Catheters Market is Estimated to Witness High Growth Owing to Technological Advancements in Materials
The catheters market has evolved significantly in the last few years owing to the increased usage of catheters across various applications including urological interventions, cardiovascular procedures, neurovascular applications and specialty interventions. Catheters provide minimally invasive access to anatomical structures or cavities for a variety of interventional procedures. They are inserted into the body to conduct diagnostic testing, provide drainage, administer medications or deliver interventional devices. The global demand for catheters has increased significantly over the years owing to the growing prevalence of chronic and lifestyle diseases that require catheter-based procedures.
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 increasing demand for minimally invasive procedures and growing geriatric population suffering from various chronic conditions offer high growth opportunities for catheter manufacturers. Technological advancements in materials used for catheters such as reinforced polymer materials and hydrophilic coatings are driving the demand for catheters across various applications.
Key opportunities in the catheters market include the growing preference for minimally invasive surgeries, increasing incidence of lifestyle diseases such as cardiac disorders and diabetes, and rising geriatric population. Technological advancements are also offering opportunities with innovative catheter designs improving safety and efficacy. The development of single-use catheters and catheter material and coating advancements are enhancing performance.
The technological advancements in materials being used for catheters is a major market driver. The development of reinforced polymer materials and hydrophilic coatings has improved catheter properties including durability, flexibility and lubricity. The shifting focus to using advanced polymers and engineering resins is enhancing performance. In addition, the growing accessibility to healthcare facilities and rising healthcare spending are also fueling the catheters market growth.
Market drivers: The rising prevalence of lifestyle diseases and chronic conditions drives the demand for catheter-based treatments. Diseases such as cardiovascular disorders, diabetes, cancer and urinary incontinence require long term catheter management. According to the WHO, cardiovascular diseases are the leading global cause of death. In addition, increasing healthcare expenditure per capita, rise in catheters reimbursement rates, growing number of surgeries and aging population are some of the other factors fueling the catheters market growth.
Current challenges in Catheters Market:
The catheters market is facing challenges due to the outbreak of COVID-19 pandemic. The lockdowns and restrictions imposed by various governments across the globe have negatively impacted the catheters market. The deferment of non-emergency medical procedures has reduced the demand for catheters. Moreover, the allocation of medical resources to covid patients and growing concerns of infections are hampering the market growth. Other challenges include stringent regulations for medical device approval, issues related to product recalls, and lack of skilled professionals.
SWOT Analysis
Strength: Wide range of product portfolio with innovative offerings and strong R&D capabilities. Growing demand for minimally invasive surgeries boosts the adoption of catheters.
Weakness: High costs associated with catheters procedures limits its adoption in developing regions. Regulations on medical devices approval is a long and tedious process.
Opportunity: Rising geriatric population suffering from chronic diseases increases the market potential. Rising healthcare expenditure in emerging nations creates growth avenues.
Threats: Reimbursement issues restrict the market revenue. Easy availability of alternatives like guidewires poses competition.
The United States dominates the catheters market in terms of value due to advanced healthcare facilities and growing aging population needing long-term care. Europe is another major region driven by favorable reimbursement scenario and government support for healthcare sector.
Asia Pacific exhibits fastest growth for catheters market attributed to rising medical tourism, increasing healthcare spending, and growing incidence of lifestyle diseases. China, India, and Japan are emerging as lucrative markets in the region. Improving access to insurance and availability of low-cost alternatives boost the market in Asia Pacific.
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