Catheters are medical devices that help in draining fluids, delivering medicines, accessing the urinary bladder, and diagnosing and treating diseases. Catheters support doctors in performing various minimally invasive surgeries and procedures. With rising cardiovascular diseases due to sedentary lifestyle and unhealthy diets, catheters play a crucial role in treating conditions like congenital heart diseases. 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 key trends:
The increasing prevalence of cardiovascular diseases across the world is a major factor driving the growth of the catheters market. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for over 17.9 million deaths each year. Diseases like coronary heart disease, heart failure, and congenital heart diseases are becoming highly common. Catheters are widely used for both diagnosis and treatment of these life threatening conditions thus propelling the demand for catheters over the forecast period.
SWOT Analysis
Strength: Catheters market has wide applications in different medical procedures like cardiovascular, urological, neurovascular and others. It holds a significant share in medical devices market.
Weakness: Reusable catheters require high maintenance and sterilization costs. Single use catheters generate more biohazard waste.
Opportunity: Growing aging population and rising incidence of target diseases will boost demand. Developing regions offer immense growth potential.
Threats: Stringent regulations for approval. Threat from local players offering low cost products.
Key Takeaways
The global catheters market size for 2023 is US$ 54.68 Bn and projected to reach US$ 78.25 Bn by 2030, registering a CAGR of 6.4% during the forecast period from 2023 to 2030.
The global Catheters market is expected to witness high growth. Regional analysis related content comprises the North America region currently dominates the catheters market. Factors such as the growing prevalence of target diseases, rising geriatric population susceptible to chronic diseases and product innovations are responsible for market growth in this region.
Key players related content comprises 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 enjoys leading market position offering an extensive portfolio of products. Boston Scientific holds significant share owing to its product innovation and expanding regional presence worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
