Catheters Market Growth & Trends
The global catheters market size is expected to reach USD 74.84 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% from 2021 to 2028. The increasing prevalence of chronic diseases and improving medical facilities are some of the prime factors boosting the market growth. Moreover, the rapidly growing geriatric population has led to increased hospitalizations and surgeries, thereby supporting the market growth.
A rise in the prevalence of various chronic disorders, such as cardiovascular disorders, urology disorders, strokes, and other chronic conditions, is expected to increase the demand for catheters in medical settings. As per the WHO, every year, 41 million people die due to chronic illnesses, which accounted for 71% of all deaths globally and 60% of the global burden of disease in 2020. Moreover, an increasing number of people in the developing countries of APAC and Latin America are suffering from diabetes owing to factors such as sedentary lifestyles and dietary irregularities. This, in turn, is expected to boost the use of catheters in medical settings. The outbreak of COVID-19 resulted in the demand for catheters globally. For instance, according to the Cardiovascular Fellows Consortium, around 2,548 cardiac catheterization procedures were performed during the COVID-19 pandemic, whereas 4,671 procedures were performed during the same period the previous year.
Technological advancements play a crucial role in driving the market. For instance, the introduction of miniaturized and antimicrobial catheters to reduce catheter-associated infections is expected to favor the market growth. Teleflex introduced Arrow acute hemodialysis catheters based on ARROWg+ard Antimicrobial Technology, which is known for its broad-spectrum of antimicrobial protection.
Catheters Market Report Highlights
- On the basis of product type, the cardiovascular catheters segment dominated the market in 2020 with a share of 28.03% due to a rise in the prevalence of cardiovascular disorders, which, in turn, is increasing the demand for the interventional cardiac procedures
- Based on distribution channel, the hospital stores segment dominated the market in 2020 with a share of 53.83% owing to an increase in the number of hospital admission rates and an upsurge in surgical procedures globally
- North America dominated the market with a revenue share of 32.05% in 2020 owing to the high incidence rate of chronic disorders as well as the availability of highly skilled physicians in this region