Catheters are inserted in the body during surgeries or treatment of diseases like Cardiovascular, Neurovascular, and Urology etc.to drain and administration of fluids. Also, the catheter inserted into the body can be helpful in administering various liquid medication or gas for the treatment of diseases. Owing to the growing prevalence of chronic diseases such as urology cardiovascular, and neurovascular catheters are perceiving augmented demand resulting in fostering its market growth on the global platform.
Acknowledging the exponential traction, the market perceives currently Market Research Future (MRFR) in its recently published study report asserts that the global catheters market is expected to accrue USD 49,731.9 MN by 2023, registering a CAGR of approximately 6.14 % during the forecast period (2017-2023).
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The global market of catheters is driven by a number of factors including rising incidences of cardiovascular and urological diseases coupled with the sedentary lifestyle that mirrors the augmented prevalence of cardiovascular diseases or other related diseases. Moreover, higher affordability, favorable reimbursement policies and an increase in demand for advanced catheters provide impetus to the market growth.
The increasing prevalence of chronic diseases will positively impact the growth of the catheters market. Major trends in the Catheters market include technological advancements, consistent investment in research and development activities and the upsurge in acquisitions and mergers.
On the other hand, the associated risk of weakened materials that can cause fractures which increases the total cost of surgery can hamper the market growth. Also, pain and swelling during insertion and withdrawal of catheters and the discomfort associated with its use coupled with the hospital acquired infections due to catheter use these factors are expected to hamper the market growth.
Nevertheless, product development is the most critical driver of the global catheters market. Product development has mostly focused on the development of advanced materials such as silicone catheters and advanced polymer catheters such as polyvinyl chloride catheters. Another product development strategy includes film coated catheters. The film is composed of antimicrobial agents which restrain the growth of catheter-induced infection. Another market driver is the favorable reimbursement scenario in the US.
The fervent players leading the Global Catheters Market include Koninklijke Philips N.V, Boston Scientific Corporation, Abbott, Medtronic plc, Becton, B. Braun Melsungen AG, Dickinson and Company, LuMend Corporation (US), Terumo Corporation, Covidien AG (Ireland), Cook Medical Inc. (US), and ACIST Medical Systems (US).
Global Catheters Market – Regional Analysis
Globally, North America accounts for the leading market for catheters possessing the largest market share, followed by the European and Asia Pacific region, respectively. Factors fostering market growth include the increasing number of surgeries and cases of diseases like cardiovascular, neurovascular, and urology.
Furthermore, the market growth in the North American region is fostered by the factors such as the strong economic conditions, huge developments in the healthcare domain, and focus of research institutions on updating technology for new and advanced treatment methods.
Moreover, the presence of a well-proliferated healthcare sector and the leading market players alongside the availability of skilled healthcare professional fosters the growth of the market. Continuing with the same growth trends, the catheters market in the region will retain its hegemony throughout the review period.
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The European region accounting for the world’s second-largest market for catheters follows the North American market closely. The market here is fostered by the resurging economic conditions that are increasing the per capita healthcare expenses and the well-penetrated healthcare sector in the region. Huge market growth in countries like the UK, Germany & France drives the growth of the regional market on a large scale.
Furthermore, the increasing competition among key players, increasing patient population, and amendments in reimbursement of healthcare policies are expected to foster the market growth in the European region.
The Asia Pacific market for the endoscopy device is expected to perceive an exponential growth, emerging as one of the promising markets. Attributing to the huge patient population and the availability of low-cost procedures and drugs to treat the diseases, growing markets in Indian and China will lead the market growth. Additional factors that would support the market growth include favorable government policies and the burgeoning medical tourism market in the region.
The global catheters market has been segmented on the basis of types and end users.
On the basis of the types, the market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters, and others.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others.
Global Catheters Market – Competitive Analysis
The fiercely competitive catheters market appears to be fragmented due to many large and small-scale players churning the competition in the market. Through the strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain a competitive edge in the market.
Top players are holding the largest market share while other small and medium-sized companies are also growing. Manufacturers strive to develop catheters with advent technology and unique design and features.
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