Major market players of catheter market comprise Becton Dickinson Inc., Abbott Laboratories, Bard Medicals, Boston Scientific, Arrow International Inc., Braun Melsungen AG, Medtronic Inc., Johnson and Johnson, Edwards Lifesciences, Rochester Medical Co., Vascular Solutions, and Bayer AG.
As per the report published by Zion Market Research, the global catheter market was capitalized at USD 26.60 Billion in 2015 and anticipated to cross USD 46.20 Billion by end of 2021, developing at a CAGR of 9.7% from 2016 to 2021. The global catheter market stood at 10,174.25 Million units in terms of volume in 2015.
Unremitting Increase In Population Of Patients Suffering From Cardiovascular Disorders To Drive The Growth Of Catheter Market
Worldwide, catheter market is boosted majorly owing to the unremitting increase in population of patients suffering from cardiovascular disorders, as per analysts at Zion Market Research. Tachycardia, diabetes, and hypertension are no more a rare disease among people. Currently, every nation has displayed the marked elevation in hypertension and diabetes patients supported by various lifestyle reasons that include drinking, smoking, and sedentary lifestyle. This stimulates increasing demand for minimally invasive operations that propel the development of global catheter market. Moreover, favorable reimbursement policies, increasing aging population, and rising requirement for enhanced urinary catheters are major reasons resulting in augmented demand for urinary catheters, therefore powering the development of the catheter market. On the other hand, the occurrence of nosocomial urinary tract infection due to catheter is expected to be limitation factor for the development of global catheter market.
Nevertheless, in-progress research and development in healthcare and medical sector are expected to bring new growth opportunities in medical device industry, thereby boosting the catheter market. For example, in August 2018 scientists at Okayama University posted in The Journal of Vascular Access about a supporting device for precisely placing hemodialysis catheters on patients’ kidney. The device was productively employed on a group of 10 people and is likely to become an important device in situations where catheter-free hemodialysis techniques are not possible, thereby boosting the catheter market.
Presence Of Enhanced Health Care Infrastructure & Technology To Suffice The Development Of Catheter Market In North America
In terms of topography, North America was the dominating area for catheter market in terms of income in 2015. The development in North America is credited on the back of the availability and presence of enhanced health care infrastructure & technology. In addition to this, the increment in the occurrence of heart-related & diabetes issues such as arthrosclerosis, pulmonary heart diseases, and others in Canada & the U.S. will augment, thereby propelling the requirement of catheter market in this area. North America adds up for almost 40% of the share for global catheter market. Asia pacific is anticipated to display noteworthy development in the global catheter market during the forecast period.
The global catheter market is segmented as follows:
- General Industrial
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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