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Epidural Catheter Market Trends, Top Companies, Share, Growth And Forecast 2033
Epidural Catheter Market Trends
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According to The Business Research Company's, The epidural catheter market size has grown exponentially in recent years. It will grow from 8.29 billion in 2023 to $11.45 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth in the historic period can be attributed to increasing product demand, increasing epidural catheter adoption, increasing in the number of births per woman, and increasing prevalence of diseases.
The epidural catheter market size is expected to see exponential growth in the next few years. It will grow to $42.22 billion in 2028 at a compound annual growth rate (CAGR) of 38.6%. The growth in the forecast period can be attributed to increasing number of cardiovascular diseases, increasing number of healthcare sectors, rising incidence of chronic pain, growing prevalence of labor complications, increasing use of single-dose epidurals. Major trends in the forecast period include increasing product innovations, advanced healthcare infrastructure, technological innovations, and partnerships.
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Market Drivers and Trends:
The growing number of surgeries is expected to propel the growth of epidural catheters going forward. Surgeries are medical procedures where doctors use tools to treat injuries or illnesses by making cuts in the body to assess and fix problems. The increasing number of surgeries can be attributed to several factors, such as advancements in medical technology, greater awareness and access to healthcare, an aging population with more complex health needs, and evolving surgical techniques that allow for safer and more effective treatments. Epidural catheters offer targeted, adjustable pain relief, significantly improving surgical outcomes and patient comfort. The catheter allows for continuous infusion or patient-controlled analgesia, giving surgeons and patients flexible options for managing pain based on individual needs. For instance, in April 2022, according to a report published by the Aesthetic Society, a US-based organization, the average plastic surgeon performed 320 surgical procedures in 2021, compared with 220 in 2020. Therefore, the growing number of surgeries drives the epidural catheter market.
Major companies operating in the epidural catheters market are focused on investing in producing epidural catheters to provide enhanced biocompatibility, improved design for ease of insertion, and technologies aimed at reducing the risk of complications. These advancements are driven by the increasing demand for safer and more effective pain management solutions in various medical fields, including anesthesiology and chronic pain management. For instance, in May 2023, Oakville Medical, a Canada-based medical company, received support from Canadian Hospital Specialties Limited, a Canada-based hospital with a $775,000 financial boost from the province's Ontario Together Fund, investing over $1.5 million to produce the epidural catheters which are used predominantly during childbirth to inject medications for pain relief. This funding is part of a larger investment of over $1.5 million to expand CHS's manufacturing capabilities, particularly for producing epidural catheters.
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Major Key Players of the Market:
Becton Dickinson and Company, Stryker Corporation, Medline Industries LP, B. Braun, Smiths Group, Cook Group Incorporated, Teleflex Incorporated, Halyard Health, Vygon SAS, Argon Medical Devices Inc., Galt Medical Corporation, Biçakcilar AS, sfm medical devices GmbH, Pacific Hospital Supply, GBUK Group Limited, PAJUNK Medical Produkte GmbH, Flexicare Medical Ltd., Epimed International Inc., EPIMED REVENUE, Ace Medical Technology, Edges Medicare Pvt. Ltd.
Epidural Catheter Market 2024 Key Insights:
• The epidural catheter market size is expected to see exponential growth in the next few years. It will grow to $42.22 billion in 2028 at a compound annual growth rate (CAGR) of 38.6%.
• Increasing Surgeries Drive Demand For Epidural Catheter
• Investment In Epidural Catheters Enhancing Biocompatibility And Design While Boosting Ontario's Manufacturing
• North America was the largest region in the epidural catheter market in 2023
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