Catheters are thin tube like medical devices that are inserted in the body to treat diseases or perform surgical procedures. Catheters are available in different forms like cardiovascular catheters, urological catheters, intravenous catheters and neurovascular catheters that are used for various applications like drainage, dialysis, diagnostic and therapeutic procedures. The increasing prevalence of diseases like cancer, urinary incontinence and cardiovascular disorders have boosted the demand for catheters globally. The growing geriatric population that is more prone to such chronic illnesses also acts as a major driver for the catheters market.
The Global Catheters Market is estimated to be valued at US$ 54.68 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Catheters Market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. These players are focusing on new product launches and strategic collaborations to strengthen their market presence. For instance, Medtronic launched Peripheral Catheters with Endexo technology in 2021 to reduce complications during catheterization procedures.
The rising prevalence of chronic diseases and increasing healthcare expenditure across developing regions provide significant opportunities for players in the catheters market. According to the World Health Organization, cancer burden is expected to rise by 80% in low and middle income countries by 2040. This will boost the demand for catheters for diagnostic and interventional oncology procedures.
With advancements in catheter technologies, players are focusing on expanding their global footprint. Key players have established manufacturing facilities and distribution networks across emerging markets like Asia Pacific, Latin America, and Middle East & Africa. For example, Boston Scientific received approval to market its Advance XP and Merge PTCA Balloons in China in 2021 to cater to the growing cardiology segment.
Market drivers and restrain:
The key driver for catheters market is rising geriatric population that is more prone to chronic illnesses like urinary incontinence and cardiovascular diseases. As per UN population data, number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. This will significantly drive the demand for various catheters used in therapeutic and diagnostic procedures for aged patients.
However, risks associated with catheterization procedures like infection, thrombosis and damage to blood vessels act as a major restraint. Catheterization requires skilled professionals which increases the cost of treatment and procedural complications if not performed properly. Stringent regulatory approvals and product recalls due to quality issues also hinders the market growth. For instance, Edwards Lifesciences recalled some of its Clearsight Pressure Monitoring Catheters in 2022.
Segment Analysis
The catheters market is dominated by thermodilution catheters sub-segment. Thermodilution catheters help physicians and clinicians to measure cardiac output through thermodilution method. It involves injection of cold saline into the right atrium or ventricle of the heart and measure changes in temperature over time in downstream location using a thermistor-tipped catheter. This method provides an effective way to determine cardiac output non-invasively. The rising cases of cardiac diseases and increasing usage of thermodilution technique for cardiac output measurement drive the growth of thermodilution catheters sub-segment.
Global Analysis
Regionally, North America dominates the global catheters market and is expected to grow at a steady rate during the forecast period. This is attributed to the rising geriatric population, high healthcare spending, and presence of major players in this region. Asia Pacific is projected to be the fastest growing market for catheters. This is credited to rapidly increasing cases of chronic diseases like cardiovascular diseases, rise inmedical tourism industry and improving healthcare infrastructure in emerging nations like China and India in this region.