Catheters Market by Product Type (Intravenous Catheters, Cardiovascular Catheter, Urological Catheters, Neurovascular Catheters, and Specialty Catheters), End User (Hospitals, Diagnostic Centers, and Long-Term Care Facilities) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global catheters market was pegged at ~US$ 15.5 billion in 2020. The market is expected to witness a CAGR of ~8.5% from 2021 to 2031.
Factors attributing to the growth of the catheters market include the rising geriatric population coupled with the increasing prevalence of chronic diseases, a growing number of surgeries, and the rising preference for minimally invasive surgeries. However, the risk of infections and product recalls are likely to hinder the market growth to a certain extent.
In order to maintain their foothold in the market, expand the product portfolio, and gain a competitive advantage, companies are entering into partnership or signing agreements with other companies in the market. For instance, in April 2020, Cook Medical and Surmodics, Inc. signed an agreement under which Cook Medical will distribute Surmodic’s two new hydrophilic percutaneous transluminal angioplasty (PTA) balloon catheters. Similarly, in April 2020, Cordis Corp. and ClearStream Technologies Group signed a distribution agreement for marketing ClearStream’s advanced percutaneous transluminal angioplasty (PTA) balloon catheters, namely, Sleek and Savvy Long PTA balloon dilation catheters.
Changing lifestyle patterns, the rising number of smokers and alcoholics, and the increasing number of people living sedentary lifestyles are among the major factors that have led to the rising prevalence of various diseases. According to American Heart Association, about every 40 seconds, someone in the U.S suffers from a cardiac stroke. This has led to increasing in the volumes of cardiovascular surgical procedures. Thus, the increasing number of surgeries and the rising use of catheters in surgical procedures is propelling the growth of the catheter market.
Prominent players in the catheters market are focused on developing new catheters that help in treating various diseases. They are launching new products in the market to expand their catheters portfolio. For instance, in June 2020, Cook Medical launched Advance Serenity hydrophilic percutaneous transluminal angioplasty (PTA) balloon catheter in the U.S. The catheter is designed for the treatment of peripheral artery disease. Similarly, in October 2020, Teleflex Inc. launched Arrow ErgoPack Complete central venous catheter system. Such new product launches will help the market players grow organically which eventually lead to growth in the catheters market.
Although catheters are often used during surgeries there are certain risks of using catheters such as when the catheters remain in for too long, there are chances of infection. To counter this situation, companies launched antimicrobial catheters in the market. However, FDA has recalled several catheters from the market as there were complaining that these devices could cause infections or had manufacturing defects. For instance, in February 2020, Abbott recalled specific lots of Trek RX coronary dilatation catheter and the NC traveler coronary dilatation catheter. These catheters were recalled as their balloons did not deflate as intended. Such factors are restraining the growth of the catheter market to a certain extent.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of the catheter market in this region include the rising number of surgical procedures, the increasing use of catheters in surgeries, and rising awareness about minimally invasive surgeries. Moreover, the growing presence of catheter manufacturers in this region and new product launches are playing a critical role in propelling the growth of the catheter market. For instance, in June 2019, Abbott launched a sensor-enabled HD grid mapping catheter in India. This catheter enables physicians to capture and analyze data in a better way as well as create detailed maps of the heart that help in better differentiation of healthy and unhealthy tissues.
Some of the prominent players operating in the global catheters market include Becton, Dickinson, Boston Scientific Corporation, Medtronic, B. Braun Melsungen AG, Abbott, Cook Medical, Teleflex Inc., Johnson & Johnson Services, Inc., Terumo Medical Corporation, and Hollister Inc., among others.