Catheter Market is expected to grow from USD 49 billion in 2022 to USD 83.5 billion by 2030 : GreyViews

Catheter Market Size By Product (Urology Catheters, Neurovascular Catheters, Intravenous Catheters, Cardiovascular Catheters, and Other), By End-User (Long Term Care Facilities, Hospitals, and Other), Regions, Segmentation, and forecast till 2030.

/EIN News/ -- Pune India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the catheter market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the catheter market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global catheter market are Hollister Incorporated, Medtronic, Boston Scientific Corporation, Edward Lifesciences, Smith Medical Inc., Teleflex Incorporated, ConvaTec Group Plc, and Cure Medical LLC among other. To achieve a substantial market share in the worldwide catheter market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Catheters are anticipated to be used in more surgeries as a result of an increase in chronic illnesses, which will propel market expansion. However, frequent use of catheters can result in central line-associated bloodstream infections and catheter-associated urinary tract infections (CAUTIs) (CLABSIs). Patients with chronic illnesses typically have weakened immune systems and need to stay in hospitals rather frequently. Due to the frequent usage of the catheter to access the blood vessels, the patients are at significant risk of infection. In order to decrease catheter-associated infections and the rising number of thrombosis episodes, firms started producing antimicrobial catheters. One or two notable antimicrobial catheters are the Silver Ion and Palindrome HSI heparin-coated antimicrobial catheters by Medtronic. The possibility of clot development and microbial colonization on the catheter's surface is also less likely with this kind of catheter. At the catheter's exit point, silver ions or antibiotic coatings are also applied, as well as sealing the tip with an antimicrobial solution. As a result, the expansion of the catheter market is projected to be boosted by catheters with anti-microbial coatings. Additionally, it is anticipated that the market for catheters would see a boost in sales due to the rising demand for less invasive procedures brought on by recent technological advancements. To avoid cases of restenosis, the recurrence of blood vessel narrowing at a later stage can be addressed, use antimicrobial coating and miniature catheters.

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Scope of Catheter Market Report

Report Metric	Information
Study Period	2022-2030
Base Year	2022
Forecast Period	2023-2030
Market Share Unit	USD Billion
Segments Covered	Product, End-User, and Regions
Regions Covered	North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players	Hollister Incorporated, Medtronic, Boston Scientific Corporation, Edward Lifesciences, Smith Medical Inc., Teleflex Incorporated, ConvaTec Group Plc, and Cure Medical LLC. among other

Segmentation Analysis

The cardiovascular catheters  segment is expected to be the fastest-growing segment in 2022. 

The product segment is urology catheters, neurovascular catheters, intravenous catheters,  cardiovascular catheters, and other. The cardiovascular catheters segment is expected to witness the highest growth rate during the forecast period. Because there is a growing need for interventional cardiac procedures as a result of an increase in the prevalence of cardiovascular illnesses. This will likely help the segment's market grow, along with the growing use of cardiac catheters. Percutaneous Transluminal Coronary Angioplasty (PTCA) balloon catheter is the main sub-segment in this category, accounting for about 30.0% of the market in 2021. This segment is further sub-segmented into four categories.

The hospitals  segment is expected to be the fastest-growing segment in 2022. 

The end-user segment is long term care facilities​, hospitals, and other. The hospitals segment is expected to witness the highest growth rate during the forecast period. This can be ascribed to an increase in surgical operations requiring the use of catheters for IV solution and fluid infusion, as well as an increase in hospital admission rates globally. Since the hospital pharmacy is located inside a hospital, inpatient drugs are stored there and given out there. Hospital pharmacies typically carry a large selection of drugs, including more sophisticated and experimental ones. therefore in charge of segment expansion.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the catheters  include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

• The North America region witnessed a major share. The market in this area is additionally anticipated to be driven by increasing endeavours from the leading industry players for the launch of novel items. For instance, in March 2022, Cerus Endovascular got FDA approval for its 027 micro-catheters, which come in two lengths, increasing its product line, which currently includes the 021 micro-catheter platform that has already received FDA approval. Similar to that, in February 2021, Bactguard's TempSensor catheter received approval from Health Canada.

Country Analysis

• Germany

Germany's catheter market size was valued at USD 3.6 billion in 2022 and is expected to reach USD 6.18 billion by 2030, at a CAGR of 7% from 2023 to 2030.
A rise in catheter-offering medical equipment companies has led to a shift in Germany's robust healthcare system from in-patient to out-patient care. The demand for better healthcare facilities from the ageing population and the increased patient interest in less invasive procedures are expected to have a significant impact on market expansion.

• China

China’s catheter market size was valued at USD 3.8 billion in 2022 and is expected to reach USD 6.6 billion by 2030, at a CAGR of 7.3% from 2023 to 2030.
Because of a variety of factors, including escalating healthcare expenses, rising disposable income, and the existence of sizable untapped markets in developing nations like China.

• India

India's catheter market size was valued at USD 2.9 billion in 2022 and is expected to reach USD 5.05 billion by 2030, at a CAGR of 7.2% from 2023 to 2030.
Rising chronic condition prevalence is estimated to fuel catheter market expansion in India over the course of the research year. For instance, a study that appeared in the Journal of the American College of Cardiology in July 2018 revealed that 54.6 million people in India had cardiovascular disease.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the catheter market is mainly driven by the rise in healthcare sector.

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