The global catheters market was valued at USD 24,380.3 million in 2013. It is expected to grow considerably over the forecast period (from 2012 to 2020). This is mainly due to the growing occurrences of cardiovascular diseases and greater preference for minimally invasive medical techniques. Catheters are hollow & flexible tubes inserted into the body for diagnosis & therapeutic treatments. Various other factors driving the market are sophisticated healthcare infrastructure, high incidences of lifestyle-induced diseases, such as diabetes, obesity, and growing population base.
Nowadays, minimally invasive operations are widely preferred to traditional surgeries, as the former has numerous benefits, such as faster recovery times, shorter hospital stays, reduced length of scars, and lower risks of infections & bleeding. Faster patient recovery times and quick procedure duration are major factors that drive the industry for medical procedures. Popularity of minimally invasive procedures in developing economies, like India & China is likely to fuel growth of the global catheters market during the forecast period. The overall industry is estimated to grow at a healthy 9.7% CAGR during the same period.
For Market Research Report on “Catheters Market” Visit - https://www.hexaresearch.com/research-report/catheters-industry
The Worldwide catheters market is categorized as per products and regions. According to products, the segments are cardiovascular, urology, neurovascular, specialty catheters, and intravenous. Among these, cardiovascular catheters occupied the biggest market share in 2013 on account of high occurrences of cardiovascular diseases, availability of high unmet clinical demands, and rising patient awareness. This segment held a revenue shares nearly 40% in 2013. Furthermore, the introduction of bio-absorbable stents and widespread adoption of minimally invasive interventional cardiology surgeries have led to high demand for these catheters. Thus, the industry for cardiovascular catheters is anticipated to grow at a decent CAGR over 16% in the forthcoming years.
Bio-absorbable stents are used to clear blockages in arteries or enlarge the vessel by inserting a device or a tube in it. Unlike conventional stents, bio-absorbable stents get easily absorbed in the body just after surgery. With a 10% market share, catheters are expected to grow rapidly due to growing demand for angiography catheters.
Geographically, the worldwide catheters market is divided into North America, Asia-Pacific (APAC), Europe, and RoW. North America leads the industry due to sophisticated healthcare infrastructure, high healthcare spending, surging disposable incomes, a rapidly expanding aging population, and various NGO & government initiatives. Developing countries in APAC, such as China, are likely to have lucrative growth from 2012 to 2020 due to growing healthcare expenditure and awareness regarding catheters. This region can grow at a CAGR over 13.5 % during the forecast period.
Major players in the global market are Boston Scientific Corp.; Abbott Laboratories; Arrow International; Johnson & Johnson; and Medtronic Inc. Advanced Catheter Therapies Inc. (ACT) has recently developed the 510(k)cleared and patented Occlusion Perfusion Catheter™ (OPC). It is a multi lumen balloon catheter intended to momentarily occlude a particular part from the blood flow for the therapeutic agents local delivery to the coronary & peripheral vasculature. In the recent past, this product received a 3rd 501(k) clearance from the United States Food & Drug Administration (FDA).