Catheters are medical devices inserted in the body to treat diseases or perform surgery. They help drain urine, deliver medications or fluids, relieve blockages and perform dialysis.
The global Catheters Market is estimated to be valued at US$ 54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increased prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes and chronic kidney disease has been a major driver for the catheters market. These chronic conditions require long-term care and treatment regimens, driving demand for catheters to deliver drugs and fluids in the body. Developing regions in Asia Pacific and Latin America are witnessing a rise in chronic diseases due to lifestyle changes and lack of preventive healthcare. This has propelled the need for catheters for long-term care in these areas, thus boosting market growth.
Segment Analysis
The catheters market can be segmented into cardiovascular, urology, neurovascular, intravenous, specialty and others. The cardiovascular segment currently dominates the market, accounting for over 30% share. Cardiovascular disorders are the leading cause of mortality worldwide and catheters are widely used in various cardiology procedures such as angiography and angioplasty. Within this segment, electrophysiology catheters are seeing highest growth owing to rising cases of arrhythmias and increasing adoption of catheter ablation for treatment.
PEST Analysis
Political: Regulations around medical devices are becoming more stringent. Adherence to ISO and FDA norms is must for manufacturers.
Economic: Rising healthcare spending across globe is driving the market. Growing middle class in emerging nations also augurs well.
Social: Aging population and lifestyle diseases have increased demand for minimally invasive surgeries using catheters.
Technological: Advancements in materials like polymer engineering and GUID technologies are enhancing functionality of catheters. Single operator devices and biodegradable catheters are new opportunities.
Key Takeaways
The global catheters market is expected to witness high growth. The global Catheters Market is estimated to be valued at US$ 54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
The North America region currently dominates due to presence of advanced healthcare infrastructure and growing adoption of minimally invasive surgeries. However, Asia Pacific region is expected to grow at fastest pace due to rising medical tourism, healthcare reforms and growing economies.
Regional analysis related content comprises
Key players operating in the catheters market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. Medtronic, Boston Scientific and Smith & Nephew dominate the global market with their wide product portfolio and geographical presence.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it