OTTAWA, Jan. 04, 2021 (GLOBE NEWSWIRE) -- The global catheter market size was valued around USD 35.13 billion in 2019 and is expected to garner growth at a CAGR of 9.2% during the forecast period 2020 to 2027.
Catheter is a hollow thin tube implanted inside human body for curative and diagnostic purpose. It is passed into the bladder to drain the urine. Catheter is made of silicone rubber, plastic, polymers, polyurethane and nylon and available in various lengths such as pediatric, regular and female length. The process of inserting catheter is known as catheterization. The catheterization procedure is followed for various incontinence diseases and it provides permanent or temporary solution to the problem. Catheterization process performed along with the other medical procedures such as cardiac electrophysiology, angioplasty, and neurosurgery in which catheters are used. Various catheters are available in the market such as urinary catheter, neurovascular catheter, cardiovascular catheter, specialty catheters and intravenous catheters. Owing to rapid prevalence of cardiovascular diseases the cardiovascular catheter is widely used across various regions of the world.
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Growth Factors
Rising pervasiveness of chronic disorders led augmented number of surgeries thereby creating demand for different kinds of catheters. Increasing product awareness will further fuel the market growth. Changing lifestyle leads increasing occurrences of diabetes cases, cardiovascular and urology disorder and chronic irreversible renal diseases which results in upsurge in the number of surgeries. This will substantially increase the demand for catheter across the world. Further, increasing demand for cardiovascular as well as intravenous products accelerates the global catheter market. Growing preference for minimal invasive surgery drives the catheter market significantly. The major driving factor is the noteworthy market share gained by midscale manufacturers across the globe. The medium scale catheter manufacturer is anticipated to hold the highest share in the market. Increasing funding by government and major players in healthcare for the research and development will lift the growth of the catheter market. The restraining factor of the catheter market is increasing risk associated with the use of catheter which may cause the infection. Moreover, the emergence of antimicrobial catheter due to advancement in technology as well as miniature products reduces the risk of infections. Also technologically advanced cardiac catheterization process focuses on reducing the risk associated with the catheter. Moreover, increasing reimbursement policies and continuous advances in the catheter technology will create better opportunities for catheter market in near future.
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Regional Snapshots
Regionally, North America is expected to dominate global catheter market owing to majority of population suffering from diabetes in this region. Since past few years, majority of the deaths caused in America because of the heart disease according to the data published by Centers for Disease Control and Prevention. Europe holds the second largest position in terms of market share of the catheter market owing to improved healthcare infrastructure and funds contributed by hospitals in order to enhance operating capabilities. France, Germany and UK from Europe contribute majorly to the catheter market. Due to enhanced medical treatments and availability of target population, Asia Pacific region is expected to record healthy CAGR over the forecast period. Additionally, favorable government policies and shifting focus of major players towards emerging economies further augments the market growth.
Report Highlights
- Global catheter market is extremely fragmented. Major Key players focus on developing advanced technology catheter for increasing convenience for patient.
- Increasing prevalence of chronic diseases across various regions of world and cumulative elderly population drives the regional market growth.
- Increasing government funding and investment from prominent market participants for advanced medical devices will significantly lift the growth of catheter market.
- Huge population across the globe suffering from heart diseases will create substantial opportunities for the catheter market in the forthcoming years.
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Key Players & Strategies
Various multinational and national players are operating in the global catheter market. The key players are continuously focusing on technology advancements to remain competitive in the global marketplace. Major players in catheter market are B. Braun Melsungen AG, Coloplast A/S, Hollister Incorporated, Teleflex Incorporation, Bard, Medtronic plc, ConvaTec Group plc, Cook Group, Abbott Laboratories, and Boston Scientific Corporation. In September 2015, Coloplast launched the SpeediCath designed to increase convenience and reducing the urethral damage risk for the patients with chronic urine retention. SpeediCath is smaller than the size of the standard catheter with the enhanced features such as entry and exit of catheter is without touch and is most convenient to use. In January 2018, Abbott introduced HD Grid Mapping Catheter which is the sensor enabled devices designed for cardiac mapping while cardiac ablation in order to treat patients with complex cardiac arrhythmias.
In July 2017, ConvaTecGroup plc global leading medical device company acquired Woodbury Holdings supplies incontinence and catheter products. ConvaTech and Woodbury collaborated in order to reduce the continence problems and to supply quality products.
Market Segmentation
By Product
- Urology
- Peritoneal
- Intermittent
- External
- Hemodialysis
- Cardiovascular
- PTA Balloon
- Electrophysiology
- PTCA Balloon
- Intravascular Ultrasound
- Intravenous
- Peripheral
- Central Venous
- Midline Peripheral
- Specialty
- Oximetry
- Wound/ Surgical
- Intrauterine Insemination (IUI)
- Thermodilution
- Neurovascular
- Distribution Channel
- Retail Stores
- Hospital Stores
- Online Stores
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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