Catheters Market Size & Share 2023 to 2032
Market Size by Product (Vascular Catheters, Urology Catheters, Intravenous Catheters, Specialty Catheters), by Lumen (Single-Lumen, Double-Lumen, Triple-Lumen), by End Use (Hospital, Ambulatory Surgical Centers) & Forecast.
Report ID: GMI787
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Published Date: September 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Shishanka Wangnoo
Catheters Market Size
Catheters Market size was valued at around USD 23.1 billion in 2022 and is projected to reach over USD 54.7 billion by 2032. This incremental growth rate is owing to the increasing prevalence of cardiovascular disorders coupled with rising demand for minimally invasive surgical procedures for the diagnosis and treatment of these ailments.
Catheters Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
According to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Catheters play a crucial role in diagnosing and treating cardiovascular diseases offering several advantages over traditional surgical procedures. Technological advancements in catheter products such as 3D mapping, remote monitoring, nanotechnology, and the latest catheter systems feature remote monitoring capabilities. Physicians can monitor patients' progress and device function remotely, improving post-procedure care and follow-up ensuring the best possible outcomes for patients.
Moreover, rising awareness and a favorable reimbursement scenario are anticipated to drive market growth. Catheters are available in a range of types and specialties intended to improve the quality of life for individuals with various ailments.
The catheter industry's growth is influenced by factors such as the aging population, increasing prevalence of urinary disease, advancements in medical technology, and improved awareness about various chronic diseases. Innovations in catheters and accessories focus on improving precision, safety, patient comfort, and enhanced visualization for physicians and patients. Improvements in catheter products directly impact the quality of life for patients, making this a critical consideration for both manufacturers and healthcare providers.
Affordability and insurance coverage for catheter products can impact patient access and market dynamics. Therefore, the catheter industry is witnessing a growth trajectory due to technological advancements, the aging population, and the rising incidence of chronic diseases, thereby augmenting the product demand.
Catheter is a medical equipment that is inserted into the body for therapeutic purposes or management of diseases or during a surgical procedure to facilitate the outflow of bodily fluids or mintake of medications.
However, the high cost associated with advanced catheters may obstruct the segment revenue. The price range for catheters can vary depending on various factors such as the brand, quality, style, and additional features. The average cost of catheterization in the U.S. ranges from USD 3,000 to USD 6,000.
Moreover, some advanced catheters, such as customizable hydrophilic coated catheters, may cost more. Furthermore, the lack of skilled surgeons in many emerging nations has been a concern. Successful examination and treatment of chronic disorders require specialized skills and training for healthcare professionals. These procedures involve using advanced medical equipment and technologies that demand precision and expertise. Thus, a shortage of skilled professionals and high costs associated with catheters may hinder business landscape.
COVID-19 Impact
The recent outbreak of COVID-19 had a negative impact that influenced the catheters market revenue, specifically during the initial phase of 2020. The COVID-19 pandemic increased the burden of disease and restricted many global businesses including the healthcare sector, during the pandemic. These conditions impacted the growth of the market. Several healthcare facilities and hospitals globally experienced a significant decline in patient visits for diagnosis and treatment of cardiovascular diseases and other chronic ailments. The coronavirus outbreak reduced visits to healthcare facilities around the globe, causing medical services in many countries around the globe to be delayed, such as minimally invasive procedures. The pandemic led to disruptions in global supply chains, affecting the distribution and production of medical devices, including catheter products.
Furthermore, as the number of COVID-19 cases declined in several countries across the globe, healthcare facilities resumed surgical care, resulting in increased catheterization procedures and a gradual recovery of procedural volumes to pre-pandemic levels. Thus, the COVID-19 pandemic has slightly affected the market in the shorter run; however, the declining COVID-19 infection rates & patients and rising procedural volume augmented the market expansion.
Catheters Market Trends
The increasing prevalence of cardiovascular diseases globally is one of the prime factors propelling the catheters industry progress. As per the American Heart Association, in 2020, around 19 million deaths were attributed to cardiovascular diseases across the globe. Further, it was estimated that in 2020, 244 million people were living with ischemic heart disease (IHD) worldwide. The drastic shift in behavioural risk factors such as unhealthy diet, reduced physical activity, increased tobacco use, and excessive consumption of alcohol has promoted the prevalence & mortality rate related to CVDs. The surge in cardiovascular ailments is set to drive the number of hospitalizations & medical procedures that in turn is projected to drive the adoption of catheters.
According to the Institute for Health Metrics and Evaluation (IHME), the total prevalent cases of cardiovascular diseases surged exponentially from 271 million in 1990 to more than 520 million as of 2019. Also, the associated mortalities increased from 12.1 in 1990, to 18.6 million in 2019. Similarly, the incidence of myocardial infarction, valvular disease, congenital heart disease, and other cardiac diseases in that catheters are widely used as a part of the treatment of cardiovascular disorders would drive the demand for the product.
