Intravascular Catheter Market Overview —
Intravascular catheters are a fundamental tool in modern medical practices. Majority of patients admitted to hospitals require some form of catheter therapy for the delivery of nutritional supplements, medicines, and other products into the bloodstream. These catheters also employed during surgical procedures to continually sample and monitor various vital parameters such as blood pressure and gases. Market Research Future (MRFR) has launched a report on the global intravascular catheter market and has projected the market to register a CAGR of 9.3% over the forecast period of 2019-2024.
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Rise in the rate of hospitalization, growing demand for minimally-invasive surgeries, and rise in the number of catheterization labs is propelling the growth of the global intravascular catheter market.
The trend of using advanced catheters in image-guided treatments of the heart is a trend that is likely to create a conducive environment for the growth of the market. A growing body of clinical evidence that intravascular catheters improve healthcare outcomes is further supporting the market growth.
Rapid improvement in intravascular catheter technology development has enabled the radical adoption of these devices. Technology development has led to the reduction of bleeding complications, simplification of complex interventions, and expedition of routine procedures.
On the other hand, the growth of the market might be hindered by the risk of bloodstream infection associated with the use of intravascular catheters and lack of skilled healthcare professionals.
Intravascular Catheter Market Segmentation
The intravascular catheter market has been segmented based on product, application, and end user.
By product, the intravascular catheter market has been segmented into short peripheral intravenous catheters (PIVC) and integrated/Closed PIVC catheters.
By application, the intravascular catheter market has been segmented into renal disease, cancer, gastrointestinal diseases, infectious diseases, and other diseases. The renal disease segment is accounts for the majority share of the global market due to the high incidence rate of kidney-related disorders across the globe. The cancer segment is expected to be the fastest-growing segment over the forecast period.
By end user, the intravascular catheter market has been segmented into hospitals, clinics, ambulatory surgical centers, homecare, and others.
Intravascular Catheter Market Regional Analysis
Region-wise, the intravascular catheter market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is at the forefront of the global intravascular catheter market. Various key players based in the region are actively involved in product innovation and development, which is creating opportunities for market growth. High healthcare expenditure, the adoption of advanced technologies within the healthcare sector, and rigorous R&D activities are supporting the growth of the market.
Europe accounts for an advantageous share of the global intravascular catheter market and is expected to exhibit substantial growth in the coming years. Surging incidence rate of oncological diseases is likely to drive the demand for minimally invasive procedures, which, in turn, would augment the growth of the market in the region.
The APAC intravascular catheter market is driven by the growing occurrence of chronic diseases in the region, demand for minimally invasive surgical procedures, and government endeavors for the reformation of the healthcare sector.
The MEA intravascular catheter market is likely to account for the least share of the global market. Inadequate medical facilities and underdeveloped healthcare sector in the region is deterring the growth of the market.
Intravascular Catheter Market Competitive Landscape
Getinge AB, Cook Medical, C.R. Bard, Inc., Johnson & Johnson, Terumo Corporation, Edwards Life Sciences Corporation, Medtronic Inc., McKesson Medical Surgical Inc., Smiths Medical, Coloplast, and Boston Scientific Corporation are the key players in the intravascular catheter market.
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May 2019 - Medtronic, a global leader in medical technology, services, and solutions, entered the guide extension catheter market, with the launch of the Telescope Guide Extension Catheter. The new catheter HAS BEEN designed to aid in the delivery of coronary stents, balloons, and other interventional devices during angioplasty procedures.
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