Increasing number of surgeries, rising interventional radiology procedures, and surging prevalence of chronic diseases are the key factors that positively impact the growth of the global catheter market. Due to these factors, the market is expected to generate $36.0 billion revenue by 2030, advancing at a CAGR of 8.8% during the forecast period (2020–2030).
Cardiovascular Category to Hold the Largest Market Share
The catheter market is classified into cardiovascular, urological, gastrointestinal, neurovascular, ophthalmic, and others, on the basis of type. Among these, the cardiovascular category is expected to lead the market in coming years. Cardiovascular catheters are being increasingly adopted due to the widespread burden of chronic cardiovascular diseases. However, the urological category is projected to witness the fastest growth during the forecast period, owing to the surging geriatric population and ability of urological catheters to remove toxic fluid from the kidney.
Further, on the basis of end user, the catheter market is categorized into hospitals and ambulatory surgical centers (ASCs), homecare settings, diagnostic centers, and others. The hospitals and ASCs category is expected to hold the largest revenue share during the forecast period. This can be primarily due to the large patient base in hospitals, surge in prevalence of chronic diseases, and advanced patient care and support provided to patients in hospitals and ASCs. Additionally, increasing number of hospitals is also playing a pivotal role in the growth of the market.
Geographically, the catheter market in APAC is expected to witness lucrative growth, owing to the technological advancements in major countries of the region, including, Japan, India, and China. In addition, the regional market is driven by the increasing use of catheters in homecare settings, growing medical tourism industry, market players focusing on strategic development activities, and occurrence of urinary tract infections (UTIs) and urinary incontinence.
Product Launch is the Strongest Strategic Measure Taken by Market Players
Players in the catheter industry are focusing on introducing and commercializing their products to enhance their market presence. For instance, in December 2019, Medtronic plc announced that the United States Food and Drug Administration (USFDA) cleared the Stealth Autoguidesystem for biopsy procedures, stereoelectroencephalography (sEEG) depth electrode placement, and for the positioning of the Visualase bone anchor, which is used for catheter placement.
Similarly, in March 2019, Boston Scientific Corporation announced the launch of its iCross coronary imaging catheter, which is designed to improve the deliverability of the company’s market-leading intravascular ultrasound (IVUS) technology, the iLab ultrasound imaging system.
In addition to product launches, players in the catheter market are also engaged in mergers & acquisitions to expand their consumer base. For instance, in September 2019, ConvaTec Group PLC signed an agreement to purchase the assets of Southlake Medical Supplies Inc., a Texas-based independent provider of catheter-related supplies, in order to make the distinctive services of the company available to more people.
Browse report overview with detailed TOC on "Catheter Market Research Report: By Type (Cardiovascular, Urological, Gastrointestinal, Neurovascular, Ophthalmic), Shape (Pigtail, Judkins Left, Judkins Right, Bypass, Amplatz), End User (Hospitals and Ambulatory Surgical Centers, Homecare Settings, Diagnostic Centers) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/catheter-market-outlook
Some of the major players operating in the global catheter market include Medtronic plc, Stryker Corporation, Nordson Corporation, Johnson & Johnson, AngioDynamics Inc., ADInstruments Ltd., Millar Inc., Transonic Systems Inc., amg International GmbH, SIMEKS Tıbbi Ürünler San. ve Tic. Ltd. Şti., Alvimedica Saglik Ekipmanlari Pazarlama Satis Ve Dagitim A.S., Medinol Ltd., Coloplast A/S, ConvaTec Group PLC, B. Braun Melsungen AG, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Merit Medical Systems Inc., Cook Medical LLC, Edwards Lifesciences Corporation, Smiths Medical, Hollister Incorporated, and Terumo Corporation.