Catheters are medical devices that are inserted in the body to treat diseases or perform diagnostics procedures. The global demand for catheters has increased significantly over the years owing to the rising prevalence of target diseases like cardiovascular diseases, urological disorders, and respiratory disorders. Catheters help in effective treatment of these diseases by delivering medications directly at the target site or by draining out fluids and specimens from the body. The increasing demand for minimally invasive surgeries has also propelled the need for catheters across hospitals and ambulatory surgical centers.

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 are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others.

The rising geriatric population suffering from chronic diseases and the growth of ambulatory surgical centers are some key opportunities in the catheters market. Producers of catheters are expanding their footprint in emerging economies of Asia Pacific and Latin America to tap the increasing demand.

The increasing demand for minimally invasive procedures, rising preference for single-use catheters, and growing number of surgical procedures performed worldwide are majorly driving the growth of global catheters market. The prevalence of target diseases such as cardiovascular diseases, urinary incontinence, and respiratory diseases are increasing significantly worldwide. This has increased the demand for catheters required for treatment and diagnosis of these conditions. Rapidly growing geriatric population is also susceptible to these diseases, thereby propelling the market growth.

Market drivers:
Rise in target disease prevalence: The increasing prevalence of chronic diseases like cardiovascular diseases, urological disorders, and respiratory diseases is a major factor catalyzing the demand for catheters in diagnostic and therapeutic applications. As per the WHO estimates, cardiovascular diseases account for over 17 million deaths annually. This has significantly driven the adoption of catheters globally.

PEST Analysis
Political: The catheters market is regulated by various government bodies that regulate the approval and manufacturing of various catheters. Changes in healthcare policies across regions can impact market dynamics.
Economic: The spending on healthcare has been increasing across various countries. Rise in per capita income levels is positively impacting the adoption of advanced catheters.
Social: Growing geriatric population worldwide is increasing the need for various catheterization procedures. Growth in lifestyle diseases like diabetes is also boosting market demand.
Technological: Innovation and development of newer materials for catheters is helping reduce hospital stays and improve patient outcomes. Advanced catheters also enable minimally invasive surgeries thereby promoting their adoption. Development of bioabsorbable and antimicrobial catheters presents new opportunities.

The North American region accounts for the largest share of the global catheters market in terms of value. This can be attributed to the presence of major players, rising healthcare expenditure, and growing incidence of chronic conditions in the US and Canada. In terms of value, the Asia Pacific region is anticipated to exhibit the fastest CAGR over the forecast period owing to expansion of healthcare infrastructure, increasing medical tourism, and large patient pool in countries like China and India.

The European regional market is expected to offer lucrative opportunities for catheter manufacturers. This growth can be credited to rising geriatric population, government support for research & development, and availability of advanced treatment options in countries like Germany, France and the UK. Among other regions, Latin America and Middle East & Africa are projected to emerge as promising markets for catheters in the upcoming years. However, low awareness and accessibility issues remain key challenges for market growth in these areas.

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