Catheter Market Outlook for 2023 to 2033
The Global Catheter Industry is on track for significant expansion, with a projected valuation exceeding US$23.28 billion by 2033. This growth trajectory reflects a compelling Compound Annual Growth Rate (CAGR) of 6.3% anticipated from 2023 to 2033. The market already boasts a substantial presence, reaching an estimated value of US$12.59 billion in 2023. This strong foundation positions the market for a promising future.
Cardiac catheters are projected to witness high demand owing to their growing usage in heart treatment procedures like angiograms and angioplasty. They are highly renowned for reducing infections and complications, making them equally preferred among patients.
The global catheter market is poised for substantial growth, driven by several factors. These include the increasing prevalence of cardiovascular, neurologic, and urological disorders. A rising preference for minimally invasive procedures and the growing demand for antimicrobial catheters are also crucial market drivers. Chronic disorders have become a leading cause of mortality and morbidity worldwide, underscoring the market’s significance.
The worldwide demand for catheters is expected to increase due to the rising popularity of minimally invasive surgeries, as people prefer less invasive treatments. Leading market participants are also introducing new items to satisfy this need.
A novel coronary drug-coated balloon (DC developed for percutaneous coronary intervention (PCI) treatments in patients with coronary artery disease (CAD) is the Prevail DCB catheter. Medtronic plc debuted this product in Europe in July 2021. With the increased popularity of minimally invasive treatments, the introduction of similar products is anticipated to accelerate the use of catheters to treat cardiovascular disease.
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Global Catheter Industry Key Takeaways:
The global catheter market stood at around US$ 11930.3 million in 2022.
The hospital segment by end-use is set to showcase a steady CAGR of 5.7% through 2033.
The acute kidney injury segment, by indication, is estimated to register a significant CAGR of 8.1% in the forecast period.
The intravenous catheters segment by product accounted for a dominant share of 64.4% in 2022 in the global catheter industry.
The United Kingdom is estimated to register an average CAGR of 6.1% during the forecast period in the catheter industry.
“It is anticipated that catheters would be employed for diagnostic procedures, including hemodialysis and electrophysiological tests. Globally, it is anticipated that there will be an increasing demand for effective medical services due to the rising prevalence of diseases, such as cancer, acute illness, and trauma. To provide appropriate care, it is expected that medical practitioners will use peripherally inserted central catheters (PICC) more frequently in hospitals, operating rooms, and emergency departments,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.
Global Catheter Industry Competitive Landscape:
The improvement of product features is a top priority for leading players in the catheter industry as a way to strengthen their positions. They also want to increase their presence in emerging areas.
Entering into strategic collaborations and agreements with other businesses is a key tactic used by top manufacturers to keep their dominance in the catheter market. It is predicted that these tactics will aid them in extending the reach of their firm.
For instance,
Coloplast introduced the cutting-edge intermittent catheter Luja in February 2023 to address significant UTI risk factors. These place a heavy burden on both people who use intermittent catheters and the healthcare system as a whole. The first and only male catheter with more than 80 micro-holes, Luja, was created to help address severe UTI risk factors related to intermittent catheterization.
Cardinal Health and Kinaxis entered into a collaboration agreement in February 2022 to improve the visibility of medical products and the efficiency of the supply chain.
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Global Catheter Industry Segmentation:
By Product:
Urinary Catheters
Foley Catheters
Intermittent Catheters
External Catheters
Compact Catheters
Intravenous Catheters
Peripheral Catheters
Short Peripheral IV Catheter
Integrated/Closed PIVC
Central Venous Catheters
Peripherally Inserted Central Catheters (PICC)
Implanted Port
Tunneled Central Venous Catheters
Non-tunneled Central Venous Catheters
Hemodialysis Catheters
Cuffed Tunneled Catheter
Non-cuffed Tunneled Catheters
Non-tunneled Catheters
By Indication:
Urinary Incontinence
Urethral Stricture
Chronic Obstruction
Neurogenic Bladder
Enlarged Prostate Gland/BPH
Prostate Cancer
Acute Kidney Injury
Others
By End-user:
Hospitals
Dialysis Centers
Long-term Care Facilities
Ambulatory Surgical Centers
Home Care
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
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