Catheters Market to Witness Exponential Growth by 2023

Catheters Market Information, By Type (Cardiovascular Catheters, Specialty Catheters, Intravenous Catheters, Urinary Catheters, Neurological Catheters), By End Users (Hospitals & Clinics, Ambulatory Surgical Centers, and others)- Global Forecast till 2023

Market Scenario

The global Catheters Market is presumed to garner USD 49,731.9 million during the forecast period (2017-2023). The global market is anticipated to experience 6.14% CAGR owing to the increasing geriatric population, asserts Market Research Future (MRFR). Catheter is referred to as a thin tube medical device which is made from high graded material and is used in healthcare to deliver gases, medications,and fluids to the patients or to drain fluids from the body such as urine. Catheters are generally inserted into the body while performing any kind of surgeries or for treating diseases. The demand for catheters is anticipated to remain high in the coming years.

Drivers and Constraints Impacting the Market

With rising geriatric population, growing preference for minimal invasive techniques, accelerating number of diabetic patients,and changing lifestyle, the global catheters market is estimated to flourish during the assessment period.Patients suffering from urological and cardiacdiseases have triggered the demand for catheters across the globe. Moreover, several manufacturers are introducing new and advanced types of catheters in order to increase the market demand, which is further contributing to the growth of the market. The changing lifestyle coupled with theincreasing healthcare expenditureis estimated to spur the growth of the market during the appraisal period. Also, increasing reimbursement levels coupled with the advancements in catheter technology are considered to fuel the market growth.

On the flip side, risk of infection associated with the use of catheter is considered to impede the market growth during the appraisal period.For instance, as per the Centers for Disease Control and Prevention, in 5% of the causes, catheter-associated urinary tract infection was observedin the year 2015. Additionally, long time for approval is estimated to dampen the market growth in the coming years. Inadequate quality assurance along with price competition at domestic levels are also anticipated to hamper the growth.

Global Catheters Market: Segmental Analysis

The global catheters market has been segmented on the basis of type, end-users, and region.

By mode of type, the global catheters market has been segmented into specialty catheters, cardiovascular catheters, urinary catheters, intravenous catheters, neurological catheters, and others. Among these, the demand for cardiovascular catheters is considered to remain the highest owing to the high prevalence of cardiovascular diseases coupled with the growing number of surgeries.

By mode of end-users, the global catheters market has been segmented intoambulatory surgical centers, hospitals & clinics, and others. Among these, the hospitals segment is considered to dominate the global market as they the primary users of catheters. Hospitals arelikely to continue to maintain their dominanceowing to the increasing number of government and private-run hospitals. Moreover, the efforts taken by the government in order to reduce the hospital-related expenditure are also considered to influence the market growth.

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Regional Insights

Geographically, the catheters market spans across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.

Among all the regions, America is considered to dominate the global catheters market due to the presence of huge population suffering from obesity, diabetes, and cardiovascular diseases. North America is estimated tooccupy the largest market share in this region. As per the Centers for Disease Control and Prevention, over 9.3% of the total American population suffered from diabetes in the year 2015. Moreover, with the increased healthcare expenditureand well-developed technology, the market in this region is considered to flourish.

Europe is estimated to occupy the second largest market share for catheters owing to thepresence of well-developed healthcare sector, high healthcare expenditure, and strong government support for research & development activities. Countries such as the U.K., Germany, and France are some of the major contributors to the European market. Moreover, well-developed technologies have played a crucial role in the development of the market these countries.

The Asia Pacific region is also experiencing a rapid growth rateowing to the increasing diabetic & obese population coupled with the accelerating healthcare expenditure. As per to the WHO, around 60% of the world’s total diabetic population dwells in the Asia Pacific region.

Industry Updates

December 31, 2018: InventHelp Inventor has recently developeda non-invasive catheter alternative, the SANI-TEE, which collects urine efficiently. It is made in such a way that eliminates the need to force a catheter tube into the urethra, which minimizes the pain caused to the body.

Competitive Dashboard

The prominent players operating the global catheters market are Dickinson and Company, ACIST Medical Systems (US), Cook Medical Inc. (US),Abbott, B. Braun Melsungen AG, Becton, Covidien AG (Ireland), Koninklijke Philips N.V, LuMend Corporation (US), Boston Scientific Corporation, Medtronic plc, and Terumo Corporation.

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