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Catheters Market Report 2024 - Catheters Market Trends, Demand, Growth And Forecast
Catheters Market
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According to The Business Research Company's, The catheters market size has grown strongly in recent years. It will grow from $29.97 billion in 2023 to $32.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to the increasing aging population, prevalence of chronic diseases, shift toward minimally invasive surgical procedures, increased awareness and treatment of urinary incontinence, and expansion of healthcare infrastructure..
The catheters market size is expected to see strong growth in the next few years. It will grow to $46.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to increased use of telemedicine and remote patient monitoring, focus on personalized medicine, utilization of regenerative medicine techniques, increasing shift towards patient-centric care, and growing emphasis on sustainable and eco-friendly catheter materials. Major trends in the forecast period include integration of artificial intelligence (ai) and robotics in catheter-based procedures, development of advanced infection control technologies, technological advancements, product innovations, and adoption of iot.
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Market Drivers and Trends:
The rising prevalence of cardiovascular disorders is expected to propel the growth of the catheters market going forward. Cardiac catheterization is a process in which a catheter is moved through a blood vessel to the heart for a better diagnosis of health conditions. The increase in the prevalence of cardiovascular diseases and the growing demand for cardiovascular treatment are expected to increase the demand for catheters. For instance, according to the May 2023 report from Center for Disease Control and Prevention, an US-based national public health agency, in 2021, the percentage of all deaths caused by heart disease was 15.5% for American Indian or Alaska Native, 18.6% for Asian, 22.6% for Black (Non-Hispanic), 18.3% for Native Hawaiian or Other Pacific Islander, 18.0% for White (Non-Hispanic), and 11.9% for Hispanic. Moreover, according to the report, approximately 697,000 people in the US died from heart disease in 2021, which converted to almost 1 in 5 deaths. Therefore, the rising prevalence of cardiovascular disorder drives the catheter market growth during forecast period.
Strategic collaborations between companies are a key trend that is gaining popularity in the catheter market. Companies in the catheter market are focusing on strategic collaborations to expand their research and development activities for innovative products and improve their market share in their respective markets. For instance, in April 2022, CEMMA, a China-based advanced medical equipment company, collaborated with LipoCoat. The collaboration aims at co-creation of a central venous catheter using the bioinspired LipoCoat coating technology for long-term infection prevention. LipoCoat is a Dutch biotech company that provides catheter products.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Boston Scientific Corporation, Coloplast A/S, ConvaTec Group Plc, Edwards Lifesciences Corporation, Hollister Incorporated, Johnson & Johnson, Medtronic Plc, B. Braun Melsungen AG, Terumo Corporation, Lumend Corporation, Covidien Ag, Acist Medical Systems Inc., Cook Medical Inc., Becton Dickinson and Company, Stryker Corporation, Merit Medical Systems Inc., Abbott Laboratories, Manfred Sauer GmbH, Koninklijke Philips N.V., Teleflex Incorporated, C. R. Bard Inc., Vascular Solutions Inc., Cordis Corporation, Rochester Medical Corporation, Navilyst Medical Inc., AngioDynamics Inc., Cardinal Health Inc., Fujifilm Holdings Corporation, Olympus Corporation, Penumbra Inc., Philips Healthcare, Siemens Healthineers AG, Smiths Medical Inc.
Catheters Market 2024 Key Insights:
• The catheters market size is expected to see strong growth in the next few years. It will grow to $46.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Rising Prevalence Of Cardiovascular Disorders
• Strategic Collaborations Among Market Players
• North America was the largest region in the catheters market in 2023
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