Catheter Market Size to Reach Around US$ 78 Billion by 2027

The global catheter market is estimated to grow at a remarkable CAGR of 9.2% over the forecast period 2021 to 2027 and to reach valuation around US$ 78 billion by 2027.

Growth Factors

The global catheters market is primarily driven by the growing number of hospital admissions owing to the surging prevalence of chronic diseases and rapidly growing geriatric population across the globe. The growing efforts by the medium scale catheter manufacturers to gain market share and the increasing investments by the governments towards the research and developmental activities are propelling the growth of the global catheters market.

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The sedentary lifestyle of the consumers is resulting in the growing prevalence of various diseases such as cardiovascular diseases, diabetes, and urological diseases. These diseases are fueling volume of hospital admissions and increasing volume of surgical procedures that significantly drives the demand for the catheters. Furthermore, the frequent use of catheters may result in catheters associated infections. So, the development of the antibacterial catheters by the market players has resulted in the huge demand for the catheters. The antibacterial catheters reduce the risk of any infections by eliminating the microbial colonization and clot formation on the surface of the catheter.

Report Highlights:

• Based on the product, the cardiovascular catheter segment generated the highest revenue in 2019 in the global catheters market. This is attributed to the increased prevalence of cardiovascular diseases across the globe. According to the World Health Organization, around 32% of the global deaths occur due to the cardiovascular diseases. The availability of cardiac specialty hospitals and clinics are significantly contributing towards the growth of the global catheters market. The surging incidences of obesity, unhealthy food habits, and physical inactivity are some of the major causes of that increases the risk of cardiovascular diseases. Therefore, the growing risks of the CVDs is expected to further drive the market growth.

• Based on the distribution channel, the hospital stores segment was the leading segment in 2019. The burgeoning number of hospital admissions and growing adoption of the surgical procedures are the major growth drivers of this segment. The availability of wide and huge stock of medicines and medical devices in the hospital stores and the huge consumption of the catheters by the inpatient medication consumers has fostered the growth of this segment.

• North America was the most dominant catheter market in 2019. The increased prevalence of diseases like cardiovascular diseases, diabetes, and hypertension has boosted the volume of surgical procedures in US. Moreover, the favorable government policies, availability of skilled health professionals, increased consumer awareness, and presence of strong healthcare infrastructure in the region are the most promi9nent factors that has driven the North America Catheters market. The increased healthcare expenditure coupled with the growing geriatric population in the huge market like US has presented a lucrative opportunity to the market players. The technolo9gical advancements and higher demand for the innovative technologies in healthcare sectors has spurred the market growth exponentially.

• Asia Pacific is estimated to grow at a significant rate throughout the forecast period. Increasing personal disposable income, rising healthcare expenditure, growing investments in the development of advanced healthcare infrastructure, and the presence of huge pool of patients in the developing countries like India and China are expected to drive the growth of the catheters market in the region. According to the WHO, the global geriatric population is expected to reach at 2 billion by 2050 and around 80% of them will be living in the low and middle income countries. This presents a growth opportunity as the patients are now increasing adopting surgical procedures for the treatment of various chronic diseases.

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Future of Catheters Market

Advent of new technologies and the innovative product launches are expected to shape the future of the global catheters market. The demand for the advanced technologies in the interventional surgeries is growing rapidly along with the growing need for reducing cost and time, and improving the care services in the healthcare units across the globe. Moreover, the surging demand for the minimally invasive surgeries in the emerging nations is expected to drive the growth of the catheters market in the upcoming future.

COVID-19 Impact Analysis:

• The demand for the catheters witnessed a rapid spike during the pandemic as catheters were extensively used in the hospitals to treat the COVID-19 patients. The COVID19 resulted in an increased number of inpatient admissions that has positively impacted the catheters market.
• The COVID-19 has also resulted in lower general visits and emergency visits pertaining to the cardiovascular diseases, which had a slight negative impact on the catheters market growth.

Key Developments in the Marketplace:

• In April 2020, Bactiguard launched BIP Foley TempSensor, a latest urinary catheter that helps in continuous monitoring of temperature.
• In 2019, Boston Scientific Corporation completed the acquisition of TG Plc, which aimed at expanding the portfolio of Boston Scientific Corporation.

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