CATHETERS MARKET ANALYSIS

The global catheters market was valued at US$ 43.18 Bn in 2022 and is forecast to reach a value of US$ 84.50 Bn by 2030 at a CAGR of 6.4% between 2023 and 2030. The global catheters market is experiencing strong growth owing to the increasing demand for catheters and increasing prevalence of chronic disorders across the world. Moreover, rising number of minimally invasive surgeries and growing geriatric population across the globe is expected to boost the growth of the market. However, factors such as risks and complications associated with catheters and presence of the substitutes are expected to hamper the market growth.

Global Catheters Market: Regional Insights

Based on geography, the global catheters market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing prevalence of chronic disorders, growing geriatric population, high demand for COVID-19, and increasing demand for catheters in the region. For instance, with the rise in burden of chronic disorders, the demand for catheters is also increasing rapidly. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are among the leading causes of death in the U.S., with heart disease and cancer alone accounting for around 38% of all deaths. Six in ten adults in the U.S. currently live with a chronic disease.

Europe and Asia Pacific are also expected to witness robust growth in the global catheters market owing to the rise in burden of chronic disorders, increasing number surgical procedures, growing geriatric population, and increasing demand for catheters in these regions. For instance, according to the cancer report by the Indian Council of Medical Research (ICMR), India’s cancer cases could increase by 12% in the next five years, with 1.5 Billion people projected to suffer from the non-communicable disease by 2025, up from 1.39 Billion in 2020. This in turn is expected to increase demand for catheters in India, driving the market growth.

Figure 1. Global Catheters Market Share (%), by Region, 2023

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Global Catheters Market Drivers:

Increasing demand for catheters to propel market growth

One of the key factors expected to boost the growth of the global catheters market over the forecast period is the increasing demand for catheters around the world. For instance, catheters are medical devices that can be inserted in the body to treat a variety of disease or perform a surgical procedure. Therefore, there is an increasing demand for catheters around the world. In January 2023, Coloplast launched the SpeediCath Flex Set catheter in the U.S. Designed for people living with bladder and urinary problems, the new SpeediCath Flex Set with a ‘no touch dry sleeve’ and oBni-directional tip is available as a catheter and bag solution, also called a Closed System.

Rise in burden of chronic diseases to drive market growth

Another factor which is driving the growth of the catheters market is the increasing prevalence of chronic disorders across the globe. For instance, such a high burden of chronic disease leads to an increase in number of surgical procedures, leading to a rise in demand for catheters. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 Billion people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or over 17.9 Billion people annually, followed by cancers (9.3 Billion), chronic respiratory diseases (4.1 Billion), and diabetes (2.0 Billion).

Global Catheters Market Opportunities:

Rising number of minimally invasive surgeries is expected to offer lucrative growth opportunities for players in the global catheters market. For instance, with the rising number of minimal invasive surgeries, the use or demand for catheters is also increasing. In July 2021, Medtronic Plc launched Prevail drug-coated balloon (DCB) catheter in Europe following the CE mark. The new coronary DCB is used during percutaneous coronary intervention (a minimally invasive surgery) procedures to treat narrowed or blocked coronary arteries in patients with coronary artery disease (CAD). This in turn is expected to augment the growth of the market.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global catheters market. For instance, older adults are more prone to developing age related diseases (such as heart disease, cancer, diabetes, and multiple chronic conditions) that younger people do not typically develop. This in turn led to an increase in the number of surgeries, increasing the demand for catheters across the world. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).

Global Catheters Market Trends:

High demand for antimicrobial catheters is a recent trend

Repeated use of catheters can lead to catheter-related infections, like Catheter-associated Urinary Tract Infections (CAUTIs). Catheters infused with antimicrobials, antibiotics, or antimycotics are thought to reduce bacterial colonization and help decrease catheter colonization reducing catheter-related infections. Antimicrobial catheters mixed or coated with antibacterial agents, such as silver hydrogel and nitrofural, are considered effective in preventing CAUTIs. This trend is expected to continue over the forecast period, driving the market growth.

Increase in demand for urinary catheter is another trend

A urinary catheter is usually used in people who have difficulty passing urine naturally. It can also be used to empty the bladder before or after surgery and to help perform certain tests. Used for a variety of medical conditions, urinary catheters are an important device to help empty bladder and prevent kidney failure. Thus, with the increasing incidence of urological disorders, the demand for urinary catheters is also increasing as they are used for those who suffer from urological disorders.  This trend is also expected to continue over the forecast period.

Global Catheters Market Restraints:

Risks and complications to hinder growth of the market

One of the key factors expected to hamper growth of the global catheters market is the risks and complications associated with catheters. For instance, the disadvantage of using a urinary catheter is that it can sometimes allow bacteria to enter the body. This can cause an infection in the urethra, bladder, or the kidneys; known as urinary tract infections (UTIs). Moreover, the repeated usage of catheters led to an increase in the incidence of Catheter-related Blood-Stream Infections (CABSI) and associated risks and complications in patients who underwent catheter insertions.

Presence of the substitutes to hamper growth of the market

Another factor which is hampering the growth of the global catheters market is the presence of the substitutes. Fortunately, there are catheter alternatives that are discreet, sanitary, comfortable, and economical. Thus, there is an increasing demand for them around the world. Moreover, multiple evidence-based guidelines have that suggested doctors consider external collection devices (ECD) as alternatives to indwelling catheters. Nevertheless, there is a dearth of evidence-based resources concerning their use, driving the growth of the market.

Figure 2. Global Catheters Market Share (%), By Product, 2023

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Global Catheters Market Segmentation:

The global catheters market report is segmented into Product, End Use, and Region.

Based on Type, the global catheters market is segmented into Cardiovascular Catheters, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, and Specialty Catheters. Out of which, Cardiovascular Catheters Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of cardiovascular diseases.

Urology Catheters Segment is also expected to witness significant growth in the near future and this is owing to the rise in burden if urologic diseases.

Based on End Use, the market is segmented into Hospital Stores, Retail Stores, and Others (Online stores). Out of which, Hospital Stores Segment is expected to dominate the market during the forecast period and this is attributed to the increase in number of hospitalizations worldwide.

Retail Stores Segment is also expected to witness significant growth in the near future and this is owing to the presence of various e-commerce sites offering various types of catheters.

Global Catheters Market: Key Developments

In June 2023, Inari Medical launched two new purpose-built thrombectomy catheters to address the needs of venous stent thrombosis and venous thromboembolism (VTE). The two products are the Triever16 Curve catheter and the RevCore thrombectomy catheter.

In February 2023, Coloplast announced the launch of male catheter designed to reduce the risk of urinary tract infections, a significant burden for individuals using intermittent catheters as well as healthcare systems as a whole.

In March 2022, ShockWave Medical announced the launch of its Shockwave M5+ peripheral intravascular lithotripsy catheter after receiving both the CE mark and the United States Food and Drug Administration (FDA) clearance.

In February 2022, Cerenovus, part of Johnson & Johnson Medical Devices Companies, announced the launch of Emboguard, a next-gen balloon guide catheter to be used in endovascular procedures, including those for patients with acute ischemic stroke.

Global Catheters Market: Key Companies Insights

The global catheters market is highly competitive. This is attributed to the increasing demand for catheters around the world, as a result, players in the market are focusing on developing/launching novel products in the market.

Some of the key players in the global catheters market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others.

*Definition: A catheter is a medical device, a thin tube made from medical grade materials, which can be inserted in the body to treat a variety of diseases or perform a surgical procedure.