Catheters Market to Reflect a Holistic Expansion During the Forecast Period: Grand View Research Inc.
Catheter Market Growth & Trends
The global catheter market size is anticipated 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 attributes boosting the market growth. Moreover, the rapidly growing geriatric population base has led to increased hospitalization rates and surgeries, which is anticipated to boost the market growth.
The 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 and use of catheters in medical settings. As per the WHO, every year, 41 million people die due to chronic illnesses, which accounts for 71% of all deaths globally and 60% of the global burden of disease in 2020. Thus, with the rise in these diseases, the use of catheters is bound to increase over the study period. Moreover, an increasing number of people in developing countries of APAC and Latin America are suffering from diabetes owing to factors, such as sedentary lifestyle and dietary irregularities. This, in turn, is expected to boost the use of catheters in medical settings.
Technological advancements play a crucial role in driving the catheters market. For instance, the introduction of miniaturized and antimicrobial catheters to reduce catheter-associated infections is expected to favor the market growth. For instance, Teleflex introduced Arrow acute hemodialysis catheters based on ARROWg+ard Antimicrobial Technology, which is known for its broad-spectrum of antimicrobial protection.
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Catheter Market Report Highlights
- On the basis of product type, the cardiovascular catheters segment dominated the market in 2020 with a share of 28.03% owing to the 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
Catheter Market Segmentation
Grand View Research has segmented the global catheters market on the basis of product type, distribution channel, and region:
Catheter Product Type Outlook (Revenue, USD Million, 2016 - 2028)
Catheter Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals Stores
- Retail Stores
Catheter Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Catheter Market
- Hollister Incorporated
- Boston Scientific Corporation
- Edward Lifesciences
- Smith Medical Inc.
- Teleflex Incorporated
- ConvaTec Group Plc
- Cure Medical LLC
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.