Number of pages: 100 | Report Format: PDF | Published date: June 10, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global catheters market was valued at US$ 48.57 billion in 2022 and is expected to register a revenue CAGR of 7.2% to reach US$ 90.81 billion by 2031.
Catheters Market Fundamentals
Catheters are thin, flexible tubes that are inserted into the body to perform various medical procedures. They can be made of different materials, including plastic, silicone, rubber, or metal, and come in a wide variety of shapes and sizes depending on their intended use. Catheters are used in a wide range of medical procedures and are typically classified based on their function or the area of the body they are used in. Catheters can be inserted into the body through various routes, including the urethra, mouth, nose, or a small incision in the skin. Depending on their intended use, they can be inserted and removed during a medical procedure or may be left in place for an extended period. Some of the most common types of catheters include urinary catheters, intravenous (IV) catheters, cardiovascular catheters, neurovascular catheters, gastrointestinal (GI) catheters, and many more.
Catheters Market Dynamics
The growing prevalence of chronic diseases such as cardiovascular diseases, urological disorders, and cancer is the primary driver for the growth of the global catheters market. Catheters are used to diagnose, treat, and manage these conditions. For instance, according to the WHO factsheet of June 2021, cardiovascular diseases are one of the leading causes of death globally, causing around 17.9 million deaths in 2019. The catheters industry constantly evolves, with new and innovative technologies developed regularly. Advancements in catheter design, materials, and coatings are improving catheter performance, reducing the risk of complications, and enhancing patient outcomes, thus fueling the growth of the global catheters market. Governments and private organizations are increasing their spending on healthcare, including investments in catheterization procedures and devices. The increasing healthcare expenditure is driving the demand for advanced catheter technologies and services and the development of new catheterization procedures. Patients increasingly opt for minimally invasive procedures, such as catheterization, to avoid invasive surgeries and reduce their recovery time. This trend is boosting the demand for catheterization procedures and technologies that can provide accurate and minimally invasive results, leading to the growth of the catheters market.
However, the risk of infections and complications associated with catheterization procedures is a major concern for patients and healthcare providers. Using catheters can increase the risk of urinary tract infections, bloodstream infections, and other complications, leading to longer hospital stays, increased healthcare costs, and poor patient outcomes. Catheterization procedures can be expensive, particularly for advanced or specialized procedures. This can be a major barrier for patients who cannot afford the procedure and can also limit the adoption of newer, more advanced catheter technologies. Additionally, stringent regulatory requirements, alternative treatment options, and a lack of trained professionals are some restraints impeding the overall catheters market growth.
Catheters Market Ecosystem
The global catheters market is analyzed from three perspectives: product type, end user, and region.
Catheters Market by Product Type
Based on the product types, the global catheters market is segmented into intravenous catheters, cardiovascular catheters, urological catheters, neurovascular catheters, and specialty catheters.
The cardiovascular catheter segment dominated the market with the principal revenue share in 2022, attributed to the increasing prevalence of cardiovascular diseases worldwide, the growing geriatric population, and advancements in catheter technologies. The cardiovascular catheter is a medical device to diagnose and treat heart-related conditions. These catheters are thin, flexible tubes made of materials such as plastic, rubber, or silicone and are inserted into the patient's blood vessels through a small incision in the skin. Cardiovascular catheters are primarily used to diagnose and treat coronary artery disease, heart failure, and arrhythmias. They are commonly used in procedures such as angioplasty, stenting, electrophysiology studies, and cardiac ablation. These aspects contribute to the growth of the cardiovascular catheter segment.
The intravenous catheters segment accounted for a prominent share of the market. Intravenous catheters refer to medical devices inserted into veins to administer fluids, medications, and nutrition directly into the patient's bloodstream. Intravenous (IV) catheters treat a wide range of medical conditions, including dehydration, infections, cancer, and autoimmune diseases. Intravenous catheters are available in various types, including peripheral venous catheters, central venous catheters, and peripherally inserted central catheters (PICC). Peripheral venous catheters are the most used catheters inserted into a patient's arm or hand veins. Central venous catheters are inserted into larger chest, neck, or groin veins and used for long-term treatment. PICC lines are inserted into a peripheral vein and passed through larger veins until the tip is positioned in the large central veins near the heart.
