Catheters Market Expected to Reach $15,830 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 26, 2017 /PRNewswire/ --
Catheters Market Report, published by Allied Market Research, forecasts that the global market was valued at $8,905 million in 2015, and is expected to reach $15,830 million by 2022, supported by a CAGR of 8.5% during the forecast period 2016 - 2022. North America is the largest contributor in the catheter market; however, LAMEA is growing at the highest rate.
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Catheterization is a basic co-procedure carried out along with various medical procedures, such as cardiac electrophysiology, neurosurgery, angioplasty, urological disorders, and others, by using catheters. The rise in the number of diseases and surgeries globally has increased the demand for catheters as they are most frequently used in hospitals and clinics for various therapeutic and diagnostic purposes.
Rise in cases of cardiovascular and urological diseases, and diabetes; and growth in demand for minimally invasive procedures boost the market growth. Furthermore, technologically advanced catheters, which are manufactured with infection-resistant coatings, minimize catheter-associated infections, and thus are increasingly preferred by healthcare professionals. In addition, increase in reimbursement levels for catheters is expected to increase the demand for catheters. However, inadequate quality assurance of catheters and price competition at domestic levels are expected to hinder the market growth. The rise in healthcare expenditure in developing countries, such as India and China, is expected to provide opportunities for market expansion.
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The cardiovascular catheter segment dominated the market, with maximum share in 2015, and is anticipated to continue this trend in the future, in terms of revenue. This is attributed to the presence of a large patient base suffering from cardiovascular diseases. Furthermore, rise in demand for minimally invasive cardiac surgeries is expected to boost growth of this segment.
Urological catheter is expected to grow at the highest rate throughout the analysis period, and accounted for almost one-fourth share of the global market in 2015. This is due to the increase in prevalence of urinary diseases and other complications, such as kidney and renal failures.
In 2015, North America displayed maximum contribution to the total revenue generated, while LAMEA is expected to witness the highest CAGR of 11.4%. This is due to rise in disposable income, improvement in healthcare expenditure, and increase in adoption rate of catheters.
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KEY FINDINGS OF CATHETERS MARKET:
- Intrauterine insemination catheter is projected to be grow at the highest rate during the analysis period.
- Cardiovascular catheter was the highest revenue-generating segment, and is expected to continue its dominance throughout the forecast period.
- North America dominated global catheters market, and is projected to grow at a CAGR of 6.4%.
- Argentina is the fastest growing country in the LAMEA region, registering a CAGR of 12.6%.
- Intermittent catheter segment exhibits the highest CAGR of 10.7%.
According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "Preference for catheter-based ablation procedures over surgery-based ablation procedures, due to its minimally invasive nature and shorter recovery times, have led to the increased awareness and adoption of catheter devices."
The major companies profiled in the report include Abbott Laboratories, Becton Dickinson And Company, Boston Scientific Corporation, Bard Medical, B. Braun Melsungen AG, Teleflex Incorporated, Johnson & Johnson, Medtronic, Inc., Edwards Lifesciences Corp., and Vascular Solutions, Inc.
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