Global market of Catheter witness market is projected to reach market size of USD 74.3 billion at a CAGR of 9.32% by 2026
Published | 22 May 2020
Technological advancements in catherization such as precise lesions, flexibility and extended instrument capability is anticipated to propel catheters market growth over the analysis period. Surge in adoption of hydrophilic, PTFE, pro slit covered tip and other advanced catheter technologies will prove beneficial for the market growth. Introduction of new antimicrobial coated and navigation-enabled ablation catheters for electrophysiology process will increase its adoption, thereby augmenting the business growth.
Rising number of product launches that are introduced to cater to the high demand, will have a huge impact on the growth of the catheter market in the coming years. In October 2019, Cathetrix announced the launch of FoleySafe. The device comes in the market with the feature to prevent possible damage to the bladder or uthera. Key players are increasingly inclined towards developing indwelling or Foley catheters coated with teflon, silicon elastomer, and antimicrobial agents to meet increasing physician demand for innovative catheters.
Disease prevalence and frequent epidemics spur demand for PIVC contribute with significant growth rate in global catheter market during the forecast period
Increasing disease prevalence and rising incidences of infection will continue to spur the demand for catheterization in hospitals, healthcare centers, ambulatory surgical centers, clinics, and home healthcare units.
Technological innovations in catheterization technique are also expected to propel the demand for peripheral intravenous catheters type amidst the catheter industry.
Growing usage of non-irritant, harmless, and user-friendly materials in manufacturing of PIVC can reportedly eliminate associated ill effects and risks, extending the expected PIVC access. Moreover, manufacturers have already started improving PIVC design to overcome the complications associated with previous designs. This is considered to be an important factor influencing the market growth.
Rising per capita healthcare expenditure and demand for minimal invasive surgical procedures is an emerging opportunity in global market
The per capita healthcare expenditure is currently following an uptrend across developed and developing economies, which has made possible to implement quality patient care treatment options. Growing adoption of different type of catheter as per therapeutic application in emerging economies is expected to provide a huge growth opportunity to the players operating in the catheter market. In the U.S., an aging population, changes in the reimbursement policy and presence of a large, under-penetrated population base offer growth opportunities for the market.
The demand for minimally invasive therapies has been increased to avoid the post-surgical complications, minimize length of hospital stays and recovery time. Additionally, increasing demand for minimally invasive therapies is generating immense opportunity for the market growth globally. Peripheral Artery Disease (PAD) majorly includes minimal invasive procedures involving the use of catheters to clear blocked arteries. Growing demand for angioplasty over conventional surgery has gained significant preference among patients due to its minimally invasive nature and better outcomes. Minimally invasive procedures have resulted in an increase in the number of laboratories for catheterization. The paradigm shift from traditional to angioplasty surgery has resulted in an increase in catheter sales and creating opportunity for key players to expand their portfolio with lucrative rate in upcoming years.
North America dominating the global Catheter market with considerable rate in upcoming years
In North America catheter market US contributes significantly to the market due to developed healthcare infrastructure and high adoption of catheters in the treatment of various chronic diseases in the country. Moreover, the high prevalence of CVDs and other heart related diseases in the US is contributing to the growth of the market. In addition, high healthcare expenditure and technological development in catheters prompting market growth. Growing geriatric population and increased health care expenditure is also having a positive impact on the market in this region. Moreover, North America has sophisticated healthcare facilities, and the reimbursement coverage contributes to the large market share of the region in global market. North America is the largest regional market due to the presence of multi-national manufacturers and sophisticated healthcare infrastructure along with high product awareness levels. This is attributed to the large number of target procedures performed in the region, the presence of a well-established healthcare system, and investments by hospitals to upgrade & expand operating capabilities. The growth is attributed to the significant rise in prevalence of diseases such as cardiovascular and urological, increase in prevalence of hospital acquired infections (HAIs), and other lifestyle-induced diseases in this region.
Impact of Covid-19
Developing countries are particularly at risk as COVID-19 due to a reduction in labor force, affect economies and livelihoods as well as reduction in production operations. The world is not only fighting a health pandemic but also an economic one, as the Novel Coronavirus (COVID – 19) casts its long shadow over economies around the globe. The complete lockdown situation in several countries, has directly or indirectly impacted many industries causing a shift in activities like supply chain operations, vendor operations, product commercialization, etc.
Due to the coronavirus crisis, the European Commission decided to postpone the change from MDD to MDR (Medical Device Regulation), due to be implemented on May 26th 2020, by a year. This allows the medical device industry and Notified Bodies (NBs) to focus on the problem at hand and put all their efforts into combating the coronavirus. However, there has been no word on the postponement of the In Vitro Diagnostic Regulation (IVDR) 2017/246 yet, which comes into effect on May 26th 2021. This puts some extra pressure on IVD manufacturers as they must be on track for the changes they need to implement to transition to IVDR. Alongside this, they must keep up with the increased demand for critical diagnostic tests and the challenge of kit production and distribution during the pandemic.
Catheter: Competitive Landscape
Key players for Catheter Market includes: - Abbott Laboratories, Medtronic plc, Becton, Dickinson and Company, B. Braun, Boston Scientific Corporation, ConvaTec Group plc, Coloplast Group, Terumo Corporation, Teleflex Incorporated, Johnson & Johnson Services Inc., Edwards Lifesciences Corporation, Stryker Corporation, Merit Medical, Systems, Inc., Smith Medical Inc. and other prominent players. Catheter such as Silicone Foley urinary catheter is favored as it has longer life and minimizes the chances of aggravation or contamination. Which are increasing their footprint in developed and emerging economies globally. They continue to dominate the market landscape of urinary catheters due to investment in research and development, product diversification, and strategic partnerships and acquisitions in order to enhance product and customer base.
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