Similarly, the neurovascular catheters segment also accounted for a significant market share. Neurovascular catheters are medical devices that diagnose and treat neurovascular conditions, such as aneurysms, arteriovenous malformations (AVMs), and ischemic strokes. Neurovascular catheters are thin, flexible tubes inserted through a small incision in the patient's groin or arm and navigated through the blood vessels to the site of the problem in the brain. Neurovascular catheters are available in various types, including diagnostic catheters, microcatheters, and balloon catheters. Diagnostic catheters are used to map the blood vessels in the brain and identify the location of the problem. Microcatheters are used to deliver medications, coils, and other embolic agents to the site of the problem in the brain. Balloon catheters are used to treat aneurysms and other vascular malformations.
Catheters Market by End User
Based on the end users, the global catheters market is segmented into hospitals, diagnostic centers, long-term care facilities, and others.
The hospitals segment is a key player in the catheters market, with the largest revenue share in 2022, owing to the large footfall. Catheters are commonly used in hospitals for a wide range of medical procedures, including diagnostic, therapeutic, and monitoring procedures. Hospitals use various types of catheters, including intravenous catheters, urinary catheters, cardiovascular catheters, and neurovascular catheters, among others. Many catheter manufacturers collaborate with hospitals to conduct clinical trials and obtain feedback on the performance and usability of their products. Hospitals also provide a platform for testing and evaluating new catheter technologies, which can then be commercialized and sold in the market. Moreover, hospitals provide training and education to healthcare professionals on the proper use and handling of catheters, which helps to improve patient safety and reduce complications associated with catheterization. These overall factors contribute to the growth of the hospital segment.
The long-term care facilities segment also had a prominent share of the market. The catheters are used in long-term care facilities such as nursing homes, rehabilitation centers, and assisted living facilities. These centers are dedicated to performing diagnostic procedures, including imaging tests such as CT, MRI, and ultrasound scans. These facilities provide medical care and support to patients who require extended care and treatment due to chronic illnesses, disabilities, or other health conditions. Catheters are widely used in long-term care facilities for patients who have difficulty emptying their bladder or require ongoing intravenous therapy. Long-term care facilities use various types of catheters, including Foley catheters, which are used for urinary catheterization, and central venous catheters, which are used for intravenous therapy. These overall factors contribute to the growth of the long-term care facilities segment.
Catheters Market by Region
Geographically, the global catheters market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global catheters market with the largest revenue share in 2022, attributed to a large pool geriatric population, the presence of quality healthcare infrastructure and prominent market players, increased surgical procedures, and attractive reimbursement policies. Additionally, companies across the region are continuously involved in expanding their footprint and production capabilities which are also expected to improve the catheters market outlook. For instance, in April 2023, Zeus, a developer of polymer solutions, will begin to build a new state-of-the-art catheter production plant in Arden Hills, Minnesota, in the United States. The 75,600ft2 building will contain an advanced research and development (R&D) lab and is slated to launch later this year. With on-site capabilities in R&D, design, and development, the Arden Hills operation is intended to speed catheter innovation and strengthen the company's strategic connections with OEMs and medical device customers. It also has a cleanroom equipped with modern technology for designing, developing, and validating novel catheter prototypes and other capabilities like laser cutting, welding, and ablation.
Catheters Market Competitive Landscape
The prominent players operating in the global catheters market are:
Catheters Market Strategic Developments
Catheters are thin, flexible tubes that are inserted into the body to perform various medical procedures.
The global catheters market was valued at US$ 48.57 billion in 2022.
The estimated market size of the global catheters market in 2031 is US$ 90.81 billion.
The revenue CAGR of the catheters market during the forecast period will be 7.2% from 2023 to 2031.
Some key players operating in the global catheters market areAbbott Laboratories Inc., Cook Group Incorporated, Teleflex Incorporated, Johnson & Johnson Services, Inc., Terumo Medical Corporation, and Hollister Incorporated.
*Insights on financial performance are subject to the availability of information in the public domain