Catheter Market Size is projected to reach USD 88 Billion by 2030, growing at a CAGR of 6.8%: Straits Research

New York, United States, June 27, 2022 (GLOBE NEWSWIRE) — Medical catheters are devices that can be injected into a body cavity, vessel, or duct to give fluids, medicines, or gases or drain fluids or urine. Additionally, catheters can accomplish all of these roles concurrently. There are numerous types of catheters available, including intravenous catheters, urine catheters, and chest drainage tubes. It is possible to operate catheters to drain pus and fluid from cavities. For example, they may be used to aspirate pus from an abscess in the abdomen. Typically, catheters are utilized to provide fluids and drugs intravenously.

There are numerous types of catheters, including those developed for cardiovascular, neurovascular, urological, and specialized uses. When constant bladder drainage is required, catheters are normally needed for a short amount of time, such as a few weeks or months. However, in other cases, they are necessary for longer durations. The rise of the market has been primarily driven by the rising prevalence of hospitalization-causing chronic illnesses.
In addition, the market is predicted to expand during the forecast period as a result of an increased propensity among midsize catheter manufacturers to acquire a greater market share and an increase in government financing for research and development activities. Both of these variables will undoubtedly contribute to the expansion of the global catheter market.

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Growing Demand for Antimicrobial Catheters and Rise in the Prevalence of Cardiovascular, Neurology, and Urology Disorders to Drive the Market of Catheters

Elective surgeries under general anesthesia require catheterization. Frequent catheter use can result in urinary tract infections caused by catheters, known as catheter-associated urinary tract infections (CAUTIs), and bloodstream infections caused by central lines, known as CLABSIs (CLABSIs). Chronically ill patients typically have a compromised immune system and are hospitalized for extended periods. Since catheters are routinely inserted into their blood vessels, their risk of contracting an infection is significantly increased. To reduce the risk of thrombosis and infections associated with catheter use, many companies are focusing their efforts on the development of antimicrobial catheters.

Furthermore, factors such as insufficient physical activity, excessive alcohol consumption, smoking, obesity, and dietary inconsistencies give rise to cardiovascular and neurovascular diseases. As these diseases become more prevalent, more individuals will need to use catheters, which is expected to increase demand over the forecast period. Additionally, end-stage renal disease is associated with high hospitalization rates and substantial costs due to the frequent use of dialysis catheters required for its treatment. It is anticipated that rising hospitalization rates attributable to a rise in the prevalence of chronic disorders will increase catheter adoption, thereby driving the market growth.

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Regional Insights

North America acquires the largest share and is expected to grow at a CAGR of 6.5% by 2030. The North American market for catheters and medical supplies is the most developed. The rising prevalence of chronic disorders, supportive government policies, growing awareness, the availability of qualified, skilled physicians, and well-established healthcare facilities all contribute to regional growth. In addition, expanding private research funding for research and development activities of innovative devices positively influences the market expansion in this region.

An increase in lifestyle-related chronic diseases and well-established healthcare infrastructure are additional factors driving market expansion. Moreover, an increment in the number of patients undergoing surgical procedures and a heightened awareness of minimally invasive procedures is also responsible for the market expansion in North America. The presence of a well-established regulatory framework also positively influences the expansion of the catheter market. Through Health Canada’s Special Access Program, the Canada Revenue Agency (CRA) offers tax deductions for catheters.

Europe is expected to be the second-largest region, expanding at a CAGR of 6.9% to reach USD 26,312 million by 2030. Due to an increase in the number of catheter-offering medical equipment companies in Europe, the continent’s robust healthcare system has shifted from in-patient to out-patient care. The rising geriatric population in search of better healthcare facilities and increasing patient interest in minimally invasive procedures are expected to significantly impact market growth. The rapidly expanding elderly population with chronic conditions such as incontinence, peripheral vascular disease, and cardiac issues and the European population’s reliance on government-funded healthcare services are anticipated to positively influence the growth of the catheters market in this region.

Favorable government policies issued by the National Institute for Health and Care Excellence will facilitate catheter device accessibility. In February of 2020, for instance, the United Kingdom introduced a bill titled “Medicines and Medical Device 2019-20” to revise its regulatory framework for clinical trials, medical devices, and human and veterinary medicines. However, a lack of awareness may hinder the expansion of the market.

Asia-Pacific is the fastest-growing region. This is attributable to the prevalence of kidney and cardiovascular diseases, improved medical facilities, and the availability of insurance policies. China and India are the major growth engines in Asia-Pacific, while Japan’s population is rapidly aging. In addition, China and India are anticipated to experience the most rapid growth during the forecast period. However, shortages of nephrologists and cardiac surgeons may hinder market expansion.

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Key Highlights

• The global catheter market was worth USD 48 billion in 2021. It is estimated to reach USD 88 billion by 2030, growing at a CAGR of 6.8% during the forecast period (2022–2030).
• Based on the product, the global catheter market has been classified into Cardiovascular Catheters, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, and Specialty Catheters. Cardiovascular Catheters are expected to dominate the market, growing at a CAGR of 6.9% by 2030.
• Based on end-user, the global catheter market has been classified into Hospital Stores, Retail Stores, and Others. Hospital Stores will command the largest market share during the forecast period, growing at a CAGR of 6.7%.
• Based on region, the global catheter market has been segmented across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America holds dominion over other regions.

