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![Catheters Market is Primed for Growth on Account of Rising Geriatric Population](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2024-04/26/catheters-market-is-primed-for-growth-on-account-of-rising-geriatric-population_1714117034-b.jpg)
The global catheters market is anticipated to witness robust growth owing to a burgeoning geriatric demographic globally. Catheters find widespread medical application in procedures ranging from urinary drainage to cardio, vascular surgery. A basic catheter is a thin tube designed for insertion into ducts, vessels, or cavities within the body to allow for drainage of fluids or administration of fluids, gases, drugs etc. Catheters help patients who cannot urinate naturally due to conditions like prostate enlargement (BPH), spinal cord injury, bladder cancer, or multiple sclerosis (MS).
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.
Catheters are crucial medical devices used extensively in urological, cardiovascular, neurovascular, and other applications. Their non-invasive nature and ability to deliver drugs directly into the body make them an attractive mode of treatment. Growing incidence of target diseases and increasing preference for minimally invasive surgeries is propelling demand for catheters.
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.
Key players are focusing on new product development and launches. Medtronic launched a smaller peripheral catheter called the Mamba in 2018 designed for acute care patients. Boston Scientific received FDA approval for the ImageReady MRI guidewire in 2019, the only MRI-compatible guidewire available at the time.
The catheters market is expected to witness significant growth opportunities in developing regions of Asia Pacific and Latin America owing to rising healthcare expenditures. Major players are looking to expand their footprint in these high potential markets through partnerships and acquisitions.
Market Drivers
Growing prevalence of target diseases: Rising incidence of chronic kidney disease, cardiovascular diseases, and diseases affecting the urinary tract like BPH is a key factor propelling demand for catheters.
Preference for minimally invasive treatments: Catheter-based procedures offer minimal recovery time and less post-operative pain compared to open surgeries, driving greater adoption.
Market Restrains
Risk of infections: Catheter-associated urinary tract infections are a common complication which may limit the catheters market potential to an extent.
Stringent regulatory framework: Catheters are classified as high-risk medical devices and undergo rigorous pre-market scrutiny which delays product approvals.
Segment Analysis
The catheters market is segmented by product into cardiovascular catheters, urology catheters, intravenous catheters, neurovascular catheters and specialty catheters. The cardiovascular catheters segment dominates the market holding around 30% share as these catheters are widely used in various cardiology procedures like angioplasty and coronary angiography. They help conduct various minimally invasive surgeries of the heart.
Global Analysis
The North America region dominates the catheters market with around 40% share due to increased number of target disease population, focus on minimally invasive procedures, and presence of major players in the region. The growing number of catheter-based procedures performed for cardiovascular, urological, and neurovascular applications will continue to drive the regional market. The Asia Pacific region will have the fastest growth during the forecast period due to rising healthcare expenditure, large patient population, and increasing awareness about minimally invasive surgeries.
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