The size of the global catheters market was valued at USD 15.24 Billion in 2019. This value is forecasted to grow at a CAGR of 8.7% from 2020 to 2025. The catheter market is expected to have significant growth in the coming days due to factors like a surge in lifestyle changes leading to chronic diseases and technological advancements.
A catheter is a long tube made of medical-grade materials. It serves a variety of purposes, such as treating diseases or performing surgical operations. It is also used to pass the urine from the body when the person is incapable of doing so. Catheterization is a procedure performed along with other medical procedures such as angioplasty, cardiac electrophysiology, and neurosurgery.
MARKET DRIVERS:
Y-O-Y increase in the number of surgeries being performed all over the world, along with the Y-O-Y growth in the prevalence of chronic diseases, are majorly driving the development of the global catheters market. Increasing awareness regarding the catheters is likely to enhance the market growth during the forecast period. The growing need for minimally invasive surgeries, the rising aging population, and the increase in the demand for hygienic and expendable catheters are further fuelling the growth of the global catheters market. Growing patient count with cardiac and urological diseases has spurred the demand for catheter utilization in the world. In 2013, cardiovascular deaths illustrated 31% of global deaths, according to the American College of Cardiology.
The secondary factors driving the growth of the global catheter market are the increase in the geriatric population worldwide. People aged 65 years and above are nearly 615million, according to the U.S. Department of Health and Human Services in 2015. The rising focus on minimally invasive procedures over conventional procedures has positively impacted the market. The presence of multi-national manufactures and supportive insurance policies has contributed a lot to the increasing growth rate of the market. Rising cases of urology diseases and diabetes have also increased the growth rate of the market for the future. There are various catheters present in the market, including cardiovascular catheters, neurovascular catheters, urinary catheters, intravenous catheters, and specialty catheters. The rising government initiatives have led to an increase in funding, and even private manufacturers are investing a lot of money for research and development in the catheters market. An increasing number of manufacturers have improved the quality of products and thus contributing positively to market growth.
MARKET RESTRAINTS:
The significant factors that hinder market growth are the increasing requirement of intensive capital to develop advanced devices. The low awareness between people and government has led to a deficiency of this required intensive capital, thus lowering the market growth. Product failures and recalls, and unfavorable taxation policies have also negatively impacted the development of the market. Trade barriers among countries have led to high taxation in some countries and thus reduced the market growth. The risk of infections due to catheter use has also turned up as a major restraining factor for the catheter market.
The necessity for elaborated monetary for the enhancement of advanced devices may restrain the catheters market globally throughout the period. Limited property guarantees, cost competition at domestic levels, and a rise in complications and infections post usage of catheters hinder the growth of catheters globally throughout the forecast period.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Product, Distribution Channel and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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:
Based on the product, the cardiovascular segment dominated the market share in terms of revenue and is expected to grow at a promising rate during the forecast period. It is further sub-segmented into electrophysiology, PTCA Balloon, Intravascular Ultrasound (IVUS), PTA Balloon. PCTA balloon or Percutaneous Transluminal Coronary Angioplasty balloon dominated the segment with over 35%. An increase in cardiovascular diseases due to an unhealthy lifestyle is a significant contributor to this segment's growth.
Urology catheters had the second-largest revenue share in 2019 and are expected to grow at a reasonable rate in the future. The urology segment is further subdivided into Haemodialysis, Peritoneal, Foley, Intermittent, and External. Intermittent sub-segment dominated the segment in terms of value. The main reason for this domination is due to an increase in the geriatric population. The increase in funding for further research and development will also increase the market share.
Intravenous catheters had the third-largest market share in 2019 and are expected to grow at a good pace during the forecast period. The intravenous segment is sub-segmented into Peripheral, Midline Peripheral, and Central Venous. The peripheral sub-segmented dominated the segment in terms of revenue. An increase in government initiatives will further increase the growth rate.
