According to the report, published by Zion Market Research, the global catheter market was valued at USD 26.60 billion in 2015 and expected to reach USD 46.20 billion by 2021, growing at a CAGR of 9.7% between 2016 and 2021. In terms of volume, global catheter market stood at 10,174.25 million units in 2015.
Catheterization is a process of inserting a catheter. The catheter is a thin tube made from sterilized medical grade materials and can be used for the broad range of functions. The catheter is inserted into the body to treat various chronic diseases or to perform a surgical procedure. Catheters can be introduced into a body via body cavity, duct, or vessel. It is involved in drainage, administration of fluids or gasses, access for surgical instruments. The catheter can be used in cardiovascular, urological, gastrointestinal, neurovascular, and ophthalmic applications.
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Globally, the market of catheters has been driven primarily due to increase in the frequency of cardiovascular diseases patients amongst the global population along with the increasing demand for minimally invasive surgeries. The growth of demand for the catheters market is also fueled by the rising incidences of diabetes, cardiovascular diseases, urinary bladder failure, and kidney failure. However, the increasing incidences of nosocomial urinary tract infection/catheter-related urinary tract infection is likely to act as a restrain the growth of global catheter market. Nonetheless, ongoing research and development in medical and healthcare sector are likely to bring new growth avenues in medical device industry.
Based on products, the global catheter market is segmented into five types: cardiovascular catheter, neurovascular catheter, urological catheter, intravenous catheter and specialty catheters. Specialty catheters accounted for the largest market share in terms of revenue in 2015. Specialty catheter is further sub-segmented into wound/surgical drain catheters, oximetry catheters, thermo-dilution catheters and IUI catheters. Growing cases of surgical operation are considered as major driving factors for increasing demand of specialty catheter market. The cardiovascular catheter is the second largest segment in terms of generating revenue followed by the urological catheter.
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Based on geographies, the global catheter market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These regions are further bifurcated into the U.S., UK, Germany, France, China, Japan, India, and Brazil. North America held the largest market share in the global catheter market followed by Europe and Asia-Pacific. This share of North America was attributed due to the presence of highly developed healthcare infrastructure. In addition, the region is also associated with advanced research on efficacy and effectiveness of different types of catheters. The catheter market is expected to witness the highest growth in Asia-Pacific region in the upcoming years due increase in cases of cardiovascular diseases and others neurological and urological diseases. In addition, the presence of the large pool of patients in Asia pacific region is also the key driving factor for rising global market of catheters.
Key players of catheter market include Abbott Laboratories, Becton Dickinson Inc., Boston Scientific, Bard Medicals, Braun Melsungen AG, Arrow International Inc., Johnson and Johnson, Medtronic Inc., Rochester Medical Co., Edwards Lifesciences, Hollister Inc., Medrad (Bayer AG) and Vascular Solutions.
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