Catheters Market Size By Product (Cardiovascular, Urology, Intravenous, Neurovascular, Specialty Catheters), Industry Analysis Report, Regional Outlook (U.S., Germany, France, Spain, India China, Japan, Mexico, Brazil, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: September 2016 | 110 Pages | Report ID: GMI787 Report Format: PDF
Catheters Market size was USD 29.4 billion in 2015, with 11% CAGR estimation from 2016 to 2024.
U.S. Catheters Market size, by Product, 2012- 2024 (USD Mn)
The growing geriatric population and rising incidences of diabetes, renal failure, cardiovascular diseases, supplemented by upward trend towards use of minimally invasive procedures will drive global market size.
The technological advancements in medical field have drastically shifted patient preference from traditional methods on medical interventions to minimally invasive surgeries. Rise in number of minimally invasive surgeries for diagnostic, monitoring and operational purpose should boost the catheters demand. Less invasive procedures are a cost effective alternative to open medical procedures owing to shorter hospital stays, minimal scarring and least post procedure complications. Introduction of hydrophilic coated guidewires aimed at reducing frictional coefficients and enhancing lubrication and bio-absorbable stents that reduces restenosis rates and late stent thrombosis. Growing demand for digitally assisted invasive interventions will fuel industry growth.
Increasing prevalence of neurovascular disorders such as aneurysm, arteriovenous malformation, dural arteriovenous fistula, cerebral hemorrhage, stroke and chronic kidney diseases (CKD) have increased the demand for catheters to perform highly complex minimally invasive surgeries. As per current statistics of National Health and Nutrition Examination Survey (NHANES) and National Kidney Foundation, on an average one out of every eight adult American shows evidence of CKD.
Catheters Market, By Product
Cardiovascular catheters market share contributes to the majority of revenue, with target size slated to exceed USD 20 billion by 2024. This can be attributed to the large patient base with cardiovascular disorders, and increasing number of minimally invasive cardiovascular surgeries.
Specialty catheters market segment is identified as the most lucrative business segment to invest in, with an estimated CAGR of 13.4% from 2016 to 2024. Key factors accounting for its commercial attractiveness include growing demand for less invasive ablation procedures, increasing market penetration rates in the emerging markets of Latin America and Asia Pacific.
Catheters Market, By Region
U.S. market size contributed to largest regional revenue share of over 87%, attributed to high disease awareness levels, quick access to healthcare facilities, and rapid technological advancements in this region.
APAC, is slated to head the growth trajectory by registering highest CAGR of 14.7% during the forecast timeframe. Growing penetration rates of urology and neurovascular catheters in the emerging markets of India and China, improving healthcare infrastructure and increasing number of healthcare practitioners should enable robust industry growth platform. The rising patient awareness supported by growing disposable income levels will further stimulate industry growth.
Competitive Market Share
Industry is dominated by many giant players and a number of small, local regional players. Boston Scientific Corporation led the North America market due to its extensive regional presence and high market penetration, while Coloplast accounted for the major share in the Europe market owing to its local presence with strong distribution network and product portfolio. Presence of high product differentiation and rigorous price based competition will maintain the higher level of industry competition.
The other major players operating in the global market share include Abbott Laboratories, Johnson & Johnson, and Medtronics Inc.
Catheters Industry Background
The global market is witnessing various technological innovations in order to lower the infections associated with catheters. Some key technology innovations aimed at curbing catheter associated hospital acquired infections incidence rates include initiation of phase II study of Sharklet Technologies’ urinary Foley catheter with the Sharklet micro-pattern. This catheter aims to inhibit bacterial growth on the surface of the catheter. Sharklet Technologies received USD 1.2 million in funding by the NIH for conducting its phase II study. Other technologies include introduction of catheters impregnated with chlorhexidine-silver sulfadiazine and with minocycline and rifampin to prevent intravascular catheter related bloodstream infections and introduction of long term antimicrobial catheter. To address the concern of catheter based hospital acquired infections, the FDA has issued guidelines for prevention of catheter associated urinary tract infections (CAUTI) to increase awareness levels about the use of catheters. Emerging countries will drive industry growth due to presence of large untapped opportunities coupled with growing healthcare expenditure and patient awareness levels.
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