Catheters are thin, flexible tubes that are inserted in a body cavity, duct or vessel to allow drainage, injection of fluids or access by surgical instruments. They are used in various medical procedures such as cardiology, urology, intravenous, neurovascular and specialized applications. Catheters are essential medical devices used for diagnosis, treatment and management of various chronic diseases including cardiovascular diseases, cancer, diabetes and other long-term medical conditions.
The global catheters market is estimated to be valued at US$54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The Growing Prevalence of Chronic Diseases Drives the Catheters Market Growth
As stated earlier, the growing prevalence of chronic diseases is one of the major drivers of the catheters market. Chronic diseases such as cardiovascular diseases, diabetes and cancer have been on the rise globally owing to aging population and changing lifestyle habits. For effective diagnosis and treatment of such long-term medical conditions, catheters are increasingly being used across hospitals and medical facilities. According to the World Health Organization (WHO), chronic diseases accounted for 71% of global deaths in 2019. This growing disease burden is anticipated to significantly drive the demand for various catheter devices over the forecast period.
SWOT Analysis
Strength: Catheters are minimally invasive medical devices that are widely used in various medical procedures. They provide ease of use for healthcare professionals and reduce risks of complications for patients undergoing surgical procedures. Catheters come in various designs and sizes suitable for different applications.
Weakness: Improper use or poor maintenance of catheters can introduce infections in patients. Single-use catheters add to medical waste if not disposed of properly. Catheter materials can cause allergic reactions in some patients.
Opportunity: Growing geriatric population susceptible to various urological and cardiovascular conditions drive the demand for catheters. Rise in lifestyle diseases and chronic illnesses will augment the need for long-term catheterization. Technological advancements are expanding applications of catheters in novel medical procedures.
Threats: Stringent regulatory approvals delay market entry of novel catheter technologies. Patent expiries of popular catheters increase competition. Cost sensitivities in price-regulated healthcare markets restrain revenue growth of catheter manufacturers.
Key Takeaways
The global catheters market is expected to witness high growth. The market size is projected to reach US$ 54.68 billion by 2023 from US$ 35.23 billion in 2018, at a CAGR of 6.4% during the forecast period. Growth is attributed to rising prevalence of lifestyle diseases, accelerating penetration of catheter-based minimally invasive surgeries, and technological advancements.
Regional analysis: North America dominates the catheters market currently owing to increasing healthcare expenditure and rapid adoption of advanced medical technologies in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with increasing healthcare investment and expanding medical tourism industry in countries like India, China, and Japan.
Key players: 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. These major players are focusing on new product launches, geographic expansions and mergers acquisitions to strengthen their market position.
