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Catheters are versatile medical devices that finds application in various diagnostic and therapeutic procedures across a plethora of disease areas. Catheters are tubular medical devices that can be inserted in the body to treat various medical conditions or perform diagnostic procedures. Catheters such as cardiovascular catheters, urology catheters and neurovascular catheters are commonly used for procedures such as angiography, angioplasty, treating urinary incontinence and delivery of drugs. The rising prevalence of chronic illnesses such as cardiovascular diseases, urinary tract infections and neurological disorders has significantly driven the demand for catheters globally.
The global catheter market is estimated to be valued at US$ 54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in the geriatric population which is more susceptible to chronic disorders and increased demand for minimally invasive surgeries is fueling the catheters market growth. As per recent reports by WHO, geriatric population aged 60 years or more is expected to reach 2 billion by 2050 from 900 million in 2015. Growing preference for minimally invasive procedures owing to benefits such as lesser complications, shorter hospital stay and quicker recovery is boosting the catheters market. Technological advancements in catheters leading to development of advanced catheters with enhanced properties is another trend shaping the market. For instance, development of hydrophilic coated catheters having better lubricity to reduce friction during insertion.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high capital requirements and stringent regulations set for developing and manufacturing catheters.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering substitutable products. However, the bargaining power decreases due to the availability of various product types for different applications.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutable components from different suppliers and less differentiation in components.
Threat of new substitutes: The threat of new substitutes is low as catheters are an essential medical device with limited substitute products for various clinical applications.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous global and regional players offering substitutable products at lower prices.
Key Takeaways
The global catheters market is expected to witness high growth over the forecast period.
North America holds the highest share in the catheters market and is expected to grow at a CAGR of 5.6% during the forecast period. This is attributed to growing aging population, rising number of coronary artery and urinary diseases in the region.
Key players: Key players operating in the catheters market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. Medtronic and Boston Scientific Corporation hold majority of the market share owing to their robust product portfolios and strong geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
