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(Medical-NewsWire.com, January 18, 2018 ) The Catheters Market is growing at a tremendous pace. The market is expected to grow at the CAGR of 6.14% during the forecast period and is estimated to reach USD 49,731.9 million by 2023.
The catheter is thin tube medical device made from high graded material used in the healthcare to deliver medications, gases or fluids to patients or to drain bodily fluids such as urine. These are inserted into the body for the treatment of a number of diseases and while performing surgeries. A number of catheter types such as cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, and neurological catheters are available in the market for the treatment of diseases such as like cardiovascular, neurovascular, urology and many more. According to the National Institutes of Health, in 2016, over 661,000 Americans had kidney failure. Among which, 468,000 individuals were on dialysis and 193,000 were living with a functioning kidney transplant. Additionally, according to the American College of Cardiology, in 2013, cardiovascular deaths represented 31% of all global deaths and over 790,000 people in the U.S. have heart attacks every year. Increasing number of patients with cardiac and urological diseases has boosted the growth of the market. At the University of Chicago Medicine, over 70% of major lung resection surgeries are performed using minimally invasive techniques. Nowadays, people are preferring minimal invasive techniques for the treatment. Geriatric people and diabetic patients are more prone to becoming cardiac and urological diseases. According to the U.S. Department of Health and Human Services, in 2015, globally the people over age 65 were around 617 million. Due to a sedentary lifestyle, people are more prone to cardiovascular diseases or other related diseases. Thus, increasing geriatric population, elevating a number of diabetic patients, increasing preferring minimal invasive techniques, and changing lifestyle have fuelled the growth of the market. However, according to the Centers for Disease Control and Prevention, in 2015, in 5% of the causes, catheter-associated urinary tract infection was observed. Risk of infection due to use of catheter may slow the growth of the market.
Catheters market Segments:
The Global Catheters Market has been segmented on the basis of types and end users.
On the basis of types, the market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters, and others.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others.
Key players in the global catheters market:
Boston Scientific Corporation, Koninklijke Philips N.V, Abbott, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, LuMend Corporation (US), Covidien AG (Ireland), ACIST Medical Systems (US), and Cook Medical Inc. (US).
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Key Findings:
• Cardiovascular catheters segment accounts for the largest share of the global catheters market while urinary catheters segment is projected to grow at a CAGR of 6.52% during the forecast period from 2017-2023
• Hospitals & clinics segment accounts for the largest market share in the global catheters market by end users, this segment is expected to reach USD 22,396.1 in 2023
• Americas market is expected to reach USD 16,638.8 by 2023
Regional analysis of global catheters market:
Considering the global scenario of the market, America dominates the global catheters market owing to the presence of huge population suffering from diabetes, obesity, and cardiovascular diseases. North America holds the largest market share of the American catheters market. According to the report published by Centers for Disease Control and Prevention, in 2015, over 9.3% of the total American population is suffering from diabetes. According to Centers for Disease Control and Prevention, in 2015, over 610,000 people died of heart disease in the US. Additionally, increasing healthcare expenditure, and well-developed technology has fuelled the growth of the market.
Europe is the second largest market for the catheters, which is followed by Asia Pacific. Presence of well-developed healthcare sector, strong government support for research & development and high healthcare expenditure have driven the growth of the Europe catheters market. Regionally, Europe is divided into Germany, France, the U.K., Italy, Spain, and Rest of Western Europe. Germany, the U.K., and France are the major contributor to the Europe market. Well-developed technologies in this countries have played a predominant role in the development of the market in Europe. However, Eastern Europe is the fastest growing region due to the huge opportunities in the untapped market.
Asia Pacific is also witnessing a rapid growth in this market, which is mainly due to rapidly increasing diabetic & obese population and rising healthcare expenditure. According to the WHO, 60% of world’s total diabetic population lives in Asia Pacific region. Additionally, the presence of rapidly developing economies like India and China will fuel the market growth.
The Middle East & Africa hold the least share of the market due to poor political conditions in Africa and limited availability of funds and availability of medical facilities. The Middle East holds the major share of the Middle East & African market due to the presence of well-developed countries like Kuwait, Qatar, Oman and South Arabia. Whereas, African region is expecting a healthy growth due to the presence of huge opportunity for the development of the market.
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