The Worldwide Catheter Industry is Expected to Reach $68.9 Billion by 2027 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Catheter Market, Size, Share, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
This report provides an all-encompassing analysis on the Global Catheter Market. The market will be US$ 68.95 Billion by 2027, US$ 45.30 Billion in 2021.
The plurality of chronic disorders, such as cardiovascular diseases, cancer, urinary tract infections, and neurological diseases, is increasing across the globe, leading to the rising demand for medical devices such as catheters. Catheters are used to deliver medicines and gases into the bodies and are also used in acute care facilities to monitor and manage drainage of bodily fluids, such as urine, during surgery and post-operative recovery. It is manufactured using medical-grade materials, such as silicone rubbers, plastic, latex, polyvinyl chloride (PVC), and nylon.
Global Catheter Industry will grow with a CAGR of 7.3% during 2021-2027
Across the globe, the rising prevalence of urological disorders is one of the key factors driving the market's growth. Likewise, the increasing geriatric population, which is more susceptible to such diseases and the growing preference for (MI) minimally invasive surgeries provide a thrust to the market growth. These catheters are also widely utilized in hospitals, specialty clinics, and ambulatory surgical for electrophysiological procedures that use catheters to insert wire electrodes to measure electrical activity in the blood vessels entering the heart. Further, various technological advancements, such as the utilization of robot-assisted surgical interventions, are acting as other growth-inducing factors.
COVID-19 Impact on Catheter Industry
In line with this, the COVID-19 scenario profoundly impacts the global catheter market. As the number of cases is still on the rise, the demand for catheters also increases since catheters are used in some critically ill patients suffering from COVID-19.
As governments and healthcare institutions are found improving efficient medical treatment to treat COVID-19 patients, the usage of catheters will behold an upsurge in hospitals and emergency clinics. Patients with confirmed or suspected or diagnosis of COVID-19 are being treated with catheters; therefore, the demand for these devices may remain huge throughout the pandemic. Thus, this is to impact the demand for catheters positively.
Cardiovascular Catheters Segment is anticipated to maintain its Dominance throughout the Projection Period
Based on product type, the catheters market is categorized into Cardiovascular, Neurovascular, Urology, Intravenous, and Specialty. The cardiovascular catheters segment has the highest contribution to the market and is anticipated to maintain its dominance throughout the projection period. Owing to the increase in the need for interventional cardiac procedures and the rise in cardiovascular disorders' prevalence.
This is associated with the increasing adoption of cardiac catheter products like angiography catheters, IVUS/OCT catheters, guiding catheters, electrophysiology catheters, and balloon catheters. Nevertheless, a urinary catheter is found to be necessary for a person facing difficulty passing urine naturally. The Urology segment has shown substantial growth due to urinary catheter products being used for patients who suffer from urological disorders, urinary incontinence, and urinary retention.
Geographically, North America is expected to influence the market during the Forecast Period.
North America, the United States, is the most significant catheter industry. This is attributed to many target procedures performed in the country, investments by hospitals to upgrade & expand operating capabilities, and the presence of a well-established healthcare system. For instance, in 2020, according to the American Cancer Society, the new cases of bladder cancer in Americans were 81,400, and about 17,980 deaths occurred in the United States.
Similarly, the market in the APAC is to witness significant growth in the coming years due to favorable regulatory guidelines and government support, lower manufacturing costs, the growing presence of market players in emerging economies, and constant growth in healthcare expenditure. According to this report Worldwide Catheter Market Size was US$ 45.30 Billion in 2021.
Product Type - Global Catheter Market
End Users - Global Catheter Market
- Hospital & Clinics
- Specialty Centers
- Ambulatory Surgical Centers
Regions - Global Catheter Market
- North America
- Asia Pacific
- Rest of World
All the companies have been studied from 3 points
- Business Overview
- Recent Developments & Strategy
- Sales Analysis
- Edwards Life sciences
- Fresenius Medical Care AG KGaA
- Boston Scientific
- Abbott Laboratories
- Terumo Corporation
- Johnson & Johnson
For more information about this report visit https://www.researchandmarkets.com/r/9754d7
Laura Wood, Senior Press Manager
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