Catheters, a thin tube like medical devices inserted into a body cavity, duct, or vessel. They are used in drainage, administration of fluids or gases, and also to perform a wide variety of other tasks depending on the type of catheter. Increasing prevalence of the patients cardiac and urological diseases have increased the demand for the catheters.
The Global Catheters Market is expected to grow at a CAGR of 6.14% during the forecast period 2017-2023.
To increase the market demand, many manufacturers are trying to introduce the new and advanced types of catheters. The global catheter market is majorly driven by increasing prevalence of cardiac & urological diseases, increasing preference for minimal invasive therapy, and increasing geriatric population. Additionally, changing lifestyle and rising healthcare spending have spurred the growth of the market. However, long time for approval, and risk of infection may slow the growth of the market over the review period.
Amongst which, 468,000 people were on dialysis and 193,000 were dwelling with a functioning kidney transplant. Additionally, in line with the Yankee University of Cardiology, in 2013, cardiovascular deaths represented 31% of all global deaths and over 790,000 humans inside the U.S. have coronary heart attacks each year. Growing range of sufferers with cardiac and urological illnesses has boosted the growth of the market. At the college of Chicago remedy, over 70% of fundamental lung resection surgeries are achieved the usage of minimally invasive strategies. These days, human beings are preferring minimum invasive strategies for the remedy. Geriatric people and diabetic sufferers are more at risk of becoming cardiac and urological sicknesses.
Key players in the Global Catheters Market:
Some of the major players in this market are Boston Scientific Corporation, Koninklijke Philips N.V, Abbott, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, LuMend Corporation (US), Covidien AG (Ireland), ACIST Medical Systems (US), and Cook Medical Inc. (US).
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- Cardiovascular catheters segment accounts for the largest share of the global catheters market while urinary catheters segment is projected to grow at a CAGR of 6.52% during the forecast period from 2017-2023
- Hospitals & clinics segment accounts for the largest market share in the global catheters market by end users, this segment is expected to reach USD 22,396.1 in 2023
- Americas market is expected to reach USD 16,638.8 by 2023
Regional analysis of global catheters market:
Considering the global scenario of the market, America dominates the global catheters market owing to the presence of huge population suffering from diabetes, obesity, and cardiovascular diseases. North America holds the largest market share of the American catheters market. According to the report published by Centers for Disease Control and Prevention, in 2015, over 9.3% of the total American population is suffering from diabetes. According to Centers for Disease Control and Prevention, in 2015, over 610,000 people died of heart disease in the US. Additionally, increasing healthcare expenditure, and well-developed technology has fuelled the growth of the market.
Europe is the second largest market for the catheters, which is followed by Asia Pacific. Presence of well-developed healthcare sector, strong government support for research & development and high healthcare expenditure have driven the growth of the Europe catheters market. Regionally, Europe is divided into Germany, France, the U.K., Italy, Spain, and Rest of Western Europe. Germany, the U.K., and France are the major contributor to the Europe market. Well-developed technologies in this countries have played a predominant role in the development of the market in Europe. However, Eastern Europe is the fastest growing region due to the huge opportunities in the untapped market.
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Asia Pacific is also witnessing a rapid growth in this market, which is mainly due to rapidly increasing diabetic & obese population and rising healthcare expenditure. According to the WHO, 60% of world’s total diabetic population lives in Asia Pacific region. Additionally, the presence of rapidly developing economies like India and China will fuel the market growth.
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