The global catheter market size was valued at USD 47.9 billion in 2020 and is expected to reach USD 270.31 billion in 2030 expanding at a compound annual growth rate (CAGR) of 6.35 % from 2022 to 2030.
Catheterization is a sort of co-procedure, which means that it is performed in conjunction with other medical operations such as angioplasty, cardiac electrophysiology, and neurological surgery. It is a tube that is put into the bladder, and once it is there, it makes it possible for urine to flow freely. There are several distinct categories of catheters, including those designed specifically for the cardiovascular system, the neurovascular system, urology, and specialty applications. Catheters are often only required for a short amount of time, such as for a few weeks or months at a time when continuous bladder draining is necessary; however, there are certain instances in which they are required for longer periods of time. Urinary catheters are inserted into persons who have trouble passing urine normally as a result of a medical condition. In addition to that, it might be utilized to empty the bladder before or after surgical procedures.
Market growth is to be driven by an increase in the number of midscale catheter manufacturers aiming to get a bigger market share as well as an increase in the funds allocated by different government organizations toward R&D activities
It is anticipated that a rise in the number of operations performed as a result of an increase in the number of chronic conditions would boost the adoption rate of catheters, which will drive the expansion of the market.
Geriatric Population Growth Is Expected To Dramatically Boost Market Size
One of the main issues in developing nations worldwide is the growing elderly population. Additionally, an expected period of time would see an increase in the prevalence of chronic illnesses in geriatric individuals, including aortic disease, venous thromboembolism, peripheral arterial disease, etc. In 2020, more than 19.1% of the world's population of seniors aged 55 to 65 had peripheral vascular disease, with about 27% of men and more than 21% of women affected, according to a report from the Centers for Disease Control and Prevention. Geriatric populations are growing at an unprecedented rate in the Asia Pacific, where there are most of them.
With a 31.9 percent sales share in 2021, North America dominated the catheter market. From 2022 to 2030, the category is anticipated to experience a CAGR of 6.1 percent. The prevalence of chronic diseases is on the rise, government policies are supportive, public awareness is rising, there are qualified medical professionals available, and there are well-established healthcare facilities. These are only a few of the elements that contribute to this domination. Major firms in the area are also implementing a variety of methods, including partnerships, collaboration, and mergers and acquisitions, to increase their position in the industry.
Asia Pacific region is anticipated to considerably dominate the market from 2022 to 2030 due to a number of factors including rising healthcare costs, increased disposable income, and the existence of sizable unexplored potential in developing nations like India and China.
Medtronic (Ireland), Teleflex Inc., Abbott, B. Braun Melsungen AG, Edwards Lifesciences Corp., Coloplast (Denmark), Johnson & Johnson Services, Terumo Corporation, Becton, Dickinson and Company, Boston Scientific Corporation, ConvaTec Group, Hollister Incorporated, Stryker, Cook Medical, and Merit Medical Systems are some of the companies that compete in this market (US).
After US Food and Drug Administration's approval (FDA) and the CE mark, Shockwave Medical released their Shockwave M5+ peripheral intravascular lithotripsy catheter in March 2022.
The Emboguard, a subsequent-generation balloon guide catheter for use in endovascular operations, particularly those for patients with acute ischemic stroke, was introduced by Cerenovus, a division of Johnson & Johnson Medical Devices Companies, in February 2022.