Preference for catheter-based ablation procedures over surgery-based ablation procedures, due to its minimally invasive nature and shorter recovery times, have led to the increased awareness and adoption of catheter devices.
According to a report published by Allied Market Research, Global Catheters Market was valued at $8,905 million in 2015, and is expected to reach $15,830 million by 2022, supported by a CAGR of 8.5% during the forecast period 2014 to 2022.
The global catheters market is segmented based on product type and geography. The product type segment includes cardiovascular catheters, neurovascular catheters, urological catheters, intravenous catheters, and specialty catheters. Cardiovascular catheters are further segmented into electrophysiology catheters, PTCA balloon catheters, IVUS catheters, PTA balloon catheters, and others (guiding, angiography, and pulmonary artery catheters). Urological catheters are bifurcated into dialysis and urinary catheters, whereas dialysis catheters into hemodialysis and peritoneal catheters. Urinary catheters are further categorized into Foley, intermittent, and external catheters. Intravenous catheters are classified into central and peripheral venous catheter. Peripheral venous catheters are further divided into integrated and short catheters. Specialty catheters are divided into wound/surgical drain, oximetry, thermodilution, and IUI catheters. The market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
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The market is expected to witness moderate growth during the forecast period, owing to the rise in number of surgeries and high demand for minimally invasive procedures. In addition, increase in geriatric population base and rise in demand for sterile & disposable catheters supplement the market growth. Furthermore, increase in reimbursement levels and advancements in catheter technology are expected to boost the market growth. However, inadequate quality assurance and price competition at domestic levels are expected to hamper this growth.
The key players profiled in this report include Abbott Laboratories, Becton Dickinson And Company, Boston Scientific Corporation, Bard Medical, B. Braun Melsungen AG, Teleflex Incorporated, Johnson & Johnson, Medtronic, Inc., Edwards Lifesciences Corp., and Vascular Solutions, Inc. Other players in the value chain include Hollister Incorporated, Cook Medical, Stryker Corporation, Cure Medical, and Convatech Inc.
LAMEA possesses high market potential for growth of catheters due to increase in demand for cardiovascular and urological catheters, and upsurge in governmental initiatives to improve healthcare facilities. It is experiencing fast-paced growth, in terms of production and development of catheters.