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The catheters market will show a rapid growth due to the increasing prevalence of cardiovascular, neurology, and urology disorders, increasing usage of minimally invasive procedures and the rising demand for the antimicrobial catheters.
Cardiovascular disease (CVD) is the leading cause of mortality worldwide. According to the WHO, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age cardiovascular disorders (CVDs) and other chronic conditions. Hence with the increasing number of surgeries being performed due to rising cases of chronic diseases is expected to increase the demand for catheters, which will drive the market.
Key Market Trends
Urology catheters is Expected to be the Fastest Growing Segment in the Catheter Market
- Urinary catheter segment will witness high growth during the forecast period as these products are used for patients who suffer from urological disorders. The growing prevalence of urinary disorders coupled with an aging population will boost the segmental growth in the market.
- Moreover, favorable reimbursement policies and rising interest for advanced urinary catheters are the key factors leading to enhanced demand for urinary catheters. Additionally, firms aiming to manufacture advanced urinary catheter products using hydrophilic technology will augment the market growth.
- Hence the high volume of medical procedures is carried out through catheterization and the early adoption of the technology in the geographical region is expected to drive the growth of the market.
North America is Found Leading the Catheter Market
- The United States is expected to dominate the market share with well-established healthcare infrastructure, better regulatory framework, and high government support for medical devices.
- According to the Health Library, it is estimated that about 84 million people in the United States suffer from some form of cardiovascular disease, causing about 2,200 deaths a day, averaging one death every 40 seconds.
- Rapid increase in the patient pool in the United States tends to increase the demand for catheters that are increasing the overall growth of the market.
There has been a presence of a considerable number of companies that are increasing the focus of industry players on developing technically advanced catheters that will provide lucrative growth opportunities. Various established business players are adopting numerous organic and inorganic growth strategies to increase their market share. New product launches, mergers and acquisitions, partnerships, and collaborations are the key strategies undertaken by these companies for sustainable growth.
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