In 2023, the catheter industry is projected to surge to a size of around USD 12,591.30 million. In the forecast period from 2023 to 2033, it is expected to experience a CAGR of 6.3%.
By 2033, the market for catheters will probably be worth USD 23,281.63 million. It is anticipated that during the assessment period, it will demonstrate a total financial potential worth USD 9,621.3 million.
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 their ability to reduce infections and complications, making it equally preferred among patients.
The global market for catheters 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 (DCB) 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 for the treatment of cardiovascular disease.
Key Takeaways from the Catheter Market Study
- The global catheter industry stood at a valuation of around USD 11930.3 million in 2022.
- The hospital segment by end-use is set to showcase a steady CAGR of 7% through 2033.
- The acute kidney injury segment by indication is estimated to register a significant CAGR of 1% in the forecast period.
- The intravenous catheters segment by product accounted for a dominant share of 4% in 2022 in the global catheter industry.
- The United Kingdom is estimated to register an average CAGR of 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.” – says an analyst of Future Market Insights (FMI).
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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 industry. 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.
Key Companies Profiled
Becton; Dickinson & Company; Cardinal Health; B. Braun Melsungen AG; Coloplast; Medtronic; ConvaTec Inc.; Teleflex Inc.; Stryker Corporation (Cerus Endovascular); Sterimed Group; VOGT Medical; Optimum Medical Limited; Insung Medical; BACTIGUARD AB; Polymedicure; Utah Medical Products; Inc.; Smiths Medical; Argon Medical Devices; Inc.; Boston Scientific Corporation; Cook Medical Incorporated; Fresenius Kabi AG
Catheter Industry Outlook by Category:
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
- Peripheral 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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