Catheters Market to Exhibit Productive Growth During the Forecast Period
The global catheter market was valued at US$ 14.6 billion in 2017 and is expected to reach US$ 28.4 billion by 2026. Globally increasing surgical procedures and the high prevalence of cardiovascular diseases (mostly congestive heart failure, cardiac arrhythmia, and cardiac arrest), kidney diseases, and urinary tract infections have significantly boosted the market growth in the current years.
New product launches in the urology, neurovascular, and specialty catheter segments are driving growth in the developed regions. In the product segment, the cardiovascular catheter is expected to lead market growth due to its higher consumption globally. As indicated by the WHO and the American College of Cardiology Foundation, the estimated cost of cardiovascular diseases will be around $1.1 billion by 2030. Moreover, more than 90 million U.S. citizens carry a diagnosis of cardiovascular disease.
The demand for minimally invasive surgeries along with various catheterization procedures (angioplasty, neurosurgery) is increasing in hospital settings. Rising medical tourism for surgery, usage of branded catheters with top applications, and adoption of advanced medical devices, along with favorable reimbursement policies, fuel the demand for the catheter market worldwide. However, the risk of catheter-associated infections, the high cost of surgery, poor quality assurance, and intense price competition in the domestic market, mainly in Latin America and the Asia Pacific, are liable for restraining the overall growth of the catheter market globally.
The Cardiovascular Catheter Product Segment is expected to register higher growth by the end of 2026.
The adoption of a cardiovascular catheter is high compared to others in the product segment. New technology assessment in electrophysiology catheters, PTCA (percutaneous transluminal coronary angioplasty) balloon catheters, and IVUS (intravascular ultrasound) catheters is gaining traction during the forecast period.
The rising prevalence of cardiovascular diseases is attributed to the global demand for cardiovascular catheters remaining the highest among others. According to WHO and the American College of Cardiology estimates, cardiovascular diseases account for around 800,000 deaths in the U.S., and on a global level, they account for more than 30% of all deaths.
In addition, increased applications in coated catheters, percutaneous transluminal angioplasty catheters, intermittent catheters, and integrated catheters are going to spur revenue growth during the forecast period. Additionally, rising demand for disposable and sterile catheters, improvements in reimbursement models, and new technology assessments in catheter technology are a few factors driving the growth of the market.
Increasing Admissions Due to Respiratory Disorders in the Hospital Segment to Witness a Significant CAGR
Rising heart diseases, cardiovascular diseases, cancer, urinary tract infections, and other chronic diseases are noteworthy variables that are predictable for the growth and development of the global catheter market. As per the Centers for Disease Control and Prevention (CDC), around 28 million individuals in the U.S. were diagnosed with heart disease. Also, around 609,640 individuals in the U.S. are expected to die from cancer in 2018, according to data from the American Cancer Society.
Growing demand for microcatheters, specialty catheters, peripheral venous catheters, PTCA balloon catheters, Foley catheters, and dialysis catheter products in hospitals are driving the growth of the market. Growing elderly populations, as well as rising surgical procedures in Europe and the Asia Pacific, are major factors driving the end-user segment growth.
In 2017, the hospital’s segment contributed the maximum revenue share due to the increasing number of government-run and private hospitals. Furthermore, government initiatives to reduce hospital costs support the global catheter market. Additionally, noteworthy developments in ambulatory surgical centers, clinics, and cardiovascular centers have sustained the administration of catheters due to their ease of use, minimally invasive nature, and improved competence. Others in the end-user segment include specialty clinics and cardiovascular centers.
North America has a dominant position due to its rising population, new product launches, and the presence of top players.
According to the WHO, every year, more than 17.5 million individuals die from cardiovascular diseases (CVDs). In 2017, North America generated the largest revenue share in the global catheter market, which can be attributed to the rising prevalence of cardiovascular and kidney disorders, urinary infections, strokes, and heart attacks.
Moreover, increasing minimally invasive surgical procedures and the utilization of branded catheters as a standard of care in hospitals and ambulatory surgical centers are a few factors driving the growth of the market. Other factors contributing to the overall growth of the market include new product launches and the usage of improved materials that have strong biocompatibility. A silicone foil catheter, for example, is preferred due to its long lifespan, which reduces the chances of infection during the procedure.
Major factors contributing to the overall growth include growing awareness about advanced medical technology, increasing hospitalizations, increasing FDA approvals for new products, and the presence of top manufacturers in North America and Europe. However, in lower-income nations such as India, China, Brazil, and South Africa, the availability of advanced medical devices is limited. The lack of trained surgeons, the unsuitability of medical treatment, and the high cost of medical devices are restraining the growth of the market during the forecast period.
The dominance of multinational manufacturers with strong product portfolios in the developed regions
Major players in the catheters market are Teleflex Incorporated, Abbott Laboratories, Johnson & Johnson, B. Braun Melsungen AG, Medtronic plc., Cook Group, Becton Dickinson and Company, C. R. Bard, Inc., Boston Scientific Corporation, Integer Holdings Corporation, Hollister, Inc., Coloplast A/S, and others.
Top enterprises are executing growth strategies along with new technology development in catheter models, new product launches, mergers and acquisitions, and partnerships with medical technology organizations. For example, in January 2017, Abbott Laboratories acquired St. Jude Medical (a medical device manufacturer) for around $23.5 billion. In January 2018, Surmodics, Inc. received approval for a coronary/peripheral support microcatheter from the U.S. FDA.
Periods of History and Forecast
This study report includes an analysis for each segment from 2016 to 2026, with 2017 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2018 to 2026.
Report Scope by Segments
The current report also includes qualitative and quantitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to provide a better understanding of the catheter market as a whole. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
- What are the current market trends and dynamics in the catheter market, and what are the valuable opportunities for emerging players?
- What is the market positioning of the major market players?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type holds a larger market share and why?
- What is the impact of high prices on the catheter market?
- Are low- and middle-income economies investing in the catheter market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?