Competitive Players in the Market

Key players in the market of catheters are

• Medtronic
• Convatec Corporation
• Smiths Medical Inc.
• Boston Scientific Corporation
• Coloplast Corporation
• Edwards Lifesciences Corporation

Global Catheter Market: Segmentation

By Product

• Cardiovascular Catheters
• Urology Catheters
• Intravenous Catheters
• Neurovascular Catheters
• Speciality Catheters

By End-User

• Hospital Stores
• Retail Stores
• Others

By Regions

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

TABLE OF CONTENT

1          Introduction
1.1      Market Definition
1.2      Market Scope
2          Research Methodology
2.1      Primary Research
2.2      Research Methodology
2.3      Assumptions & Exclusions
2.4      Secondary Data Sources
3          Executive Summary
4          Market Overview
4.1      Report Segmentation & Scope
4.2      Value Chain Analysis: Catheter Market
4.2.1  Vendor Matrix
4.3      Key Market Trends
4.3.1  Drivers
4.3.2  Restraints
4.3.3  Opportunities
4.4      Porter’s Five Forces Analysis
4.4.1  Bargaining Power of Suppliers
4.4.2  Bargaining Power of Buyers
4.4.3  Threat of Substitution
4.4.4  Threat of New Entrants
4.4.5  Competitive Rivalry
4.5      Environment & Regulatory Landscape
4.6      Forecast Factors & Relevance of Impact
4.7      Macro-Economic & Geopolitical Scenario
4.8      Parent Market Overview
4.9      Technology Landscape
4.10   Market Share Analysis
4.11   Potential Venture Analysis
4.12   Regional Price Trends
4.13   Raw Material Trends
4.14   Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15   Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1        North America
4.15.4.2        Europe
4.15.4.3        Asia-Pacific
4.15.4.4        Central and South America and the Caribbean
4.15.4.5        The Middle East and Africa
5               Product Overview
5.1      Introduction
5.1.1  Market Size & Forecast (Value & Volume)
5.2      Cardiovascular Catheters
5.2.1  Market Size & Forecast (Value & Volume)
5.3      Urology Catheters
5.3.1  Market Size & Forecast (Value & Volume)
5.4      Intravenous Catheters
5.4.1  Market Size & Forecast (Value & Volume)
5.5      Neurovascular Catheters
5.5.1  Market Size & Forecast (Value & Volume)
5.6      Speciality Catheters
5.6.1  Market Size & Forecast (Value & Volume)
6               End User Overview
6.1      Introduction
6.1.1  Market Size & Forecast (Value & Volume)
6.2      Hospital Stores
6.2.1  Market Size & Forecast (Value & Volume)
6.3      Retail Stores
6.3.1  Market Size & Forecast (Value & Volume)
6.4      Others
6.4.1  Market Size & Forecast (Value & Volume)
7             Regional Overview
7.1      Introduction
7.1.1  Market Size & Forecast (Value & Volume)
7.2      North America
7.2.1  Economic Overview
7.2.2  Market Scenario
7.2.3  U.S.
7.2.4  Canada
7.2.5  Mexico
7.3      Central and South America and the Caribbean
7.3.1  Economic Overview
7.3.2  Market Scenario
7.3.3  Brazil
7.3.4  Argentina
7.3.5  Colombia
7.3.6  Rest of Central and South America and the Caribbean
7.4      Europe
7.4.1  Economic Overview
7.4.2  Market Scenario
7.4.3  Germany
7.4.4  France
7.4.5  The U.K.
7.4.6  Italy
7.4.7  The Rest Of Europe
7.5      Asia-Pacific (APAC)
7.5.1  Economic Overview
7.5.2  Market Scenario
7.5.3  China
7.5.4  Japan
7.5.5  India
7.5.6  Australia
7.5.7  South Korea
7.5.8  Rest Of APAC
7.6      Middle East
7.6.1  Economic Overview
7.6.2  Market Scenario
7.6.3  South Arabia
7.6.4  The UAE
7.6.5  Qatar
7.6.6  Oman
7.6.7  Turkey
7.6.8  The Rest Of Middle East
7.7      Africa
7.7.1  Economic Overview
7.7.2  Market Scenario
7.7.3  Nigeria
7.7.4  South Africa
7.7.5  The Rest Of Africa
8          Competitive Landscape — Manufacturers & Suppliers
8.1      Competition Dashboard
8.2      Industry Structure
8.3      Medtronic
8.3.1  Business Overview
8.3.2  Financial Performance
8.3.3  Recent Developments
8.3.4  Portfolio
8.4      Convatec Corporation
8.5      Smiths Medical, Inc.
8.6      Boston Scientific Corporation
8.7      Coloplast Corporation
8.8      Edwards Lifesciences Corporation
9          Conclusion & Recommendation
10       Acronyms & Abbreviations

Read the full Report Description with Table of Content and Figure @ https://straitsresearch.com/report/catheter-market/toc 

Market News

• In 2022, Medtronic announced the approval from Japan’s Ministry of Health, Labor and Welfare for the sale and reimbursement of the Micraä AV Transcatheter Pacing System.
• In 2022, Convatec Corporation announced the acquisition of Triad Life Sciences Inc.
• In 2022, Boston Scientific Corporation received clearance from FDA for EMBOLDä Fibered Detachable Coil.
• In 2022, Medtronic received approval from FDA for the Onyx Frontierä drug-eluting stent.

News Media

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Increasing Prevalence of Chronic Disorders to Drive the Demand for Surgical Retractors Market

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