According to a new report published by Polaris Market Research, the global catheters market is anticipated to reach US$56.5 billion by 2025. In 2017, by product type, the cardiovascular catheter segment captures the largest market shares in terms of revenue and hold major share in the market. Regionally, North America accounted for the major share in the catheter market.
Catheters are thin tubes made up of plastic, nylon, polyvinyl chloride (PVC), and silicon rubber. Catheters are majorly used in catheterization while surgical procedures like angioplasty, and neurosurgery. The catheters market is primarily driven by continuous growth in the population suffering from cardiovascular disorders and diabetes. Presently, various countries showed the growth in the number of patients suffering from hypertension and diabetes which is braced by factors such as smoking, drinking and sedentary lifestyle of the population. In addition, favourable reimbursement policies, increasing demand for minimal invasive surgeries, and technologically advanced catheter with high effectiveness by its use would spur the global catheter market during the forecast period. on other hand, the wide application of catheter in various surgeries such as angioplasty would also push this market. The reimbursements by the Medicaid programme that provide approximately 100 catheters per month to add the growth of catheter market in the future.
Cardiovascular catheter market
Cardiovascular catheters hold a major share in the global catheter market. The cardiovascular catheter market is further segmented as PTCA balloon catheters, IVUS catheters, PTA balloon catheters, electrophysiological catheters, and others. The growth of cardiovascular catheters is majorly driven by the increasing incidences of cardiovascular diseases supporting the growth of cardiovascular interventional procedures. While a urological catheter holds the second largest segment with the largest revenue. The factors contributing to the growth of the urological market are continuous technological advancements and increasing prevalence of urological diseases in the coming year.
Geographically, North America holds a dominating position in the global catheter market followed by Europe and the Asia Pacific. The growth in the North America catheter market is driven by the presence of refined health infrastructure, the high volume of catheterization in medical procedures, high healthcare expenditure by the individuals, and high level of patient awareness about the use catheters. Whereas the Asia Pacific is expected to reach remarkable growth owing to the increased penetration rate of these devices in the developing countries, growing technological advancements pertaining the development of new-catheter devices, and improving healthcare expenditure would influence the catheter market in the Asia Pacific during the forecast period.
The leading companies operating in this industry include Johnson & Johnson Inc., Abbott Laboratories, Becton, Dickson and Company, B. Braun Melsungen AG., Medtronic plc., Boston Scientific Corporation, Cook Group Incorporated, Teleflex Incorporated, Cardinal Health Inc., Smiths Medical, Arrow International Inc., Edward Life Science Corporation, and Coloplast.
Key findings from the study suggest products available in the market are continuously concentrating on the technological advancements that will reduce the side effects caused by the use of catheters. The leading companies while developing new products considers factors such as increasing disposable income and untapped market potential. North America is presumed to dominate the global catheter market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.