The global Catheters Market is expected to grow at a compound annual growth rate of 7.70% over the forecast period to reach a market size of US$43.668 billion in 2026 from US$27.981 billion in 2021.
Catheters are medical devices that are thin tubes manufactured specifically with medical-grade materials such as plastic, silicon rubber, polyvinyl chloride (PVC), and nylon. These are inserted into human bodies for various purposes such as therapeutic and diagnostic purposes.
The market is driven by the growth and rise in the prevalence of chronic diseases such as cardiovascular diseases, obesity, and other related diseases. Moreover, the increasing number of cases with urological disorders further acts as a catalyst for market growth during the coming five years. Additionally, the growing geriatric and older population will also play a prominent role in supplementing the demand for urinary catheters since old-aged people are more susceptible to these disorders, thus positively impacting the market growth over the next five years. Similarly, people who undergo general medication and are undergoing various treatments also require catheters, thus a significant increase in the number of hospitalizations will bolster the market growth in the near future. However, prolonged usage of catheters is considered to be the main concern for medical professionals as well as patients since it leads to various infections such as urinary tract infections (CAUTIs) and central line-associated blood-stream infections (CLABSIs). Thus, leading to a reluctance by the patients towards catheters. This combined with the recent advent of COVID-19 disease is some of the key factors that are projected to act as the restraining factors since elective surgeries and hospitalization of patients were temporarily suspended amid the pandemic.
However, the constant participation by the market players by constantly investing in R&D and launching new and advanced products primarily with an aim to mitigate the risk of infections further shows the market growth potential for the coming years.
Rising prevalence of chronic diseases
One of the major factors that are playing a major role in driving the market demand for catheters is the globally growing prevalence of chronic diseases which may be attributed to the sedentary and unhealthy lifestyles of the people, particularly in the developing economies. According to the World Health Organization, Cardiovascular diseases are the major cause of deaths, worldwide, annually. In 2016, an approx. 17.9 million, worldwide, died from cardiovascular diseases, which represented approx. 31% of the global deaths. Most of these deaths were due to stroke and heart attacks. Kidney failures and the rising number of geriatric populations are also some of the major drivers in the global catheters market. The Global Burden of Diseases (GBD) in its 2015 study, estimated that around 1.2 million deaths, worldwide, 18 million years of life, and 19 million disability-adjusted life years, which were lost from Cardiovascular diseases, were attributable to reduced and minimized glomerular filtration rates. The number has been rising since the year 2015, and because of the COVID-19 Pandemic, the situation has worsened in developed and developing countries. The GBD Study also estimated that 1.2 million people died from kidney failure in the year 2015, and the number has been increasing since. Furthermore, every year, an estimated number of 1.7 million people lost their lives from acute kidney injury, and an approx. 5-10 million people die from kidney diseases, every year.
Growing aging population
The demand for catheters by old age people is high since catheters are most commonly used in old aged patients for urinary retention, incontinence, pressure ulcers, and cancer among others. Thus, a significant increase in the number of old aged people plays a pivotal role in shaping up the market growth in the coming five years. As per the United Nations, the global population is aging fast since in every country the number of old aged people is increasing. It has been also observed that Population aging is poised to become one of the most significant social transformations of the twenty-first century. As per the statistics, by 2050 the number of people aged 65 years and above will reach 16% of the total population from about 19% as of 2019. Thus, the booming aging population will further provide lucrative business growth opportunities for the market players during the given time frame.
The global catheters market has been segmented on the basis of type, end-users, and geography. By type, the market has been classified into intermittent catheters, indwelling catheters, urological catheters, cardiovascular catheters, specialty catheters, implantable catheters, and others. On the basis of end-users, the market has been segmented on the basis of clinics, hospitals, diagnostic imaging centers, and others. Geographically, the global catheters market has been segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Cardiovascular catheters to hold a prominent market share
By type, the cardiovascular catheters are anticipated to hold a significant share in the global market throughout the forecast period which may be attributed to the high prevalence of CVDs globally. This, in turn, has led to an upsurge in the number of interventional cardiac procedures which has further supplemented the share of this segment in the global market. The urinary catheters segment is projected to witness substantial growth during the given time frame on account of the growing aging population and the increasing number of product launches by companies with enhanced materials and technologies to mitigate the risks of infections.
The Asia Pacific to witness a healthy growth
Geographically, the Asia Pacific region is projected to witness a strong market growth since the prevalence of chronic diseases is high in the countries like India and China among others primarily due to the unhealthy lifestyle of the people living across these economies. Moreover, the booming aging population across these countries will also propel the market growth in the APAC region in the coming five years. The North American region will hold a considerable market share on account of the availability of a well-established infrastructure coupled with the presence of major market players across the region.
Prominent/major key market players in the global catheters market include Boston Scientific Corporation, Medtronic, and Abbott among others. The players in the global catheters market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global catheters market.
Frequently Asked Questions (FAQs)
Q1. What will be the catheters market size by 2026?
A1. The global catheters market is expected to reach a market size of US$43.668 billion in 2026.
Q2. What is the size of global catheters market?
A2. Catheters Market was valued at US$27.981 billion in 2021.
Q3. What are the growth prospects for the catheters market?
A3. The catheters market is expected to grow at a CAGR of 7.70% over the forecast period.
Q4. Which region holds the largest market share in the catheters market?
A4. North American region will hold a considerable share in the catheters market on account of the availability of a well-established infrastructure coupled with the presence of major market players across the region.
Q5. What factors are anticipated to drive the catheters market growth?
A5. The catheters market is driven by the growth and rise in the prevalence of chronic diseases such as cardiovascular diseases, obesity, and other related diseases.