How Will Cardiovascular Diseases Boost Catheter Market during 2020–2030?

Multiple factors, such as the surging prevalence of chronic diseases, increasing number of surgeries, rising interventional radiology procedure volume, booming geriatric population, and growing number of product launches will drive the catheter market at a CAGR of 8.8% during the forecast period of 2020–2030. At this rate, the market is expected to grow from $14.3 billion in 2019 to $36.0 billion by 2030. A catheter is a thin rubber tube that is guided to a specific body part via an artery or vein, to draw or administer fluids.

The rising incidence of neurological diseases, cancer, cardiovascular diseases (CVDs), and urinary tract infections (UTI) will fuel the catheter market growth during the forecast period. As per the World Health Organization (WHO), CVDs cause more than 17.9 million deaths yearly, accounting for around 31% of the deaths globally. Moreover, according to the Global Cancer Observatory (GLOBOCAN), gastric cancer caused 783,000 deaths in 2018, becoming the third-leading cause of cancer deaths. Additionally, over 1 million people are affected by gastric cancer every year worldwide.

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The key trend in the industry is the increasing number of product launches, which will boost the market revenue growth during the forecast period. Companies such as Hollister Incorporated and Medtronic plc launched new products in 2019 to augment their profits. Hollister, in February 2019, launched the Infyna Chic intermittent catheter, which allows women who use catheters more independence. Similarly, in May 2019, Medtronic plc launched a telescope guide extension catheter to provide access to distal lesions.

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The North American catheter market generated the highest revenue in 2019, because of the presence of leading market players, growing prevalence of chronic disease, increasing number of government and private initiatives to create awareness about the application of catheters, increasing healthcare expenditure, and growing number of aging people. For instance, the Canadian government and Centers for Disease Control and Prevention (CDC) of the U.S. are assisting healthcare facilities in improving catheterization practices.

Thus, an increase in the number of CVD cases and launch of new products will significantly aid the expansion of the market in the future.

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