The catheters market features a wide range of products that are used for various medical procedures. Catheters are hollow, flexible tubes made from medical-grade materials like PVC, silicon, and thermoplastic elastomer. They are inserted into a body cavity, duct, or vessel to allow for drainage, administration of drugs or fluids, or perform surgical interventions. Catheters help treat conditions affecting the cardiovascular, urological, neurovascular, and gastrointestinal systems. The growing prevalence of chronic diseases like diabetes, cardiovascular disorders, and cancer has boosted the demand for catheters around the world.
The Global catheters market is estimated to be valued at US$ 54.68 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the catheters market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. The rising burden of chronic diseases and increasing number of surgical procedures have boosted the demand for catheters globally. Technological advancements have led to the development of advanced catheters with improved safety, efficacy, and convenience.
Market Trends
Increased adoption of antimicrobial catheters - Antimicrobial catheters coated with antibiotics prevent bacterial colonization and inhibit biofilm formation. This reduces the risk of catheter-associated urinary tract infections.
Growing demand for hydrophilic coatings - Catheters with hydrophilic coatings become slippery when wet and can be inserted with minimal friction or trauma. This enhances patient comfort and safety.
Market Opportunities
Untapped potential in emerging nations - Expanding healthcare infrastructure and growing medical tourism in developing Asian and Latin American countries will drive the catheters market.
Increasing prevalence of lifestyle diseases - The rising global burden of cardiovascular diseases, diabetes, and cancer will augment demand for various catheter-based minimally invasive procedures and treatments.
Impact of COVID-19 on Catheters Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global catheters market. In the initial months of the pandemic, supply chain disruptions and lockdown restrictions led to production halts and shortage of critical devices like catheters. This negatively affected market growth in 2020. However, with the surge in COVID-19 cases worldwide, the demand for catheters increased significantly for diagnosis and treatment of infected patients. Catheters play a vital role in administering fluids, drugs and nutrients to COVID-19 patients. They are also used for draining out urine, blood and other bodily fluids from critically ill patients.
The pandemic highlighted the importance of catheters in healthcare and prompted governments and manufacturers to ramp up production. Several companies expanded their manufacturing capacities to meet the exponentially rising demand. Telehealth and remote patient monitoring also gained prominence during this period. Catheters that enable home healthcare and reduce hospital visits witnessed higher adoption. While short-term disruptions were experienced, the long-term impact of the pandemic on the catheters market is expected to be positive, with healthcare infrastructure receiving greater investments globally. Post-COVID, demand is likely to remain high driven by increased awareness, preparedness for future health crises and focus on virtual care.
Geographical Regions with Highest Catheters Market Value
North America accounts for the largest share of the global catheters market in terms of value. This can be attributed to the rising prevalence of chronic diseases, growing geriatric population susceptible to catheter-associated urinary tract infections, technological advancements, and strong healthcare infrastructure and reimbursement policies in the region. The United States represents the most valuable market for catheters within North America.
Asia Pacific is the fastest growing regional market for catheters globally. Factors such as increasing healthcare spending, large patient pool, growing medical tourism industry and rising awareness about application of catheters are fueling market growth in Asia Pacific. Moreover, emerging economies like India, China and Japan are witnessing rapid establishment of manufacturing facilities by global players. This is positively impacting the Asia Pacific catheters market.
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