Arterial Catheter & Kits Market Growth, Size | Forecast 2031

Report Description

Arterial Catheter & Kits Market Outlook

The Global Arterial Catheter & Kits Market was estimated at USD 929.4 million in 2022 and is anticipated to reach USD 1,632.3 million by 2031, expanding at a CAGR of 6.5% during the forecast period.

Arterial catheters & kits are medical instruments or devices that are inserted into an artery (blood vessel), mostly in the radial artery (wrist) or femoral artery (groin) for continuous blood pressure monitoring or arterial blood sampling. Increasing prevalence of cardiovascular diseases (CVDs) and advancement in arterial catheter are some major factors expected to drive the growth of the global arterial catheter & kits market.

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Arterial catheterization is a commonly used intervention in intensive care units (ICUs). The catheters are equipped with pressure monitoring systems that provide continuous readings of blood pressure.

Macro-economic Factors

Governmental Spending

Healthcare expenditure plays an important role in providing opportunities for maintaining health. It strengthens human capital and improves productivity, thereby contributing to economic performance.  The MedTech industry registered an average global investment rate (R&D spending as a proportion of sales) of 11% in 2021.

The MedTech industry in China is estimated to reach USD 42.2 billion in 2023 and is expected to expand at a CAGR of 7.39%. Continuous investments and spending on innovations in medical devices propel the market globally. The total global R&D spending in the medical device industry is registered at around USD 48 - 49 billion in 2019 and grew more than 5.1% in 2022.

Coronavirus

The COVID-19 pandemic had a positive impact on the Europe Arterial Catheter & Kits market due to the use of arterial catheter and blood gas kit in COVID-19 patients The adoption of arterial catheters in hospitals and ambulatory surgical centers increased in pandemic, this drive growth of the market. COVID-19 has resulted in an increased demand for Arterial Catheter & Kits in certain conditions.

The COVID-19 pandemic, the escalating trade war between the US & China, and the war between Russia & Ukraine created a ripple effect on the global economy, which is expected to cause short-term disruptions in the global arterial catheter & kits market. Medical Device companies are resuming operations post-pandemic and investing in product developments.

Companies are investing in research and development of advanced arterial catheter products.  Increased investment in product development is rising the demand for arterial catheter & kits. Therefore, the COVID-19 pandemic had a positive impact on the global Arterial Catheter & Kits market.

Arterial Catheter & Kits Market Dynamics

Market Driver- Increasing Prevalence of Cardiovascular Diseases (CVDs)

Cardiovascular diseases are a group of disorders that affect the heart and blood vessels. Cardiovascular diseases, including hypertension, coronary artery diseases, and peripheral artery diseases are widespread and are rising globally.

According to World Health Organizations (WHO), CVDs are the leading cause of death globally. In 2019, it accounted for approximately 17.9 million deaths, representing 32% of all deaths across the globe. The growing incidence of cardiovascular diseases is driving the demand of the arterial catheters and kits across the globe, which is anticipated to drive the market during the forecast period.

Market Driver- Rising Awareness

Rising awareness about the benefits of arterial catheterization for accurate monitoring and diagnosis has contributed to its growing demand. Increasing educational programs and initiatives by healthcare providers, medical societies, and manufacturers help in creating awareness about arterial catheter.

Arterial catheter and kits offer an effective treatment option for chronic cardiac disorders, contributing to the market growth. Thus, the rising awareness of arterial catheterization are expected to fuel the growth of the global arterial catheter & kits market over the forecast period.

Market Restraint- Regulatory Impact on the Market

Meeting these regulatory standards is challenging, particularly for small-scale manufacturers. Strict regulations act as a restraint, by increasing the time and cost involved in obtaining necessary approvals and certifications. The advances in non-invasive BP monitoring and high cost of arterial procedure surgery are expected to restrain the market in the coming years. These factors are projected to hinder market expansion.

Market Opportunity- Advancements in Arterial Catheter 

Continuous advancements in arterial catheter technologies have improved their safety, accuracy, and ease of use. Advancements in arterial catheter technology such as the development of small & flexible catheters, improved materials, and wireless monitoring systems drive the growth of the market. These innovations enhance patient comfort and improve the accuracy of hemodynamic measurements. Thus, advancement in arterial catheter is expected to create growth opportunities during the forecast period.

Scope of Arterial Catheter & Kits Market Report     

The report on the global arterial catheter & kits market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Arterial Catheter & Kits Market Segmental Outlook

On the basis of product, the market is segmented into catheter kits, arterial blood gas kits, and others. Based on the product, the catheter kits segment held the largest market share of 50.4% in the arterial catheter & kits market in 2022, as it provides real-time, accurate measurements of arterial blood pressure. In the US, 36% of all patients receive an arterial catheter (AC) during their ICU stay.

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Based on age group, the market is fragmented kids and adults. The adults segment is held a XX% share of the market in the year 2022. The arterial catheter & kits are widely used in adult patients for hemodynamic monitoring which is anticipated to propel the segment in the coming years.

On the basis of application, the market is fragmented into blood collection, measure blood pressure, and others. The blood collection category held a XX% share of the market, in the year 2022. An arterial catheter or blood sampling kit is widely used for collecting blood samples from an artery for diagnostic purposes, which is expected to boost segment growth.

In terms of the end-user, the market is fragmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals category accounted a CAGR at 6.7% during forecast period, during the forecast period. Hospitals provide a wide range of medical services to patients, including cardiac surgery using arterial catheter & kits. Hospitals in the US and other countries utilize arterial catheter in various cardiovascular condition surgeries. These factors are anticipated to fuel the segment growth.

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Regional Outlook

Based on regions, the market is separated into namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The market in North America is anticipated to register 6.5% of CAGR during the forecast period. The North America arterial catheter & kits market is the largest in terms of revenue share, due to advancements in healthcare infrastructure, increased healthcare spending, and higher demand for advanced arterial catheter. The US dominates the market in the region, followed by Canada and Mexico, which is expected to fuel the growth of the region.    

The Europe arterial catheter & kits market is second to North America in revenue generation. The main factors driving the market in the region include increasing surgical procedures, state-of-the-art healthcare facilities, and the presence of prominent market players, which is expected to drive regional market growth.  The National Health Service (NHS) in the UK offers reimbursement for various surgeries, making the procedure accessible and affordable. This is expected to propel the arterial catheter & kits market growth in the coming years.

The market in the Asia Pacific is anticipated to expand at a XX% of CAGR during the forecast period, owing to the increasing healthcare expenditures in the region. It leads to investment in medical equipment such as arterial catheter & kits, which improves the outcome of surgeries. Improving healthcare infrastructure and economic development, especially in countries such as China and India, boost the market in the Asia Pacific.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Arterial Catheter & Kits Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players