Worldwide Catheters Market is foreseen to amass around US $56.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2025.
Generally, catheters find extensive use in catheterization during surgical procedures such as neurosurgery and angioplasty. The global market for catheters is gaining impetus from the constant growth in the population with diabetes and cardiovascular disorders, which can be credited to factors such as alcohol consumption, smoking, sedentary lifestyle, etc.
Supportive reimbursement policies, ascending demand for minimally invasive surgeries, and technologically enhanced catheters are further likely to stimulate market growth during the projected timeline. The findings of the report reveal that the reimbursements by the Medicaid program, which provides around 100 catheters every month, would contribute to catheters market growth in the forthcoming years.
Based on the product gamut, the global catheters market is segmented into cardiovascular catheters, neurovascular catheters, urological catheters, specialty center catheters, others. The cardiovascular catheters are further categorized into PTCA balloon catheters, PTA balloon catheters, IVUS catheters, electrophysiology catheters, and others.
The urological catheters are further classified into hemodialysis catheters, foley catheters, external catheters, intermittent catheters, and peritoneal catheters. The specialty center catheters consist of sub-types such as oximetry catheters, wound/surgical catheters, IUI catheters, thermodilution catheters, and others.
Reportedly, the cardiovascular catheters segment amassed the biggest share of the market in the year 2017. The segmental growth is attributed to the rising prevalence of cardiovascular diseases, which is also promoting the cardiovascular interventional procedures. The urological catheters segment is the second-largest product segment, with the highest market revenue. Growth in this segment can be credited to the growing incidences of urological disorders, and ongoing technological enhancements.
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According to the report, the North American holds a leading market position in the global catheters market, followed by Europe and Asia Pacific. Regional growth is fueled by the improved health infrastructure, hefty healthcare spending, growing patient awareness regarding the use of catheters, and high volume of catheterization in medical procedures. The report further cites that the APAC market is poised to experience substantial growth over the predicted period, on account of increasing penetration of these devices in the emerging countries, rising healthcare expenditure, and technological advancements.
The global catheters market is endowed with a highly competitive market scenario, where each contender is thriving to strengthen its foothold in the global market. The distinguished players operating in the global market include Abbott Laboratories, Johnson & Johnson Inc., Teleflex Incorporated, Medtronic plc, Dickson and Company, Cook Group Incorporated, Becton, B. Braun Melsungen AG, Cardinal Health Inc., Boston Scientific Corporation, Edward Life Science Corporation, Coloplast, Arrow International Inc. and Smiths Medical, among others.
The report further analyses these market players, in view of their strong points, business tactics, and market performance. The company profiles of these players, along with their business overview, product benchmarking, financials, and recent developments, have also been included in the report.