Catheters Market

Catheters Market Size (2023 to 2028)

The global catheter market size is forecasted to be worth USD 29.37 billion by 2028 from USD 19.35 billion in 2023, growing at a CAGR of 8.7% from 2023 to 2028.

Catheters Market Share Insights:

• Based on the product, the cardiovascular segment led the market in 2022 and is expected to dominate during the forecast period.
• Based on the distribution channel, the hospital segment held a significant share in 2022 and is anticipated to dominate during the forecast period
• The North America Catheters market held the largest share in the global catheters market, and it is expected to be worth USD 8.95 billion by 2027
• The Asia Pacific Catheters market is projected to showcase the fastest CAGR of 10.67% during the forecast period.

Catheters are medical devices used to diagnose and treat various diseases. There are various types of catheters, such as cardiovascular catheters, urinary catheters, Peripheral intravenous catheters, neurovascular catheters, and specialty catheters that are medically inserted into the various openings of the body. Healthcare providers can view and access the human body's internal organs using catheters without invasive surgery. The advantages of catheters in treatment procedures are limitless. For example, catheters are used in diagnostic procedures to measure BP and take blood or urine samples. Catheters are also used in therapeutic procedures to relieve the blockages. In addition, catheterization procedures are affordable, minimally invasive, and less complex.

MARKET DRIVERS:

The growing aging population worldwide is expected to boost the growth rate of the global catheter market.

The incidence of chronic diseases such as CVD and urinary incontinence is high among the aging population, leading to the growing number of catheterization procedures and promoting the growth of the global catheter market. Aged people diagnosed with CVDs and urinary incontinence go through catheterization procedures frequently to diagnose and treat these diseases. With increasing age, people may require long-term care and catheterization frequently. According to the statistics published by the World Health Organization (WHO), the number of people aged 60 is expected to reach 1.4 billion by 2030. According to the data published by the United Nations (UN), an estimated 727 million worldwide aged more than 65 years in 2020. During the forecast period, the increasing aging population worldwide is anticipated to result in a growing need for catheters. 

The increasing number of surgeries being performed worldwide is anticipated to propel the growth rate of the global catheter market.

The growing number of surgeries for heart and urinary incontinence diseases is expected to demand catheters for treatment procedures. For instance, an estimated 3552 heart transplantations were performed in the United States in 2019. According to statista.com, an estimated 377,763 CVD surgeries were performed in the U.S. in 2014. According to a study, an estimated 200,000 surgeries for stress urinary incontinence are recorded annually in the United States. Of these, 95,000 are inpatient procedures, and 105,000 are outpatient procedures.

The growing adoption of technological advancements in manufacturing advanced catheters is expected to boost the market growth worldwide.

Furthermore, increasing healthcare spending is further anticipated to promote the growth rate of the catheter market. According to the U.S. Centers for Medicare & Medicaid Services (CMS), the national health expenditure in the United States is expected to grow from USD 4.1 trillion in 2022 to USD 6.2 Trillion by 2028. Furthermore, the growing number of product approvals and increasing number of R&D activities around developing advanced catheters are propelling the growth rate of the worldwide catheter market. 

MARKET RESTRAINTS:

High costs associated with catheterization procedures are hampering the adoption levels of catheters, eventually negatively impacting the market growth. In addition, the risk of infections and complications associated with catheters is another major factor inhibiting the growth rate of the global catheter market. Furthermore, factors such as stringent regulatory requirements in some countries, unfavorable reimbursement policies, and poor awareness of catheter advantages are hindering the catheter market growth.

Impact of COVID-19 on the global catheters market:

The recent COVID-19 pandemic had a favorable impact on the global catheter market. During the COVID-19 pandemic, the demand for catheters has grown, resulting in the global market's growth rate. During the COVID-19 era, catheters were used in intubation, ventilation, and dialysis for COVID-19 patients. In addition, telemedicine and home healthcare usage increased during the COVID-19 pandemic, promoting the usage of home catheters. On the other hand, the restrictions imposed, such as temporary shutdowns of manufacturing companies, lockdowns, social distancing, and the disruption of supply chain issues, have led to a shortage of catheters and slightly hampered the market's growth rate. However, the market picked up in no time, and the significant participants tried to fill the demand and supply gap, accelerating the market's growth rate immediately. As a result, the global catheter market is anticipated to grow at a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global catheters market has been segmented and sub-segmented based on the product, distribution channel, and region.

Catheters Market – By Product:

• Cardiovascular
• Urology
• Intravenous
• Neurovascular
• Specialty

Based on the product, the cardiovascular segment had the dominating share of the global catheter market in 2022 and continues to hold dominating share of the global market throughout the forecast period. The growing patient count suffering from CVD worldwide is propelling segmental growth. In addition, the increasing adoption of a sedentary lifestyle and physical activity are leading to the growing incidence of cardiovascular diseases among people, which is expected to boost the need for catheters for patients suffering from CVDs and boost the segment's growth rate.