Catheters Market Analysis
Based on product, the catheters market is segmented as vascular catheters, urology catheters, intravenous catheters, specialty catheters, and others. The vascular catheters segment held the dominant market share and was valued at around USD 10.2 billion in 2022. This significant market share is owing to several benefits offered by vascular catheters for chronic ailments. Vascular catheters allow for minimally invasive access to the vascular system, reducing the need for open surgical procedures. This minimizes trauma to the patient, reduces pain, and shortens recovery times. Vascular catheters help in diagnostic purposes, such as angiography, where a contrast dye is injected through the catheter to visualize blood vessels and assess blood flow. This further allow healthcare professionals to diagnose and treat a wide range of cardiovascular and vascular conditions, improving patient outcomes, and reducing the need for more invasive surgical procedures.
Moreover, vascular catheters can deliver medications directly to specific areas within the vascular system. This is particularly useful for localized treatment, such as chemotherapy for cancer or anticoagulants to prevent clot formation. As the catheterization procedure continues to increase, the demand for specialized vascular catheters that facilitate these procedures also increases. These catheters allow for enhanced quality of life for the patients by providing reduced complications and lower healthcare costs. Therefore, numerous benefits related to the use of vascular catheters coupled with a surge in cardiovascular ailments will drive the business revenue.
Based on lumen, the catheters market is segmented as single-lumen, double-lumen, triple-lumen, and others. The double-lumen segment accounted for the majority of market share in 2022 and was valued at around USD 9.9 billion. This significant market share is attributable to several advantages offered by double-lumen such as simultaneous access, reduced vascular puncture, and efficient drug administration among others. Double-lumen catheters can reduce the number of vascular punctures required during medical procedures. This is especially beneficial for patients with challenging or fragile veins, as it minimizes the risk of complications, pain, and discomfort associated with multiple needle sticks.
Moreover, the double-lumen catheters have the ability to provide two separate lumens within a single catheter. This enables healthcare providers to perform multiple tasks concurrently without the need for additional catheters or access points. For instance, one lumen can be used for administering medications or fluids, while the other can be used for blood sampling or pressure monitoring. While double-lumen catheters may initially cost more than single-lumen catheters, they can result in cost savings in terms of reduced catheter changes, decreased procedure time, and fewer materials needed.
Based on end-use, the catheters market is segmented into hospitals, ambulatory surgical centers (ASCs), and others. The hospital segment is projected to reach around USD 30.3 billion by 2032. This major market share is due to the surging demand for hospital settings, advanced healthcare infrastructure, and specialized healthcare professionals increasing the patient preference for hospitals. An increasing number of admissions with target disorders due to a sedentary lifestyle and growing awareness regarding the treatment of cardiovascular disorders coupled with the availability of highly skilled healthcare professionals are several other factors fuelling the demand for hospital segment.
Moreover, hospitals provide a wide array of medical services across various specialties, including cardiology, radiology, surgery, urology, critical care, and more. Catheters are essential medical devices used in many of these specialties for diagnostic and therapeutic purposes. Thus, accessibility to better diagnosis and treatment options coupled with the rising prevalence of chronic ailments and related conditions is estimated to propel the segment trends.
North America catheters market and was valued at over USD 7.6 Billion in 2022. This high market share is due to a variety of factors, including an increase in the number of patients suffering from cardiovascular disorders, the presence of significant industry players, and a growing geriatric population base, among others. North America has a strong emphasis on technological advancements, a well-established healthcare infrastructure, and a high burden of chronic diseases, that drives the demand for catheters.
Additionally, favorable reimbursement scenarios and increased healthcare spending related to permanent urinary retention and other urinary tract-related diseases will enhance the business revenue worldwide. There is a growing population of individuals who require the use of catheters to manage various chronic diseases.
The growing geriatric population in North America is adding to a rising demand for healthcare services and products, including catheters. North America has a cutting-edge healthcare infrastructure with the availability of advanced treatments and medical technologies. This includes innovative catheter products and services that are available to patients readily, contributing to the demand for these products and services. There is a growing awareness and emphasis on patient education regarding various chronic ailments.
Catheters Market Share
Some of the major players operating in the catheters market are
These leading market players are implementing advanced technologies to cater to the large unmet needs of the consumers. These players focus on strategic partnerships, new product launch & commercialization for market expansion.
Catheters Industry Leaders:
Catheters market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:
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By Product, 2018 - 2032 (USD Million & Units)
By Lumen, 2018 - 2032 (USD Million)
By End-use, 2018 - 2032 (USD Million)
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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