Industry Insights
Catheters market is expected to grow over the forecast period owing
to the increasing prevalence of cardiovascular diseases and growing
demand for minimally invasive medical procedures. The other growth
drivers of this market are growing incidences of lifestyle induced
diseases such as obesity & diabetes, sophisticated healthcare
infrastructure, increasing population and awareness.
These factors are expected to drive the market over the forecast
period. For the purpose of conducting therapeutic and diagnostic
treatment, flexible and hollow tubes are inserted into the body, which
are referred as catheters. As per the recent report published by WHO, by
2030, 25 million people will die due to prevalence of cardiovascular
disease. Cardiovascular disease includes hypertensive heart disease,
stroke, ischemic heart disease (IHD), aortic aneurysms, cardiomyopathy,
rheumatic heart disease (RHD), congenital heart disease, atrial
fibrillation, peripheral artery disease (PAD) and endocarditis.
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Minimally invasive surgeries are now more preferred than normal
surgeries, as it has many advantages attached to it, such as shorter
duration of stay at hospital, shorter recovery duration, less risk of
bleeding and infection, and scars length is short. Quick procedure
duration and faster patient recovery time are two important factors
towards the rising demand of medical procedures. Over the forecast
period, growing demand of minimally invasive procedures in the emerging
countries like China and India is expected to fuel the future growth of
this market. Over the upcoming forecast period, catheter market is
expected to grow at a CAGR of 9.7%. In 2013, the market was valued at $
24,380.3 million.
Product Insights
Catheters market is segmented on the basis of types into urology,
cardiovascular, neurovascular, intravenous and specialty catheters.
Among these, cardiovascular catheters held the largest market share in
2013 due to high incidences of cardiovascular diseases, increasing
patient awareness and availability of high unmet medical demand in this
segment. In 2013, revenue share of this market was approximately 40.0%.
Further, due to adaptation towards minimally invasive interventional
cardiology procedures and introduction of newly developed product i.e.
bio-absorbable stents, has increased demand of these catheters, and the
market is expected to grow nearby to CAGR of 16% over the upcoming five
years. Market penetration rate will significantly elevate, as
bio-absorbable stents are at low re-stenosis rates.
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Bio-absorbable stents are used for removing blockage or expand the
vessel by inserting a tube or device into the blood vessel. Advantage of
bio-absorbable stents is that it can absorb or dissolved in the body
after sometime of surgery, as compared to traditional stents. In terms
of revenue, catheters are following stents, as it holds 10.0% market
stake due to the increasing demand for angiography catheters. Heart
related disorders such as blood vessel irregularities, congenital heart
defects and atherosclerosis are diagnosed with the help of angiography
catheters. A small incision is made in femoral artery, through which
catheter is inserted and then moved to actual sire.
Regional Insights
Geographically, the catheters market is studied by segmenting the
market into North America, Europe, Asia Pacific and RoW. North America
is dominating the whole market due to high per capita healthcare
expenditure, sophisticated healthcare infrastructure, rising disposable
income, various government or NGO’s initiatives, and increasing
geriatric population. In 2013, North America generated over 37% of
revenue. The growing economies in Asia Pacific such as India and China
region are expected to witness lucrative growth during the forecast
period due to the rising healthcare expenditure, and awareness about the
catheters. Asia Pacific region is expected to grow at a CAGR of 13.5%
over the forecast period.
Competitive Insights
The major market players in the Catheters market are Abbott
Laboratories, Boston Scientific Corporation, Arrow International,
Coloplast, Medtronic Inc., and Johnson & Johnson.
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