Catheters Market – 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. 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.
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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.
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.
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Market penetration rate will significantly elevate, as bio-absorbable stents are at low re-stenosis rates. 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.
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.
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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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