According to the latest report from Reports and Data, the global Catheter Market is projected to achieve a size of USD 43.63 Billion by 2032, with a consistent annual revenue growth rate of 8.7% throughout the forecast period. This growth is primarily attributed to the increasing prevalence of chronic conditions, such as cancer, Urinary Tract Infections (UTI), neurological disorders, and cardiovascular diseases worldwide.
Catheters, which are medical devices utilized for treating various illnesses and conducting surgical procedures within the body, are designed for specialized applications, including ophthalmic, Gastrointestinal (GI), neurovascular, urological, and cardiovascular procedures. The escalating demand for catheters is being propelled by recent technological advancements that have led to more sophisticated equipment and procedures.
For instance, on April 13, 2022, researchers from the Massachusetts Institute of Technology’s Lincoln Laboratory unveiled an ultrasound tool guided by Artificial Intelligence (AI), which assists healthcare professionals in rapidly inserting a catheter at the site of injury. This groundbreaking innovation enhances life-saving techniques during critical situations like acute internal bleeding. Additionally, the growing preference for less painful minimally invasive treatment methods and the increasing incidence of cardiovascular diseases are additional significant factors contributing to the market’s revenue growth.
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As per the researchers, their AI-Guided Ultrasound Interventions Device (AI-GUIDE) represents a portable platform technology that has the potential to aid medical practitioners in efficiently inserting a catheter into a common femoral vessel, enabling immediate on-site treatment.
Key players in the Catheter Market:
- Abbott
- Teleflex Incorporated
- Medtronic
- Johnson & Johnson Services, Inc.
- Boston Scientific Corporation
- Edward Lifesciences Corporation
- Terumo Corporation
- Convatec Group PLC
- Stryker
- Hollister Incorporated
Some Key Highlights in the Report:
- The global catheter market in 2022 saw a substantial revenue share attributed to the cardiovascular catheters segment, primarily because of the increasing utilization of electrophysiological procedures. Specialized Millar Mikro-Tip Catheters have found application in electrophysiological research and are compatible with appropriate stimulators and amplifiers. Depending on the stimulator/amplifier characteristics, pacing and recording methods can be employed for assessing the electrical attributes of the atrium and ventricle from within the heart (intracardiac) or via the esophagus (transesophageal). The recent consolidation of various technology corporations has led to the production and distribution of technologically advanced products, resulting in a more customer-centric product supply chain. These are among the key factors propelling revenue growth in this particular segment.
- In the global catheter market, the hospitals segment is anticipated to exhibit a consistently high growth rate in revenue during the forecast period. Numerous hospitals offer a range of catheters to meet the increasing demands of diverse patients. Urinary catheters are valuable for hospital patients requiring urine flow management and surgical preparation. Presently, hospitals and medical professionals are increasingly adopting advanced vascular catheters for intricate interventional procedures, which enhances patient safety, reduces postoperative bleeding complications, and improves post-surgical care. Consequently, patients are increasingly choosing hospitals, contributing to the greater utilization of catheter devices. Examples of such hospitals include Fortis Hospital and Colombia Asia Hospital, which provide catheterization procedures.
- North America dominated the global catheter market in terms of revenue in 2022. This can be attributed to the growing governmental approvals for new products in this region. As an illustration, on February 2, 2023, the FlexAbility Ablation Catheter, Sensor Enabled (SE), obtained approval from the Food and Drug Administration (FDA) for a significant indication. This flexible tip catheter assists medical professionals in detecting abnormal signals and administering therapy for the treatment of Ventricular Tachycardia (VT) in patients with Non-Ischemic Cardiomyopathy (NICM). VT is associated with a rapid heartbeat that, if left untreated, can lead to cardiac arrest. These factors are driving the growth of market revenue in this geographical region.
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For the purpose of this report, Reports and Data has segmented the catheter market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019–2032)
-
- Cardiovascular Catheters
- Urological Catheters
- Intravenous Catheters
- Neurovascular Catheters
- Specialty Catheters
End-use Outlook (Revenue, USD Billion; 2019–2032)
- Hospitals
- Long- term Care Facilities
- Diagnostic Imaging Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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