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.
A catheter is a long tube made of medical-grade materials. It serves a variety of purposes, like in 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
The primary factor driving the growth of the global catheter market is the increase in the geriatric population worldwide. The rising focus on minimally invasive procedures over conventional procedures has positively impacted the market, and 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 for the development of 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.
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 the growth of this segment.
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 dominated the global catheters market in 2019 and is expected to continue dominating trends throughout the forecast period. It is attributed to the significant rise in the prevalence of cardiovascular and urological diseases, an increase in the majority of hospital-acquired infections (HAIs), and other lifestyle-induced disorders in this region. The improvement in healthcare facilities due to advancements in technology will ensure that the growth remains intact.
Europe region had the second largest market share in 2019 and is expected to grow at a healthy rate. The increase in the geriatric population and the increase in diseases due to unhealthy lifestyles are the major contributors to market growth.
The Asia Pacific region is projected to have the highest growth rate among all other areas. The increase in population in countries like India and China is the major contributing factor. The rising awareness due to more government initiatives for better healthcare facilities will drive the growth 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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