At 11%+ CAGR, Catheters Market will hit $73.5 billion by 2024

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Neurovascular catheters market will expand at CAGR of 11.6% during the analysis period owing to increasing prevalence of neurovascular diseases such as aneurysms, cerebral arterial stenosis, cerebral hemorrhage and carotid stenosis.

German catheters market is estimated to witness 11.2% CAGR over the forecast period. Increasing cardiac morbidity and mortality in Germany will serve to be a major positive impact rendering factor in the market growth. According to the World Health Organization, Germany accounted for over 40% deaths due to cardiovascular diseases. Such factors will upsurge the demand for surgeries thereby upsurging the catheters market size in the coming years. Increasing geriatric population base in Germany prone to various chronic diseases coupled with growing number of surgeries will fuel the regional growth over the analysis period.

Global Catheters Market revenue will surpass USD 73.5 billion by 2024, says a new Global Market Insights, Inc. report featuring key industry trends across the end-use, product, and regional landscape. Growing rate of cardiovascular diseases such as cardiac arrhythmia, cardia arrest, and congestive heart failure across the globe has significantly propelled the catheters market growth in the recent years. The number of people suffering from cardiac disorders is predicted to increase in the ensuing years on account of the changing lifestyles and the rise in alcohol consumption and cigarette smoking.

Growing geriatric patient population across the globe will serve to be another positive impact rendering factor in the market growth. Ageing population prone to various diseases owing to functional and structural changes will drive the catheters market during the analysis period. Furthermore, development in catheters that offer superior efficiency, high flexibility as well as user friendly catheters enabling self-administration should accelerate the industry growth. Significant rise in the number of geriatric patients undergoing catheter based surgeries will foster the catheters market growth.

Ambulatory surgical centers segment accounted for USD 11.6 Billion in 2017 and forecasted to show rapid growth over the forecast timeframe. Benefits offered by ASCs over hospital surgeries such as short hospital stay, less invasive procedures, reduced cost and low risk of hospital acquired infections will augment the segmental growth. Furthermore, growing incidence of chronic diseases among the geriatric population base will further escalate the demand for catheter-based surgeries performed at the ambulatory surgical centers.

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Urology catheters segment is estimated to witness robust CAGR of 10.7% over the analysis period due to increasing prevalence of urological diseases worldwide. Catheters are majorly used in patients that have difficulty in urinating due to various conditions such as blood clots in urine, kidney stone or severe enlargement of prostate gland. Geriatric population base, prone to urological diseases resulting in urinary incontinence, will further increase the demand for urinary catheters.

Hospitals segment dominated the catheters market with USD 15.5 billion revenue in 2017 and is likely to show significant growth over the forecast period. The factors influencing segment growth include increasing prevalence of cardiac and other chronic diseases worldwide. According to Cardiology Department of the German Heart Center, around 1,200 catheter-based therapies for cardiac arrhythmias are performed per year. Furthermore, availability of trained hospital staff as well as growing number of surgeries as well as well-developed healthcare facilities in developed region will augment the segment growth in the coming years.

U.S. catheters market accounted for the highest revenue of 10.5 billion in 2017 and is expected to show robust growth over the analysis period. The growth is attributable to the highly advanced infrastructure to support catheter based surgeries and high demand for minimally invasive surgical procedures. Moreover, presence of key industry players in the U.S. will positively impact the regional growth during the forecast period.

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Some of the dominant industry players operating in catheters market are Abbott Laboratories, Arrow International Inc. (Teleflex Inc.), B. Braun Melsungen, Boston Scientific Corporation, C.R Bard, Coloplast, ConvaTec, Cure Medical, Edwards Life Sciences Corporation, Hollister Incorporated, Johnson & Johnson, Manfred Sauer, Medtronic Inc., Smiths Medical, Stryker Corporation and Wellspect Healthcare. Prominent market players primarily focus on acquisitions, mergers, partnerships and innovative product launches to enhance product portfolio and maintain their market position. For instance, in May 2016, Boston Scientific launched IntellaNav XP and IntellaNav MiFi XP, navigation-enabled ablation catheters to strengthen its product portfolio.

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Name: Arun Hegde
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Organization: Global Market Insights, Inc.

Release ID: 462507

Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.