Catheters are thin tube-like medical devices that are inserted in the body for various medical purposes like draining fluids, administering and delivery of medications. The rising prevalence of chronic diseases like cancer, cardiovascular diseases and others has increased the demand for catheters. Catheters play a vital role in the diagnosis, treatment, and management of such chronic conditions by draining urine, administering chemotherapy drugs, clearing blockages in blood vessels and other important functions.
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:
One of the key trends driving the growth of the catheters market is the rising geriatric population globally. Older individuals are more prone to develop chronic diseases due to weakening of immune system with age. Moreover, increased life expectancy has also resulted in growth of aging population worldwide. As per the United Nations, the number of people aged 65 years or above is projected to grow from present 523 million to about 1.5 billion by 2050. This aging demographic is increasing the pool of patients requiring long term catheters for various therapies and medical procedures. Thus, rapid growth of geriatric population base is expected to accelerate the demand for catheters during the forecast period.
Segment Analysis
The global catheters market is segmented into product, type, application and end user. By product, the market is dominated by cardiovascular catheters sub segment. Cardiovascular catheters hold the largest share as these are commonly used in various cardiology procedures such as angioplasty to treat cardiovascular diseases.
Key Takeaways
The global catheters market is expected to witness high growth over the forecast period of 2023 to 2030. Rapidly growing geriatric population who are prone to various chronic diseases and rising prevalence of lifestyle diseases are primary factors fueling the market 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.
Regional analysis
North America currently dominates the global catheters market and is expected to continue its dominance during the forecast period. This is attributed to factors such as high incidence of chronic diseases, developed healthcare infrastructure and favorable reimbursement policies in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising medical tourism, increasing healthcare spending and large patient population.
Key players
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. Medtronic holds a leading position owing to its robust product portfolio and global presence. Boston Scientific Corporation also has a significant market share due to its technological innovations.
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