Published Date : 01 Jun 2022
The global catheter market size is projected to reach around US$ 36.7 billion by 2030 and it is expected to grow at a CAGR of 8.54% from 2022 to 2030, pertaining to the advanced technology used in manufacturing and development of advanced catheter for interventional surgeries. The major industry players are focusing on developing precise, cost-effective catheters and efficient catheters that would help in the growth of the catheter market. They will help in cutting off the time required for hemostasis and reduce the blood loss after the interventional surgeries. As there is a rise in the patients suffering from the chronic diseases, the use of catheters is anticipated to drive the market growth during the forecast. The growing geriatric population prevalence of cardiovascular illnesses have increased the demand for technologically advanced products related to the interventional procedures.
The North American market has dominated the catheters market till 2021 and the factors are the rising prevalence of chronic disorders, increasing awareness and availability of high skilled physicians, support from government policies. The well-established health care facilities have also promoted the growth of this market. Constant R&D of innovative devices are influencing the market growth in the North American region. Asia Pacific market is also expected to witness a good growth during the forecast period as there is a growth in the disposable income presence of large untapped opportunities in emerging economies and rising healthcare expenditure. In the nations like China and India, a large patient pool is suffering from various cardiovascular and kidney problems. It's a lead to a substantial market growth in this region. Product launches and approvals innovations in the field and favorable government policies are expected to further boost the market growth in the Asia Pacific region.
Scope of the Report
|Market Size in 2021||USD 17.55 Billion|
|Revenue Forecast by 2030||USD 36.7 Billion|
|CAGR||8.54% from 2022 to 2030|
|Compabnies Covered||B. Braun Melsungen AG, Coloplast A/S, Hollister Incorporated, Teleflex Incorporation, Bard, Medtronic plc, ConvaTec Group plc, Cook Group, Abbott Laboratories, and Boston Scientific Corporation|
An increase in the geriatric population in the developed as well as the developing nations is expected to stimulate the market size. The prevalence of chronic diseases such as the aortic disease and other urethral diseases etc are expected to propel the market growth. The number of people aged 60 and above is expected to rise to 1.4 billion by the year 2050. Competitors are emphasizing on partnerships collaboration and product launches in order to have a significant market position.
Various complications associated with the catheterization and availability of the alternatives is a major restraint in the growth of the market. Catheterization is a painful process. The insertion and removal of a poorly lubricated catheter can cause friction which is a very painful thing for the patients. It could lead to the narrowing of the urethra. It could lead to infections and bleeding. Special care is required in order to prevent any urinary tract infections. As many other alternatives are in place for the treatment of temporary incontinence, the use of catheters could be limited.
In the emerging economies like China, India, South Korea, Mexico and Brazil, growth opportunities are provided for the major market players. Due to low regulatory barriers and improvements in the healthcare infrastructure these markets are expected to grow with an increasing patient population and rising health care expenditure by public and private sectors in these regions. As an increased competition in the developed nations it is drawing the attention of the market players in the emerging countries.
There are increasing incidences of urinary track infections which are associated with the catheters. It is becoming a major challenge for the group of the catheters market. The catheters could create diseases, blockages and bladder spasm which pose another challenge for the growth of the market.
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