Global Catheters Market Size & CAGR (2021 to 2026)
As per our report, the global catheter market size was valued at USD 3.97 billion for 2021 and is poised to reach USD 5.67 billion by the end of 2026, growing at a 7.37 % CAGR during the forecast period.
Impact of COVID-19 on the global catheters market:
COVID-19 disease has made a big impact on healthcare systems around the world. However, it presents huge obstacles because it affects all of us – physicians, healthcare systems, patients, and the general public.
COVID-19 levels were significantly higher in patients with pre-existing CVDs and those who had a cardiac injury due to COVID-19. COVID-19 is also aimed at people with kidney disease, have had kidney transplants or are at risk of developing kidney disease. In addition, changes in CCL staffing logistics resulted in relocation, furloughs, layoffs, and reduced work hours, all of which had financial and emotional implications.
Due to the overwhelming demand for medical personnel, hospital beds, and associated medical facilities, particularly the ICU, our healthcare system has become necessary, with implications for all medical specialties.
Respondents stated that diagnostic angiography or left/right heart catheterization was not affected, while those affected reported a complete cessation of these activities. With widespread reports of decreased cardiac procedures, including MI presentations to hospitals, the study aimed to analyze local data collected during a 10-week lockdown in a tertiary cardiac center Catheter Laboratory worldwide.
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KEY DRIVING FACTORS:
The rise in the demand for sterile and disposable catheters is the key driving factor for the global catheters market.
The world’s medical devices are constantly evolving novel and life-saving therapies. There are many different types of catheters on the market, and the choice will be based on the needs – whether short-term or long-term. For example, in patients with neurogenic bladder on intermittent catheterization, using a new, sterile catheter for each void did not reduce the high frequency of bacteriuria.
However, most healthcare professionals recommend disposable catheters over sterile catheters for health reasons. Intermittent catheterization (IC) and self-catheterization (ISC) are now regarded as the preferred treatment options for neurogenic lower urinary tract (LUT) dysfunction. Next-generation catheters will influence future catheter design trends.
An increase in the prevalence of chronic diseases and the geriatric population is growing globally are further expected to accelerate the growth rate of the global catheters market.
According to WHO, in 2019, an estimated 17.9 million people died from CVDs, accounting for 32% of all global deaths. Kidney disease is expected to affect 37 million people in the United States by 2020. Chronic kidney disease affects 10% of the global population, and millions die each year.
Globally, approximately 26% of the world’s population is under the age of 15, with only 9% over 65. The global population of 60 and up is predicted to rise to 2 billion by 2050, up from 900 million in 2015.
There is a growing emphasis on minimally invasive surgical procedures, which is expected to boost the market’s growth rate.
Surgeons have rapidly adopted minimally invasive surgical (MIS) techniques for a wide range of applications. The majority of traditional abdominal colon and rectal procedures can be done with minimally invasive techniques. The total number of surgical procedures performed worldwide is estimated to be 234.2 million per year.
However, with insufficient quality assurance and price competition at the domestic level, the risk of infection associated with the use of catheters has been identified. The catheter market is hampered by product recalls, unfavorable taxation policies, and trade barriers. Lack of professionalism. UTI, urethral trauma and bleeding, urethritis, fistula, bladder stones, bladder cancer, and allergy are all possible complications of catheterization.
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KEY MARKET INSIGHTS:
- Based on type, the cardiovascular category segment held the largest share of the catheter market in 2020.
- Based on application, in 2020, the cardiology segment contributed the most revenue to the catheter market.
- North America was the world’s largest user of catheters in 2020. Because of the high prevalence of chronic diseases and high healthcare spending. During the forecast period, the North American regional market is estimated to continue its dominance in the global market. At the same time, the European region is forecasted to account for a substantial share in the global market, and APAC is projected to showcase the fastest growth rate.
- The medical device market will advance in the future, and the R&D team is designing innovative devices. Abbott Laboratories, Boston Scientific, BD, B. Braun, Stryker Corporation, Johnson & Johnson, Medtronic, Inc., Teleflex Incorporated. These are some of the leading companies in the catheter market. As a result, a more widely used CIC therapy is rising in the future. Western economies with good medical infrastructure currently dominate the global market for urinary catheters, but emerging economies in Asia-Pacific, Eastern Europe & Latin America are increasing their market share.
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RECENT MARKET DEVELOPMENTS:
- In Apr 2021, Medtronic’s EmprintTM Ablation Catheter Kit has received FDA Breakthrough Designation.
- In Apr 2021, BD The PristineTM Long-Term Hemodialysis Catheter has received 510(k) clearance from the FDA.
- In Jan 2017, Abbott completed the acquisition of St. Jude Medical, establishing the company as a market leader in medical devices.
SEGMENTS COVERED IN THIS REPORT:
By Distribution Channel:
- Hospital Stores
- Retail Stores
- Others (online Stores)
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Boston Scientific Corporation
- Braun Melsungen AG
- ConvaTec Group PLC
- Coloplast Group
- Cook Medical
- Edwards Lifesciences Corporation
- Johnson & Johnson Services
- Merit Medical Systems
- Stryker Corporation
- Terumo Corporation
- Teleflex Incorporated
- Hollister Incorporated
- AMG International GmbH
- Simeks Tibbi Ürünler
- Medinol Ltd
- Amsino International, Inc.
BROWSE RELATED REPORTS:
- U.S. Catheters Market
- Europe Catheters Market
- APAC Catheters Market
- Latin America Catheters Market
- MEA Catheters Market
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