Catheter Market Overview, SWOT Analysis And 2032 Forecast For Global Regions
Catheter market is experiencing robust growth, fueled by a rise in chronic diseases, minimally invasive procedures
VANCOUVER, BRITISH COLUMBIA, CANADA, June 28, 2024 /EINPresswire.com/ -- The global catheter market1 is experiencing robust growth, fueled by a rise in chronic diseases, minimally invasive procedures, and an aging population. According to Emergen Research, the market was valued at $24.33 billion in 2022 and is projected to reach $53.97 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.4%.
Market Overview
Catheters are slender, flexible tubes inserted into the body for various purposes, including administering fluids, medications, and gases, draining fluids and waste, and performing minimally invasive surgeries. They play a vital role in various medical fields, including urology, cardiology, and critical care.
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Key Trends Shaping the Market
Shift Towards Minimally Invasive Procedures: Minimally invasive surgeries offer significant advantages over traditional open surgeries, including faster recovery times, reduced pain, and less scarring. As minimally invasive procedures gain traction, the demand for specialized catheters designed for these procedures is expected to surge.
Technological Advancements: Technological advancements are leading to the development of innovative catheters with improved functionalities. This includes features like biocompatible materials, miniaturization, and remote control capabilities.
Rising Prevalence of Chronic Diseases: The growing prevalence of chronic diseases such as cardiovascular diseases, chronic kidney disease, and diabetes is driving the demand for catheters for treatment and management.
Aging Population: The global population is aging rapidly, leading to an increase in age-related health conditions that often require catheterization procedures.
Drivers and Restraints
Drivers:
Increasing healthcare expenditure
Rising focus on early disease detection and treatment
Growing demand for home healthcare settings, where catheters play a crucial role
Restraints:
Stringent regulatory requirements for product approval
High cost of advanced catheters
Concerns regarding catheter-associated infections (CAIs)
Growth Opportunities
Development of biocompatible and infection-resistant catheters
Focus on emerging markets with growing healthcare infrastructure
Expansion of the product portfolio with specialized catheters for specific applications
Market Insights
The catheter market is highly fragmented with a presence of established players like Medtronic, Becton Dickinson and Company, and Abbott Laboratories. However, there is also an increasing presence of new entrants, particularly in the Asia Pacific region, which is expected to intensify competition in the coming years.
SWOT Analysis
Strengths:
Wide range of applications
Growing demand for minimally invasive procedures
Technological advancements
Weaknesses:
High cost of advanced catheters
Risk of catheter-associated infections
Opportunities:
Emerging markets
Development of innovative catheters
Home healthcare applications
Threats:
Stringent regulations
Competition from new entrants
Reimbursement challenges
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Strategic Developments and M&A Activity
On 14 March 2023, Shockwave Medical, Inc., a trailblazer in the advancement of Intravascular Lithotripsy (IVL) for the treatment of highly calcified cardiovascular disease, revealed the complete commercial availability of the Shockwave L6 Peripheral IVL Catheter in the U.S. This comes after the clearance granted by the U.S. Food and Drug Administration (FDA). The Shockwave L6 catheter is specifically designed to address calcification in challenging lesions within large peripheral vessels, including the iliac and common femoral arteries.
On 18 February 2022, Medtronic plc, a prominent global healthcare technology company, announced that the Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters have received approval from the U.S. Food and Drug Administration (FDA). These catheters are the first and only ablation catheters specifically developed to tackle the increasing incidence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT). AVNRT, the most prevalent form of Supraventricular Tachycardia (SVT), poses a life-threatening abnormal heart rhythm, with an annual occurrence of 89,000 cases and a rising trend. Approximately 35% of AVNRT cases affect pediatric patients, defined as individuals under the age of 18.
Catheter Top Companies and Competitive Landscape
The global catheter market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective catheter solutions in the market.
Some major players included in the global catheter market report are:
Hollister Incorporated
Boston Scientific Corporation
Edward Lifesciences Corporation
Smith Medical Inc.
Teleflex Incorporated
ConvaTec Group Plc
Cure Medical LLC
Braun Melsungen AG
Coloplast
Medtronic PLC
Abbott
Becton Dickinson and Company
Bard
Cook Group
Vitality Medica
Apexmed International
BioDerm
Dileh Medical Supplies
Poiesis Medical
Sterimed
Shockwave Medical, Inc.
Catheter Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global catheter market on the basis of product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Cardiovascular Catheters
Electrophysiology Catheters
Angiography Catheters
Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloon Catheters
Intravascular Ultrasound (IVUS) Catheters
Percutaneous Transluminal Angioplasty (PTA) Balloon Catheters
Urology Catheters
Hemodialysis Catheters
Peritoneal Catheters
Foley Catheters
Intermittent Catheters
External Catheters
Intravenous Catheters
Peripheral Catheters
Midline Peripheral Catheters
Central Venous Catheters
Neurovascular Catheters
Non-Tunneled Central Catheters
Skin-Tunneled Central Catheters
Specialty Catheters
Wound/Surgical Catheters
Oximetry Catheters
Thermodilution Catheters
Intrauterine Insemination (IUI) Catheters
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Hospitals and Clinics
Long-Term Care Facilities
Diagnostic Imaging Center
Others
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Country scope:
U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA
Eric Lee
Emergen Research
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1 https://www.emergenresearch.com/industry-report/catheter-market