Market Research Future (MRFR) Has Launched a New Report on the Global Catheters Market to provide readers with a clear view of the market’s likely growth trajectory over the coming years. The report utilizes historical trends of the Global Catheters Market and present statistics to derive an accurate projection of the market’s growth trajectory in the coming years.
Catheters Market – Overview
Global Catheters Market is expected to grow at a CAGR of 6.14% during the forecast period 2017-2023. 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. To increase the market demand, many manufacturers are trying to introduce the new and advanced types of catheters.
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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.
Global Catheters Market – Top Players:
The fervent players leading the global catheters market include Koninklijke Philips N.V, Boston Scientific Corporation, Abbott, Medtronic plc, Becton, B. Braun Melsungen AG, Dickinson and Company, LuMend Corporation (US), Terumo Corporation, Covidien AG (Ireland), Cook Medical Inc. (US), and ACIST Medical Systems (US).
Global Catheters Market – Segmentation
The global catheters market has been segmented on the basis of types and end users.
On the basis of the types, the market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters, and others.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others.
November 27, 2018 – Junkosha Inc. (US), a leading global cable manufacturer announced the developments in its efforts to improve the design of medical cables used in catheters, to enable them to be made thinner and more flexible yet be able to carry more data. Existing catheters use twisted pair coaxial constructs to support signals along the device. The company has developed a technology, called Multi-Channel Transmission (MCT), which the company hopes can replace existing twisted-pair coaxial and Flexible Printed Circuit (FPC) technology.
This technology has driven advances in catheter design and facilitated the delivery of many essential interventional, intervascular diagnostics and therapies. Junkosha is banking that the technology will enable new data-rich signals to be utilized in therapies including Intracardiac Echocardiogram, Ultrasound Endoscopy and Intervascular Ultrasound (IVUS).
Global Catheters Market – Regional Analysis
Globally, North America accounts for the leading market for catheters possessing the largest market share, followed by the European and Asia Pacific region, respectively. Factors fostering market growth include the increasing number of surgeries and cases of diseases like cardiovascular, neurovascular, and urology.
Furthermore, the market growth in the North American region is fostered by the factors such as the strong economic conditions, huge developments in the healthcare domain, and focus of research institutions on updating technology for new and advanced treatment methods.
Moreover, the presence of a well-proliferated healthcare sector and the leading market players alongside the availability of skilled healthcare professional fosters the growth of the market. Continuing with the same growth trends, the catheters market in the region will retain its hegemony throughout the review period.
The European region accounting for the world’s second-largest market for catheters follows the North American market closely. The market here is fostered by the resurging economic conditions that are increasing the per capita healthcare expenses and the well-penetrated healthcare sector in the region. Huge market growth in countries like the UK, Germany & France drives the growth of the regional market on a large scale.
Furthermore, the increasing competition among key players, increasing patient population, and amendments in reimbursement of healthcare policies are expected to foster the market growth in the European region.
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