Catheters Market Pegged for Robust Expansion by 2025
Some of the leading players in the global catheters market are Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic plc., C. R. Bard, Inc., Boston Scientific Corporation, Johnson & Johnson, Teleflex Incorporated, and Cook Group Incorporated
TMR analysts suggest that the global catheters market will exhibit a 7.4% CAGR from 2017 to 2025, rising to a valuation of US$55.98 bn in 2025.
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Developed Markets to Continue to Remain Lucrative
In terms of the variety of catheter used, the segment of cardiovascular catheter is presently the dominant contributor of revenue to the global market. The high prevalence of coronary heart disease, strokes, and other cardiovascular conditions globally will continue to lead to a steady rise in demand for various forms of cardiovascular catheters in the near future, helping the segment retain its top spot.
Geographically, the market in North America dominated the global catheters market is terms of revenue contribution in 2016 and is expected to dominate the market during the forecast period as well. Factors such as the robust healthcare infrastructure, high per-capita expenditure on healthcare, a large pool of patients suffering with a variety of chronic diseases, supportive medical reimbursement policies by government as well as private players, and rising numbers of catheterization procedures will favor the steady expansion of the catheters market in the region in the near future. Owing to similar scenario, the market in Europe will also prove to be highly promising in the near future.
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Rising Population of Geriatrics to Foster Market Growth
The scope of usage of catheters has continued to expand at a promising pace in the healthcare sector in the past few years and these devices have become an integral element of treatment and diagnosis of a wide range of disorders. The rising prevalence of a variety of urological, cardiovascular, neurological, and chronic conditions along with the mounting population of geriatrics, a demographic which often suffers from incontinence or disabilities that limit their motor skills, are all contributing to the increased global demand for catheters of varied forms.
Vast advancements in the area and the easy availability of advanced, non-invasive varieties of catheters across all corners of the world, and the increased demand for minimally invasive procedures are also proving to be beneficial for the overall development of the global catheters market over the next few years. Factors such as rising disposable incomes, increasingly improving healthcare infrastructure, and increased expenditure on healthcare, especially across developing economies, are also expected to favor the positive expansion of the market in the next few years.
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