The market for catheters is expected to grow at a CAGR of around 8.1% from 2020 to 2027 and expected to reach the market value of around US$ 77.8 Bn by 2027.
Catheters are medical devices inserted into the body particularly to treat diseases or to perform a surgical procedure. These are manufactured from medical-grade materials into a thin tube-like structure serving a wide range of functions. Some of the common functions that catheters perform include draining the bladder while in urinary incontinence or urinary retention. Similarly, the vascular catheter used to draw blood and give treatments like intravenous fluids, drugs, or blood transfusions.
The increasing cases of critical conditions like diabetes, cancer as well as the increasing geriatric population that requires catheter treatment are bolstering the market growth. The increasing development of more convenient solutions that can ease the treatment surgical procedure for the concerned healthcare professionals is additionally bolstering the market growth. The high prevalence rate of chronic disorders leading to hospitalization of patients is additionally accelerating the market value. The growing usage of advanced materials in the catheters and the growing frequency of minimally invasive procedures across the globe is further bolstering the market value.
On the other side, risks and complications associated with the catheters and availability of substitutes are likely to restrict the market growth.
Segment Instance of Global Catheters Market
Vascular Catheters registered maximum revenue share in the global Catheters Market
On the basis of product type, the vascular catheters segment is leading the market with maximum revenue share (%) in 2019 and the segment is also projected to maintain its dominance over the forecast period from 2020 to 2027. The vascular segment is particularly inclusive of cardiovascular catheters, PTCA balloon catheters, IVUS catheters, and PTA balloon catheters. Among these, the cardiovascular catheters segment held the maximum share (%) in terms of revenue.
Hospital & clinics segment accounted for the maximum revenue share in the global Catheters Market
Based on end-use, the hospital & clinics segment lead the market with a major revenue share in the global market, and the segment is also estimated to experience the fastest growth during the forecast period from 2020 to 2027. The necessity of hospitalization of the patients suffering from serious illness is primarily supporting the segmental dominance and fastest growth in the forecast period. The increasing number of hospitals across the globe and especially in emerging economies is further the regional boosting market value.
North America accounted for the maximum revenue share in the catheters market
In 2019, North America leads the market with maximum revenue share in the global market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of a large geriatric population base that is prone to chronic diseases and required to get serious treatments is supporting the regional market value. Additionally, the presence of major players in the region which are amplifying their research activities in catheter treatment are further bolstering the regional market value.
Asia Pacific is anticipated to exhibit fastest growth over the forecast period from 2020 to 2027
The presence of major developing economies in the region like China and India is bolstering the regional market value. The continuously expanding healthcare sector in the region along with the increasing number of hospitals, clinics, and surgical centers is boosting the regional market value. The increasing spending power of people in the chronic conditions for the treatments is further propelling the regional market value.
Key Market Players
The players profiled in the report include Abbott, Becton Dickinson and Company, Boston Scientific Corporation, Braun Melsungen Ag, Cure Medical LLC, Edwards Lifesciences, Koninklijke Philips N.V, Lumend Corporation, Medtronic plc, Terumo Corporation.
Market By Product Type
Market By End-use
Hospital & clinics
Ambulatory surgical centers (ASCs)
The market for catheters is expected to reach a market value of around US$ 77.8 Bn by 2027.
The catheters market is expected to grow at a CAGR of around 8.1% from 2020 to 2027.
Hospital & clinics is the leading segment by end-use in the catheters market
The increasing cases of critical conditions like diabetes, cancer, increasing geriatric population, increasing development of more convenient solutions, and high prevalence rate of chronic disorders leading to hospitalization are some of the major factors driving the market growth.
Abbott, Becton, Dickinson, and Company, Boston Scientific Corporation, Braun Melsungen Ag, Cure Medical LLC, Edwards Lifesciences, Koninklijke Philips N.V, Lumend Corporation, Medtronic plc, and Terumo Corporation are some of the prominent players in the market.
North America held the highest market share in the catheters market
Asia Pacific is expected to be the fastest growing market over the forecast period