The specialty segment had fourth place in terms of revenue. It is further sub-segmented into Wound/Surgical, Oximetry, Thermodilution, and Intrauterine Insemination (IUI). The wound sub-segment dominated the segment in terms of revenue and the growth rate.
The neurovascular segment had the fifth-largest revenue share in 2019. An increase in awareness and technological advancement will help this sub-segment to grow in the forecast period.
Catheters Market – By Distribution Channel:
Hospitals stores had the largest revenue share in 2019 and are expected to grow at a favorable rate among all other segments. An increase in admittance of patients and superior healthcare facility will ensure that the hospital dominates the segment. The right facilities for surgeries and treatment will ensure that patients who can afford hospitals' costs do not go for other alternatives.
Retail stores are expected to grow at the fastest rate during the forecast period. The main factor responsible for the most rapid growth is the easy accessibility of these stores. The rise in population and the increase in the prevalence of diseases will ensure that the market grows at a reasonable rate. The increasing awareness due to improving medical procedures is also helping the market to grow.
Online stores are also expected to grow at a prominent rate and had the third-largest revenue share in 2019. The growing popularity is the main reason driving the growth rate. The increase in the usage of e-commerce platforms will ensure that the growth remains positive.
Catheters Market – By Region:
Geographically, North America is projected to dominate the global catheter market during the forecast period and accounted for a market share of 44% in 2019. The market is attributed due to acceptable reimbursement policies and mounting the surgeries count. The U.S. is to rule the catheter market due to the Y-O-Y increase in chronic diseases like cardiovascular diseases and increased healthcare costs. Moreover, enhanced healthcare infrastructure and an increase in the assumption of catheters in treating various chronic diseases. Cardiovascular diseases account for nearly 800,000 deaths in the United States, where every 1 in 3 deaths stimulating the growing demand for catheters. Canada followed after the U.S and witnessing rapid growth in the region because of high consciousness in people about urinary dysfunction.
Europe is just behind North America, with significant growth in the catheters market globally. The region is predicted to hold a market share of 31% in the market. The existence of a robust healthcare domain, government assistance for R&D is to impel the growth. Germany, UK, and France are the major contributors to the market growth. Firmly developed technological advancements are the prime factor in enhancing the market in Europe. Germany's catheter market is driven by growing death rates due to CVD, as 38.6% of the German population's total deaths are accounted for CVDs. One thousand two hundred catheter-based therapies are implemented in Southern Germany for cardiac arrhythmias every year, as per the German Heart Center's cardiology department.
Asia-Pacific is anticipated to have the fastest growth among all the global market regions during the forecast period and accounted for a market share of 19.7% in 2019. Factors like the surge in healthcare expenses, the quick surge in diabetes, and obesity propel the market. 60% of the global diabetic population is living in the Asia-Pacific region, according to the World Health Organization (WHO). China is leading the catheters market, and vast numbers of urinary catheters are exported from China. Expanding key players focus on developing new products at low costs to reduce the risk of infections and a large, aimed patient population. India is anticipated to have rapid growth in the region as a result of upgrading discretionary expenses, augmenting perforation of health insurance, expansion of many catheters and their approvals from regulatory authorities for delivering adequate quality devices; and the government has executed few measurements and also private organizations to create awareness among people. Moreover, India draws the attention of vital foreign players due to acceptable laws and less labor cost, which fuels the catheter market growth in the Asia-Pacific region.
Latin America is forecasted to showcase a steady CAGR during the forecast period due to an increase in the amount spent for healthcare, enhancements made in healthcare infrastructure, and growth in advent medical tourism. Brazil is leading the market and is ruling the region.
The catheters market for the Middle East & Africa region is anticipated to hold the least share. Factors like the appearance of developed countries like Qatar, Oman, and Saudi Arabia. Africa is projected to have strong growth due to enormous opportunities for the advancement of the market.
NOTABLE COMPANIES IN THE MARKET:
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.
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