Sellbyville, DE -- (SBWire) -- 05/26/2019 --Catheters Market size is set to exceed USD 73.5 billion by 2024; according to a new research report by Global Market Insights.
Increasing prevalence of cardiovascular disease such as cardiac arrest, cardiac arrhythmia and congestive heart failure worldwide will boost the catheters market growth over the forecast period. As per the American Heart Association (AHA), over 8 million people are estimated to be diagnosed with cardiac failure by 2030. High incidence of cardiac morbidity and mortality will fuel the demand for catheters market. Moreover, lifestyle changes, increase in tobacco smoking and alcohol consumption coupled will escalate the number of people suffering from cardiac diseases. Aforementioned factors will upsurge the catheters market growth during the analysis period.
Technological innovations in catheters leading to development of easy to use and high efficiency catheters will drive the market growth over the forecast timeframe. For instance, in 2017, Abbott launched Advisor FL Circular Mapping Catheter, a sensor enabled catheter, to map cardiac arrhythmias during ablation procedures. Demand for such technologically advanced catheters in treatment of various diseases is increasing globally.
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However, risk of hospital acquired infections due to the use of catheters may impede the catheters market growth over the forecast period. According to Centers for Disease Control and Prevention, in 2017, nearly 75% of total hospital acquired urinary tract infections were related to the use of urinary catheter.
Urology catheters segment is estimated to witness robust CAGR of 10.7% over the analysis period due to increasing prevalence of urological diseases worldwide. Catheters are majorly used in patients that have difficulty in urinating due to various conditions such as blood clots in urine, kidney stone or severe enlargement of prostate gland. Geriatric population base, prone to urological diseases resulting in urinary incontinence, will further increase the demand for urinary catheters.
Hospitals segment dominated the catheters market with USD 15.5 billion revenue in 2017 and is likely to show significant growth over the forecast period. The factors influencing segment growth include increasing prevalence of cardiac and other chronic diseases worldwide. According to Cardiology Department of the German Heart Center, around 1,200 catheter-based therapies for cardiac arrhythmias are performed per year. Furthermore, availability of trained hospital staff as well as growing number of surgeries as well as well-developed healthcare facilities in developed region will augment the segment growth in the coming years.
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U.S. catheters market accounted for the highest revenue of 10.5 billion in 2017 and is expected to show robust growth over the analysis period. The growth is attributable to the highly advanced infrastructure to support catheter based surgeries and high demand for minimally invasive surgical procedures. Moreover, presence of key industry players in the U.S. will positively impact the regional growth during the forecast period.
German catheters market is estimated to witness 11.2% CAGR over the forecast period. Increasing cardiac morbidity and mortality in Germany will serve to be a major positive impact rendering factor in the market growth. According to the World Health Organization, Germany accounted for over 40% deaths due to cardiovascular diseases. Such factors will upsurge the demand for surgeries thereby upsurging the catheters market size in the coming years. Increasing geriatric population base in Germany prone to various chronic diseases coupled with growing number of surgeries will fuel the regional growth over the analysis period.
Some of the dominant industry players operating in catheters market are Abbott Laboratories, Arrow International Inc. (Teleflex Inc.), B. Braun Melsungen, Boston Scientific Corporation, C.R Bard, Coloplast, ConvaTec, Cure Medical, Edwards Life Sciences Corporation, Hollister Incorporated, Johnson & Johnson, Manfred Sauer, Medtronic Inc., Smiths Medical, Stryker Corporation and Wellspect Healthcare. Prominent market players primarily focus on acquisitions, mergers, partnerships and innovative product launches to enhance product portfolio and maintain their market position. For instance, in May 2016, Boston Scientific launched IntellaNav XP and IntellaNav MiFi XP, navigation-enabled ablation catheters to strengthen its product portfolio.
Catheters Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Catheters Market by Product
o Cardiovascular catheters
o Urology catheters
o Intravenous catheters
o Neurovascular catheters
o Specialty catheters
o Others
Catheters Market by End-use
o Hospitals
o Ambulatory Surgical Centers
o Others
The above information is provided for the following regions and countries:
- North America
o U.S.
o Canada
- Europe
o Germany
o UK
o France
o Italy
o Spain
- Asia Pacific
o Japan
o China
o India
o Australia
o South Korea
- Latin America
o Brazil
o Mexico
o Argentina
- Middle East & Africa
o South Africa
o Saudi Arabia
