The global catheters market size was valued at USD 48.40 billion in 2021 and is projected to reach USD 74.81 billion by 2028, expanding at a CAGR of 6.1% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing rate of chronic disease across the globe, which is leading to rising rate of hospitalization.
Catheters in a medicine term, is a thin tube made from medical grade materials. These are the medical devices, which can be injected into the human body to perform a surgical procedure or to treat diseases. Polyphthalamide (PPA) is widely used in the manufacturing of medical devices such as tubes for catheters. The catheters are used in the treatment of various chronic disorders including, cardiovascular, neurological, and urological diseases. Patients undergoing general medication also requires treatment with catheters sometimes.
These tubes come in variety of size depends upon its end use and made up from materials, such as latex, silicon, or teflon. The catheters are mainly used for minimally invasive procedure and to reduce the risk of blood clotting during surgeries. Nowadays, companies are introducing antimicrobial catheters to reduce the risk of microbial colonization, infection caused by repetitive use of catheters, and to avoid thrombosis.
The COVID-19 pandemic outbreak had significant impact on the market. During the pandemic, the lockdown imposed by government bodies resulted in shortage of essential life saving devices and medical supplies also the services like diagnosis and surgery were on hold to stop the further spread of corona virus, which affected the market. However, healthcare professionals used the catheters in treatment of patients suspected or confirmed diagnosis of COVID-19 for continuous temperature monitoring, which surged the demand of catheters.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of surgical procedures due to a surge in the number of chronic ailments is one of the key factors driving the market growth.
- Growing number of patients with urological disorder, such as chronic kidney diseases and peripheral artery diseases is projected to boost the market during the forecast period.
- Rising concern among patients regrading risk of infection with the repetitive use of catheters in case of chronic disorders acts as a major challenge that can restrict the market growth in the coming years.
- Surging price completion at domestic level and inadequate quality assurance is expected to hamper the market growth during the projected timeline.
- Escalating advancements in catheters technology and increases in reimbursement levels is anticipated to create significant growth opportunities for the market.
Scope of the Report
The report on the global catheters market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Catheters Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Distribution Channels (Retail Stores, Hospital Stores, and Others) and Product Types (Neurovascular Catheters, Intravenous Catheters [Central Venous Catheters, Peripheral Catheters, and Midline Peripheral Catheters], Cardiovascular Catheters [IVUS Catheters, PTCA Balloon Catheters, PTA Balloon Catheters, and Electrophysiology Catheters], Specialty Catheters [Thermodilution Catheters, Wound/Surgical Catheters, IUI Catheters, and Oximetry Catheters], and Urology Catheters [External Catheters, Foley Catheters, Hemodialysis Catheters, Intermittent Catheters, and Peritoneal Catheters])
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Medtronic Plc; Edwards Lifesciences; Teleflex Inc.; Cure Medical, LLC; Hollister Inc.; Boston Scientific Corp.; Smith Medical, Inc.; and ConvaTec Group Plc.
Market Segment Insights
Surgical procedures drives the hospital stores segment
Based on distribution channels, the global catheters market is divided into retail stores, hospital stores, and others. The hospital sectors segment is estimated to expand at robust growth rate during the forecast period due to the boost in surgical procedures and increase in number of hospital admission rates. Additionally, the segment growth is further accelerated as hospital usually stores more stock of medications and devices. However, the retail stores segment is anticipated to expand at a substantial CAGR during the forecast period owing to surge in the presence of e-commerce sites, such as ShopCatheters.com, Allegro Medical Supplies Inc., and Amazon, which sells catheters.
Cardiovascular catheters segment to grow at rapid pace
On the basis of products types, the market is segmented into neurovascular catheters, intravenous catheters, cardiovascular catheters, specialty catheters, and urology catheters. The intravenous catheters segment is further segregated into central venous catheters, peripheral catheters, and midline peripheral catheters. The cardiovascular catheters segment is sub-categorized as IVUS catheters, PTCA balloon catheters, PTA balloon catheters, and electrophysiology catheters. The specialty catheters is further fragmented into thermodilution catheters, wound/surgical catheters, IUI Catheters, and oximetry catheters. The urology catheters segment is sub-classified as external catheters, foley catheters, hemodialysis catheters, intermittent catheters, and peritoneal catheters. The cardiovascular catheters segment is expected to grow at a rapid pace during the forecast period due to the surge in number of patients with cardiovascular disorders, which, in turn, is increasing the prevalence for interventional cardiac procedures.
North America to constitute a key market share
In terms of region, the global catheters market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the supportive government policies, the availability of highly skilled physicians, rising prevalence of chronic disorders, increasing awareness, and the presence of well-established healthcare facilities in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the rising healthcare expenditure and growing disposable income in the region. Moreover, increasing number of patients suffering from cardiovascular and urological disorder is driving the regional growth further.
Segments Covered in the Report
The global catheters market has been segmented on the basis of
- Retail Stores
- Hospital Stores
- Neurovascular Catheters
- Intravenous Catheters
- Central Venous Catheters
- Peripheral Catheters
- Midline Peripheral Catheters
- Cardiovascular Catheters
- IVUS Catheters
- PTCA Balloon Catheters
- PTA Balloon Catheters
- Electrophysiology Catheters
- Specialty Catheters
- Thermodilution Catheters
- Wound/Surgical Catheters
- IUI Catheters
- Oximetry Catheters
- Urology Catheters
- External Catheters
- Foley Catheters
- Hemodialysis Catheters
- Intermittent Catheters
- Peritoneal Catheters
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Medtronic Plc
- Edwards Lifesciences
- Teleflex Inc.
- Cure Medical, LLC
- Hollister Inc.
- Boston Scientific Corp.
- Smith Medical, Inc.
- ConvaTec Group Plc.
Key players competing in the global catheters market are Medtronic Plc; Edwards Lifesciences; Teleflex Inc.; Cure Medical, LLC; Hollister Inc.; Boston Scientific Corp.; Smith Medical, Inc.; and ConvaTec Group Plc. Companies are focusing on investments in R&D sector for advancements in catheters technology to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in March 2019, Premier Inc., a US based healthcare improvement company, signed a three year buying agreement with Coloplast’s Corp. For purchasing of urology product offerings, such catheters. In April 2020, Bactiguard launched a BIP Foley TempSensor, a new urinary catheter. The newly introduced catheters is used for continuous temperature monitoring in patients infected with of COVID-19 virus.