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Large Paragraph: Catheters are thin, hollow tubes that are inserted into various parts of the body to perform medical procedures. They are used to deliver fluids, medications, or gases into the body or drain fluids and gases out of it. Some common applications of catheters include administration of intravenous fluids and medications, drainage of urine from the bladder through the urethra, drainage of fluids during minimally invasive surgeries, and measuring pressure inside cavities of the heart and blood vessels. The increasing preference for minimally invasive surgical procedures to reduce complications, decrease hospital stay, lower healthcare costs, and faster recovery has boosted the demand for catheters significantly.
The global Catheters Market is estimated to be valued at US$ 54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for minimally invasive surgical procedures is one of the major drivers propelling the catheters market growth. Minimally invasive procedures require smaller incisions thus reducing surgical complications, hospital stay, and recovery time. They also have lower healthcare costs associated with them. Rising patient preference for such procedures ensure a continuous demand for catheters to be used for drainage of fluids, delivery of medications, and measurement of vital parameters during surgeries. Another driver is the rising incidence of target conditions necessitating catheter procedures. The increasing geriatric population suffering from cardiovascular, urological, and neurological disorders boost the number of catheterization procedures performed annually across the globe.
Segment Analysis
The global catheters market can be segmented on the basis of product type, application, end-user and region. Under product type, the dominating sub-segment is cardiovascular catheters, which holds around 40% share of the total market. Cardiovascular catheters are dominating as the prevalence of various cardiovascular diseases such as stroke, hypertension and heart arrhythmias are quite high across the world.
PEST Analysis
Political: Healthcare policies of various governments across the world are favoring the usage of advanced medical devices like catheters. Economic: Rising disposable incomes and healthcare spending are positively influencing the growth of the catheters market globally. Social: Growing awareness about various cardiovascular and urological diseases is driving more people to undergo surgeries requiring catheters. Technological: Leading players are developing more advanced catheters with enhanced features like super hydrophilic PTFE for better patient outcomes.
Key Takeaways
The global catheters market size for 2023 is US$ 54.68 Bn and is expected to witness high growth at a CAGR of 6.4% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the catheters market currently due to growing prevalence of lifestyle diseases and availability of advanced healthcare facilities in the region. The Asia Pacific region is projected to witness the fastest growth during the forecast period supported by rising medical tourism, healthcare spending and government initiatives in various emerging countries.
Key players: 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. Medtronic specializes in manufacturing advanced cardiovascular and urological catheters while ConvaTec offers a wide range of specialty catheters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