On the other hand, the urology catheters segment accounted for the second most significant share of the worldwide market in 2022 and is expected to grow substantially during the forecast period. The growing prevalence of urinary incontinence is one of the major factors propelling the growth of the urology segment. 

The intravenous catheters segment had the third-largest market share in 2022 and is expected to grow at a notable pace during the forecast period.

Catheters Market – By Distribution Channel:

• Hospital
• Retail Stores
• Others (Online Stores)

Based on the distribution channel, the hospital segment had the largest share in 2022 and is expected to grow at a promising CAGR among all other segments. The growing number of people admitting to hospitals with various diseases and superior healthcare facilities propel segmental growth.

Catheters Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American catheter market is projected to dominate the global market during the forecast period and had 44% of the worldwide market share in 2021. The presence of favorable reimbursement policies in North American countries is one of the key factors propelling the catheter market in North America. As a result, the U.S. catheter market had the largest share of the North American market in 2021, and the domination of the U.S. is estimated to continue throughout the forecast period. In the U.S., the population suffering from diseases such as CVDs and urinary incontinence is growing significantly, which is expected to result in the U.S. market growth. For instance, CVD caused one in every three deaths in the United States in 2021. In addition, the growing healthcare spending in the United States is estimated to favor the market's growth rate in the U.S. Furthermore, the presence of well-advanced healthcare infrastructure and the growing usage of catheters to treat people with chronic diseases are further fuelling the growth of the U.S. catheter market. Canada held a substantial share of the North American market in 2021 and is expected to register a promising CAGR during the forecast period. The growing awareness among the Canadian population regarding urinary diseases and the rising adoption of catheters among healthcare providers in Canada are primarily boosting the Canadian catheter market growth.

During the forecast period, the European catheter market is expected to grow at a noteworthy CAGR and hold 31% of the worldwide market share in 2021. The healthcare system in the European region is experiencing consistent developments and increasing investments to conduct R&D activities around manufacturing practical, and cost-effective catheters are boosting the regional market growth. In addition, the penetration of technological developments in the European medical devices industry favors Europe's market's growth rate. Germany accounted for a significant share of the European market in 2021. CVDs accounted for 38.6% of the total number of deaths in Germany in the recent past, and a considerable German population is suffering from CVDs. Due to this, the market for catheters in Germany is anticipated to grow substantially during the forecast period.

The APAC catheters market is another potential region in the worldwide market and is estimated to progress at the highest CAGR during the forecast period. The growing healthcare spending, increasing disposable income, and the growing population suffering from diabetes and obesity are expected to propel the catheter market growth in the Asia-Pacific region. In addition, more than 60% of the aging population lives in APAC, per the statistics published by the WHO. Therefore, the growing aging population in this region is expected to aid the regional market growth. In 2021, China had the largest share of the APAC market. China is one of the largest exporters of catheters worldwide. The growing focus and R&D of the key market participants to manufacture advanced catheter devices is one of the key factors fuelling the market growth in China. In APAC, India is another promising catheter market and is estimated to showcase a notable pace during the forecast period. The growing investments from the international market players in the Indian region and increasing awareness among people regarding catheters promote the Indian market's growth rate. 

The Latin American catheters market had a substantial share of the worldwide market in 2021 and is expected to grow at a steady CAGR during the forecast period. The growing spending on healthcare, increasing improvements to the healthcare system of Latin America, and rising medical tourism favor the catheter market growth in Latin America. Brazil is predicted to hold a significant share of Latin America in 2021.

The MEA catheters market accounted for a moderate share of the global market in 2021 and is anticipated to grow steadily during the forecast period. 

KEY MARKET PLAYERS:

Key manufacturers leading the global catheters market are Boston Scientific Corporation, Medtronic, Becton, Dickinson and Company, Abbott, B. Braun Melsungen AG, ConvaTec Group PLC, Coloplast Group, Cook Medical, Edwards Lifesciences Corporation, Johnson & Johnson Services, Merit Medical Systems, Stryker Corporation, Terumo Corporation, Teleflex Incorporated, Hollister Incorporated, AMG International GmbH, Simeks Tibbi Ürünler, Alvimedica, Medinol Ltd and Amsino International, Inc.

RECENT DEVELOPMENTS IN THE MARKET:

• In January 2023, Imricor Medical Systems, Inc. announced an MOU with GE Healthcare. This action gives an advantage to Imricor to interface with the GE Healthcare scanners, which is expected to boost the catheter's product portfolio of Imricor. 
• In September 2022, Medtronic finished the acquisition of Affera. Offer is a MedTech company that provides an integrated platform for cardiac arrhythmia patients and catheter manufacturers.
• In July 2022, Stereotaxis submitted its application to get a CE mark for its MAGiC catheter.
• In March 2021, Cardiovascular Systems, Inc. announced purchasing a peripheral support catheter line from WavePoint Medical, LLC.