Catheters Market Expansion: 7–8% CAGR Growth Fueled by Technological Advancements by 2028

The Catheters Market is expected to witness a growth rate of 7-8% by 2028. The key factors driving the market are the increasing prevalence of chronic diseases associated with urinary disorders and kidney failure, increasing demand for minimally invasive surgical procedures, rising cases of incontinence triggered by the global rise in the geriatric population, and technological advancements in catheters.

A catheter is a medical device utilized for therapeutic interventions, disease management, or as part of surgical procedures. It is inserted into the body to facilitate the drainage of bodily fluids or to administer medications.

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Global Rise in Urinary Incontinence Drives Urological Catheters Adoption

Urinary incontinence is a global health and social issue and globally >400 million people worldwide suffer from incontinence. This number is constantly growing and worldwide, 1 in 3 women above the age of 35 years and 1 in 4 men above the age of 40 years suffer from incontinence.

The growing incidence of urinary incontinence globally is poised to propel the global market in the coming years. As per the Association for Women's Health Care statistics, women are twice as likely as men to develop urinary incontinence. One-third of women over age 35 have stress incontinence and this number increases to around half of all women over age 65. Also, ~1 million US men are impacted by stress urinary incontinence and ~18 million US women experience involuntary leakage of urine These statistics highlight a higher prevalence of stress urinary incontinence in the population. The increasing occurrence of urinary incontinence worldwide is a significant factor that is expected to drive the global adoption of urological catheters.

Technological Advancements Drives the Global Catheters Market

The increasing demand for minimally invasive procedures, propelled by technological advancements, is anticipated to boost catheter sales in the market. The utilization of antimicrobial coatings and smaller catheters as a preventive measure against restenosis, the recurrence of blood vessel narrowing in later stages, represents a noteworthy development. Peripheral diseases, closely linked with chronic conditions like diabetes, are driving the adoption of these procedures, which have become standard practices in general surgery due to the availability of advanced technologies and innovative coated catheters. Notably, the rising preference for angioplasty over traditional surgeries, attributed to its minimally invasive nature and improved outcomes, has garnered significant popularity among patients, contributing to the increasing adoption of minimally invasive procedures and favouring market growth.

Citing the lucrative prospects of the market, several players have launched technologically advanced products in the market, which are expected to further drive the market. For instance,

• In May 2023, Abbott obtained FDA clearance for its Tactiflex ablation catheter, developed to address abnormal heart rhythm. Featuring a distinctive flexible electrode tip and contact force sensing, this catheter aims to treat individuals with atrial fibrillation.

Catheters Market Competitive Landscape  

Some of the key players operating in the market include Medtronic, Teleflex Incorporated, Abbott, B. Braun Melsungen AG, Edwards Lifesciences Corporation, Coloplast, Johnson & Johnson Services, Terumo Corporation, Becton, Dickinson and Company, Boston Scientific Corporation, ConvaTec Group, Hollister Incorporated, Stryker, Cook Medical and Merit Medical Systems, among others.

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Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market  

The players operating in this market are adopting organic and inorganic growth strategies such as obtaining approvals from regulatory bodies, launching new products, making strategic investments, and pursuing mergers and acquisitions to enhance their market position and broaden their customer base. For instance, 

• In February 2023, Teleflex disclosed that the 510(k) clearance from the U.S. FDA had been granted to its Triumph Catheter. This catheter, distinguished by its innovative design facilitating precise wire advancement and clear visualization, marks a significant milestone
• In December 2022, Boston Scientific revealed a strategic investment to acquire a majority share in the Chinese medical technology firm Acotec Scientific Holdings Limited. Acotec is recognized in China for its thrombus aspiration catheters, and RF ablation technologies. Boston Scientific's objective is to enhance its regional standing through this strategic partnership.
• In 2022, B. Braun Melsungen introduced Dican Flex, single-use safety catheters for peripheral vascular access in extracorporeal blood purification therapy

The Catheter Market is anticipated to gather increased momentum in the upcoming years owing to the growing adoption of antimicrobial catheters, increasing awareness and adoption of catheters in emerging markets, use of advanced materials in catheters, and home healthcare souring catheter innovation.

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