The latest market report published by Credence Research, Inc. “Catheters Market Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the catheters market was valued at US$ 14.6 Bn in 2017 and expected to reach US$ 28.4 Bn by 2026 at a CAGR of 7.7% during the forecast period from 2018 to 2026.
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The global catheters market shows productive growth during the forecast period from 2018 to 2026 attributed to an increase in the prevalence of cardiovascular disorders, kidney disorders, urinary tract infections (UTI) along with rising surgical procedures globally. Innovative technology progression in catheter technology, the rise in manufacturing and demand for intermittent and Foley catheters along with consumables is driving the market growth during the forecast period.
Production of top quality medical devices with increased cost in the cardiovascular catheter segment (mainly electrophysiology catheters, percutaneous transluminal coronary angioplasty/ percutaneous transluminal angioplasty balloon catheters and intravascular ultrasound catheters) is also a major factor driving the overall growth. The cardiovascular catheter is leading the global market owing to its proficiency in emergency conditions. Development of diagnostic catheter devices is gaining traction during the forecast period along with the rising number of minimally invasive surgeries.
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Moreover, increasing applications in cardiac care, trauma & emergency care, ultrasound, angiography, electrophysiology, OCT, pressure, and hemodynamic monitoring is further generating the demand for catheters globally. Advancement in catheter ablation procedures along with new tips and techniques for complex arrhythmias in the in the electrophysiology laboratories is growing significantly.
Other major factors driving the growth include rising hospitalizations for chronic diseases, increasing ambulatory care surgical centers & catheterization labs, advancement in the imaging catheter segment, and utilization of catheters for minimally invasive diagnostic and interventional procedures. Few external factors include increasing number of hospitals, expansion of healthcare facilities with top quality medical, increasing number of surgical procedures globally along with branded products, and new product launches globally are generating maximum revenue during the forecast period. New imaging techniques, artificial intelligence and other catheter technologies are changing the dynamics of cardiology worldwide.
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Manufactures are mainly focusing on the captivating advantage of miniaturization technology along with improving catheter technology. In addition, increasing partnerships, merger & acquisitions, strategic alliances by private players are growing significantly, majorly in the developed nations. For instance, In May 2018, Abbott Laboratories received FDA approval for its Advisor HD Grid mapping sensor enabled catheter technology, mainly designed for producing in depth drawings of the heart (display an inside view of the heart for further precise identification). In Feb 2017, Teleflex Inc. acquired Vascular Solutions, Inc. leading manufacturer of products utilized in minimally invasive coronary and peripheral vascular procedures.
However, the high cost of the surgical procedures, product recalls, low awareness about the treatment and management in the urology and cardiology segment, intense competition in the developing nations such as in India, China, Brazil, and Mexico, are few factors restraining the growth of the catheters market globally.
Additionally, increased regulations for medical devices by governing bodies mainly in North America and Europe may hamper the overall growth of the market. For instance, In April 2016, Cook Medical Incorporated voluntarily recalled 4,146,309 catheters. The technology with beacon tips was leading to polymer degradation of the catheter resulting in tip fracture or separation during the procedure.
Key Market Movements:
- Globally, the catheters market remains to exhibit a profitable growth with a CAGR of 7.7% for the period from 2018 to 2026
- Higher technology assessment in the urinary and specialty catheter segment is gaining traction in the market
- Latin America, and the Asia Pacific to show promising opportunities owing to increasing awareness about advanced catheters technology, rising geriatric population, improved reimbursement structure and rising minimally surgical procedures
- Growing number of hospitals and dialysis centers, adoption of branded catheters, and increasing healthcare spending in developing nations along with rising cases for cardiovascular diseases, urinary infections, kidney failures and other lifestyle diseases will contribute to the overall growth of the market
- Major players in this vertical are Teleflex Incorporated, Abbott Laboratories, JOHNSON & JOHNSON, B. Braun Melsungen AG, Medtronic plc. , Cook Group, Becton Dickinson and Company, C. R. Bard, Inc., Boston Scientific Corporation, Integer Holdings Corporation, Hollister, Inc., Coloplast A/S, and others.
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