The thriving growth of pharmaceutical and medical device industries has significantly impacted the global catheters market growth trends. The technological advancements in the field of medical devices have led to a major shift from the use of conventional methods of medical interventions to minimally invasive operations. Innovations and technological improvements in the form of touch-free, contact force-sensing, and anti-microbial products has also favored the global catheters industry trends.
India Catheters Market, By Product, 2013 – 2024, (USD Billion)
A substantial rise in the patient’s preference for the use of minimal invasive techniques for monitoring and operational purposes will stimulate catheters industry growth over the coming years. As per a report by Global Market Insights, Inc., catheters market, pegged at USD 35.1 billion in 2017 is anticipated to record an annual growth rate of 11.3% over 2018-2024.
A notable rise in the occurrence of neurovascular disorders including cerebral hemorrhage, arteriovenous malformation, stroke, and chronic kidney diseases have stimulated the demand for catheters to perform highly complex minimally invasive surgeries. That said, the rising prevalence of cardiovascular diseases in the ever-growing geriatric population base has also substantially augmented the demand for cardiovascular catheters. Indeed, cardiovascular catheters accounted for 37.8% of the overall catheters industry share in 2017. Driven by the innovations prevalent across the healthcare sphere in conjunction with the growing prevalence of cardiovascular diseases worldwide, cardiovascular catheters market size will observe a commendable upsurge in the years ahead.
The global catheters industry is expected to witness several technological innovations to enhance the healthcare operator’s efficiency with respect to maneuverability and flexibility. For example, an aggressive research has been carried out in developing catheter technologies in order to lower the infections associated with catheters. The study of urinary Foley catheters with Sharklet Technologies’ micro-pattern aims to prevent the bacterial growth on the surface of the catheter. For conducting its phase II study, Sharklet Technologies had been a recipient of small Business Innovation Research grants through the NIH. Many other technologies are being developed to combat the rising concerns of catheters based infections and increase the awareness level about the proper use of catheter. This has significantly aided the growth of catheters market in the developed and the developing countries in the last few years.
North America catheters market trends over 2018-2024
North America, the globally acknowledged hub for technological and healthcare advancements, is rightly positioned as one of the most lucrative growth grounds of catheters market. As per estimates, North America accounted for 34.2% of the overall catheters market share in 2017 and is anticipated to depict a highly appreciable growth rate over 2018-2024. The regional growth can be chiefly credited to the growing incidences of cardiovascular diseases in the region, that can be attributed to a change in lifestyle patterns and unhealthy dietary habits leading to obesity. Indeed, estimates by the CDC claim that every year, close to 735,000 Americans suffer from a heart attack.
The United States accounted for the highest revenue of around USD 10.5 billion in 2017. Driven by the presence of a highly sophisticated healthcare infrastructure that is well-equipped to support catheter based minimally invasive procedures, U.S. catheters market is likely to accrue hefty returns ahead. As per the CDC, more than 600,000 people die of heart disease in the U.S. alone, on an annual basis. The rising prevalence of cardiovascular diseases in the region in conjunction with the presence of major industry players in the country will also have a positive impact on U.S. catheters market trends over 2018-2024.
It is to be noted that the competitive landscape of global catheters market is quite fragmented in nature with the presence of many new and established players, such as Johnson & Johnson, Abbott Laboratories, Teleflex, and Medtronics Inc. Some of the major parameters influencing the competitive hierarchy of catheters market include product offerings, price, and quality. While this industry may face certain restraints in terms of strict regulatory guidelines and the robust rise in catheter based hospital acquired infections, it is still anticipated to traverse alongside a highly lucrative growth graph over 2018-2024. As per a report compiled by Global Market Insights, Inc., the overall catheters market size is anticipated to cross USD 73.5 billion by the end of the year 2024.