalmic, and gastrointestinal catheters. Among all product types, the vendors working in the global catheters market experience extensive demand for cardiovascular catheters. Key factors for this scenario are the increased number of patients living with cardiovascular health issues and increased heart surgeries in all worldwide locations. Apart from this, the global catheters market witnesses remarkable demand for urological catheters.
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The enterprises working in the global catheters market are growing focus toward the development of high quality products. Many enterprises in the market for catheters are strengthening their product portfolio. At the same time, several enterprises in the global catheters market are concentrating on expanding their regional presence.
Due to recent COVID-19 pandemic, the healthcare industry is experiencing remarkable drop in number of surgeries carried out in all worldwide locations. The hospitals from all across the globe were focused on performing emergency surgical procedures. As a result, there was sudden plunge in demand for catheters. However, with the considerable improvement in the pandemic situation, the healthcare sector is now getting back to regular activities. As a result, the global catheters market is expected to experience upward graph of sales in the forthcoming years.
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Global Catheters Market: Snapshot
The demand for catheters is expected to remain high in the coming years observes Transparency Market Research. Development and commercialization of various types of catheters for a wide range of applications has significantly propelled the global market in recent years. Catheterization is an important procedure before performing major surgeries. Thus, growing incidences of cardiovascular diseases, kidney disorders, urinary tract procedures, and increasing demand for minimally invasive surgeries has drastically spiked the demand for catheters in the recent years. Growing geriatric population is also projected to be an integral factor in driving the demand for catheters in the near future. According to the research report, the global catheters market is projected to be worth US$55,985.1 mn by the end of 2025. During the forecast years of 2017 and 2025, the global catheters market is expected to exhibit a CAGR of 7.4%.
Hospitals to Remain Key Users of Catheters over Forecast Period
On the basis of end users, the global catheters market is segmented into ambulatory surgical center, hospitals, and dialysis centers amongst others. Out of these, the hospitals segment dominates the global market as they are obvious key users of catheters. The ambulatory services segment follows this one closely. The report points out that hospitals segment will continue to dominate throughout the forecast period due to growing number of private and government-run hospitals that are expected to come up in the near future. Furthermore, efforts taken by government initiatives to reduce the hospital-related expenditure are also projected to work in the favor of catheters market in the near future.
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Cardiovascular Catheters to Dominate Global Market as Cardiovascular Treatments Remain on the Rise
The various types of catheters available in the global market are cardiovascular catheters, urology catheters, intravenous catheters, specialty catheters, and neurovascular catheters. Out of these, the demand for cardiovascular catheters is projected to remain the highest. The high prevalence of cardiovascular diseases and the rising number of surgeries pertaining to treating the same are stoking the demand for cardiovascular catheters. The World Health Organization states that the cardiovascular diseases are the main cause of deaths across the world. Statistics revealed by WHO states that 17.7 million met a fatal end due to cardiovascular diseases in 2015. These alarming figures are projected to be the primary growth driver for the cardiovascular catheters segment. Furthermore, the increasing demand for minimally-invasive procedures has also supplemented the growth of the market.
Europe and North America Emerge as Leading Regional Market with Well-established Healthcare Infrastructure
Geographically, the global catheters market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Out of this, the North America catheters market is expected to lead the way. This regional segment will be driven by the well-established healthcare infrastructure in the region. This has definitely augmented the number of catheterization procedures, thereby boost the regional markets revenue earnings. Europe is projected to follow North Americas lead in the coming years. The growing pool of geriatrics, high incidences of lifestyle disorders, and tremendous technological advancements and acceptance of the same are expected to keep these two regional markets motivated throughout the forecast period.
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On the other hand, the Asia Pacific catheters market too is expected to show rapid growth rate in the coming years. Rise of medical tourism, increasing efforts by the governments of the developing countries to better the healthcare infrastructure, and technological advancements are expected to offer many lucrative opportunities to this regional market.
Some of the leading players operating in the global catheters market are Abbott Laboratories, Dickinson and Company, Becton, C. R. Bard, Inc., B. Braun Melsungen AG, Medtronic plc., Teleflex Incorporated, JOHNSON & JOHNSON, Cook Group Incorporated, and Boston Scientific Corporation.
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