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
Published Date: Jul 2018 | Report ID: GMI787 | Authors: Sumant Ugalmugale, Shradha Mupid Report Format: PDF
Catheters Market size was valued at USD 35.1 billion in 2017 and is expected to witness more than 11.3% CAGR from 2018 to 2024.
India Catheters Market, By Product, 2013 – 2024, (USD Billion)
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Growing elderly population is the major driver that will boost catheters market growth throughout the forecast period. According to the United Nations estimates, global population aged over 60 years is expected to reach to 1.41 billion in 2030 from 962 million in 2017. Geriatric population is prone to various chronic diseases owing to changes in pulmonary function that occur due to structural changes in the ageing population. This will fuel the need for surgical procedures among the elderly patients. Aforementioned factors will augment the catheters market growth in the coming years.
Technological advancement in catheters market will serve to be another impact rendering factor that will augment the industry growth during the analysis period. Developments in catheters that offer high efficiency, greater convenience and sensor-based mapping will boost the demand for such devices. Prominent industry players are focusing on development of innovative technologies. Moreover, increasing demand for minimally invasive surgeries will upsurge the catheters market size during the forecast timeframe.
However, increase in the catheter based hospital acquired infections will hamper the catheters market growth over the forecast period. For instance, as per the Centers for Disease Control and Prevention, more than 15-25% of hospitalized patients undergo catheterization and may pose a risk of catheter associated infections.
Catheters Market, By Product
Cardiovascular catheters segment dominated the industry in 2017 with a revenue share of 37.8% and will continue to grow over the forecast period due to growing prevalence of cardiovascular diseases worldwide. Wide range of application of Cardiovascular catheters in invasive as well as minimally invasive surgical procedures will augment the demand. For instance, Arctic Front Cryocatheter and Freezor MAX Cardiac CryoAblation catheter is widely used in combination for the treatment of endocardial treatment.
Urology catheters segment is estimated to witness considerable CAGR of 10.7% during the forthcoming years. High prevalence of urological diseases among geriatric population owing to functional changes will increase the demand for catheter-based surgeries. Increasing use self-administered catheters among women coupled with increasing adoption of urinary catheters in treatment of urinary incontinence will accelerate the segment growth throughout the forecast period.
Catheters Market, By End-use
Hospitals segment dominated the catheters market with a revenue of USD 15.6 billion in 2017 and is projected to witness robust growth during the forecast period. Increase in the number of surgeries being performed at hospitals, availability of advanced healthcare facilities and presence of skilled professionals will drive the segment growth over the forecast timeframe. Increasing affordability of treatment owing to rising disposable income will further drive the segment growth throughout the analysis period.
Ambulatory surgical centers (ASCs) segment is expected to grow at a robust CAGR of 12.1% during the analysis timeframe owing to increasing preference outpatient surgeries over hospitalization. Various benefits offered by ambulatory centers such as short stay, cost-effectiveness, reduced risk of hospital acquired infections as well as high quality treatment will fuel the demand for ASCs.
Catheters Market, By Region
North America catheters market accounted for the highest revenue share of 34.2% in 2017 and is estimated to grow at a lucrative rate during the forecast period. Rising prevalence of cardiovascular diseases in the region is the key factor that will drive the catheters market growth in the coming years. Moreover, increasing incidence of obesity, lifestyle patterns and unhealthy dietary habits will further increase the prevalence of cardiovascular diseases. Growing elderly population base coupled with rising demand for minimally invasive procedures will upsurge the North America catheters market size over the analysis period.
Europe catheters market is estimated to witness robust CAGR of 12.0% over the analysis period owing to growing elderly population base. Increasing prevalence of chronic diseases such as urinary disorders, neurovascular diseases and cardiac diseases among the elderly will serve to be a major impact rendering factor in the market growth. According to Eurostat, in Europe, the population aged 65 years and above will increase from 18.5% in 2014 to 28.7% by 2080. Moreover, advances in healthcare facilities, increasing healthcare spending as well as rising adoption of advanced products will stimulate the regional market growth during the forthcoming years.
Competitive Market Share
Some of the notable 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. Key industry players mainly focus on strategic expansion through mergers, partnerships, acquisitions and new product launches to diversify existing product portfolio and increase customer base. For instance, in December 2017, B. Braun launched Introcan Safety Deep Access IV Catheters with an aim to minimize the risk of complications pertaining to deep vein access.
Catheters Industry Background
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Rising prevalence of cardiovascular, urology, neurovascular and other chronic diseases worldwide will drive global catheters market growth during the forecast period. Growing demand for minimally invasive surgical procedures, increasing geriatric population base and rising number of surgical procedures across the globe will serve to be other impact rendering factors in the market growth. The catheters market is expected to witness robust growth in the coming years due to growing demand for technologically advanced catheters. The industry players are meticulously investing in R&D activities to develop innovative products and strengthen their market position.
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