(PharmaNewsWire.Com, March 10, 2023 ) The growing target patient population and the rising focus on minimally invasive surgical procedures over conventional surgery are the major factors driving the growth of catheters market.
The global catheters market is projected to reach USD 24.2 billion by 2025 from USD 15.9 billion in 2020, at a CAGR of 8.7%.
On the basis of type, the global catheters market is segmented broadly into cardiovascular, urological, intravenous, neurovascular, and specialty catheters. Cardiovascular catheters commanded the largest share of the catheters market in 2019 and are expected to grow at the highest CAGR during the forecast period. This is primarily attributed to factors such as the high incidence of CVD, the growing geriatric population, and increasing awareness regarding early diagnosis. These factors have resulted in an increase in cardiovascular surgeries, which positively impacts the cardiovascular catheters market.
Based on end user, the catheters market is segmented into hospitals, long-term care facilities, diagnostic imaging centers, and other end users. In 2019, hospitals were the largest end users of catheters. This segment is expected to grow at the highest CAGR, majorly due to the high volume of target procedures performed in hospitals. The presence of big cath labs and electrophysiology labs in hospitals and a growing patient population are other key drivers of this market. The emergence of advanced diagnostic imaging catheters, coupled with the demand for minimally invasive procedures, is accelerating the adoption of catheters in hospitals.
The catheters market has been divided into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global catheters market in 2019. This is attributed to various factors such as the large number of target procedures performed in the region, the presence of a well-established healthcare system, and investments by hospitals to upgrade & expand operating capabilities.
The prominent players operating in this market include Medtronic (Ireland), Edwards Lifesciences Corporation (US), Teleflex Incorporated (US), Abbott (US), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), ConvaTec Group (UK), Coloplast (Denmark), Johnson & Johnson Services (US), Terumo Corporation (Japan), Hollister Incorporated (US), Stryker (US), Cook Medical (US), and Merit Medical Systems (US).
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