Global Catheters Market at a CAGR of 6.14% During Forecasted Period 2017-2023

Catheters, a thin tube like medical devices inserted into a body cavity, duct, or vessel. They are used in drainage, administration of fluids or gases, and also to perform a wide variety of other tasks depending on the type of catheter. Increasing prevalence of the patients cardiac and urological diseases have increased the demand for the catheters. To increase the market demand, many manufacturers are trying to introduce the new and advanced types of catheters. The global catheter market is majorly driven by increasing prevalence of cardiac & urological diseases, increasing preference for minimal invasive therapy, and increasing geriatric population. Additionally, changing lifestyle and rising healthcare spending have spurred the growth of the market. However, long time for approval, and risk of infection may slow the growth of the market over the review period.

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The Americas dominate the global market owing to a huge population with cardiac diseases, increasing geriatric population, strong government support for research & development and high health care spending. According to the WHO, in 2014, 9.7% of total America population had diabetes. Increasing prevalence of the diabetes has boosted the market growth in America. Additionally, changing lifestyle and the presence of major players in the market have fueled the growth of the market.

Europe is the second leading region in the global catheters market, which is followed by Asia Pacific. Asia Pacific is the fastest growing catheters market majorly driven by India, China, and Japan owing to a huge number of patients and rapidly growing economy. The healthcare expenditure in in Asia Pacific has increased during last few years, which has contributed to the growth of market.

The Middle East and Africa contribute the least to the growth of the global market. The UAE, Saudi Arabia, and Kuwait lead the Middle East & Africa market. Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition of the region. However, the growth of the African market is high due to the presence of opportunities for the development of the market.

Key Players

Some of the major players in this market are Boston Scientific Corporation, Koninklijke Philips N.V, Abbott, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, LuMend Corporation (US), Covidien AG (Ireland), ACIST Medical Systems (US), and Cook Medical Inc. (US).

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The catheter is thin tube medical device made from high graded material used in the healthcare to deliver medications, gases or fluids to patients or to drain bodily fluids such as urine. These are inserted into the body for the treatment of a number of diseases and while performing surgeries. A number of catheter types such as cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, and neurological catheters are available in the market for the treatment of diseases such as like cardiovascular, neurovascular, urology and many more. According to the National Institutes of Health, in 2016, over 661,000 Americans had kidney failure. Among which, 468,000 individuals were on dialysis and 193,000 were living with a functioning kidney transplant. Additionally, according to the American College of Cardiology, in 2013, cardiovascular deaths represented 31% of all global deaths and over 790,000 people in the U.S. have heart attacks every year. Increasing number of patients with cardiac and urological diseases has boosted the growth of the market. At the University of Chicago Medicine, over 70% of major lung resection surgeries are performed using minimally invasive techniques. Nowadays, people are preferring minimal invasive techniques for the treatment. Geriatric people and diabetic patients are more prone to becoming cardiac and urological diseases. According to the U.S. Department of Health and Human Services, in 2015, globally the people over age 65 were around 617 million. Due to a sedentary lifestyle, people are more prone to cardiovascular diseases or other related diseases. Thus, increasing geriatric population, elevating a number of diabetic patients, increasing preferring minimal invasive techniques, and changing lifestyle have fuelled the growth of the market. However, according to the Centers for Disease Control and Prevention, in 2015, in 5% of the causes, catheter-associated urinary tract infection was observed. Risk of infection due to use of catheter may slow the growth of the market.

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