Catheters Market Expected to Reach $49.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Catheters Market," The catheters market was valued at $22.7 billion in 2021, and is estimated to reach $49.5 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.

Catheter is a thin tube which is made from medical grade materials. They are medical devices that can be inserted in the body to treat diseases or perform a surgical procedure. The scope catheters has widened, as it is used to treat various neurological, cardiovascular, and urological disorders with the help of improved clinical practices and advanced technologies. Diagnosis, prevention, and treatment are the prime focus of healthcare departments across all the regions. Catheterization is a basic co-procedure along with various medical procedures that includes cardiac electrophysiology, neurosurgery, angioplasty, urological disorders, and specialty catheters; catheters being a key component in the above procedures. Hence, using ancillary medical devices such as catheters are used to treat diseases making it a lucrative market across the globe.
Rise in case of cardiovascular & urological diseases and diabetes and growth in demand for minimally invasive procedures are some catheters market trends which boost the growth of the catheters market. Furthermore, technologically advanced catheters are manufactured with infection resistant coating to minimize catheter-associated infections. Thus, these are preferred by customers (healthcare professionals), which leads to the growth of the catheter market. Reimbursement plays a vital role to raise the utilization rate of catheters. Increase in reimbursement levels from 4 to 200 catheters per patient per month by Medicare and Medicaid systems in the U.S. particularly for the intermittent catheters (a type of urological catheters) contributes to the increase in the utilization rates of such catheters in all healthcare set-ups. However, price competition in domestic/local markets and inadequate quality assurance hamper the growth of the catheters market. 
In addition, the prevalence of cardiovascular diseases in China has been increasing continuously. As per the report published in the Journal of Geriatric Cardiology by Li-Yuan Ma, in China, in 2020, over 290 million individuals suffered from cardiovascular diseases and nearly 2 out of every 5 fatalities occurred as a result of cardiovascular diseases(CVD). Therefore, rise in number of cardiovascular diseases results in increase in number of surgeries. This has led to increase in usage of catheters for the diagnosis that boosts the growth of the market.
Moreover, development of pharmaceutical & medical device industries and improvement in healthcare spending are some factors for catheters market growth. In addition, increase in demand for performing surgeries led to development of innovative instruments in the healthcare sector, thereby propelling the growth of the market. 
Depending on product, the market is segmented into cardiovascular catheters, neurovascular catheters, urological catheters, intravenous catheters, and specialty catheters. Cardiovascular catheter segment is classified into its subtypes such as electrophysiology catheters, percutaneous transluminal coronary angioplasty (PTCA) balloon catheters, intravascular ultrasound (IVUS catheters), percutaneous transluminal angioplasty (PTA) catheters, and others include guiding catheter, angiography catheter, and pulmonary artery catheters. According to urological catheter segment the market is fragmented into dialysis catheter and urinary catheter. As per intravenous catheter segment it is categorized into central intravenous catheter and peripheral intravenous catheters.  Furthermore, specialty catheter segment is classified wound/surgical drain, oximetry, thermodilution, and intrauterine insemination(IUI) catheters.
The cardiovascular catheters segment market holds the highest share in overall catheters market. Owing to the facts stated as the rise in cardiovascular diseases that necessitate the use of catheters in diagnostic as well as surgical cardiac procedures, renders highest growth of this segment. 
Urological catheters depict high market attractiveness in catheters industry, owing to low prices, favorable reimbursement rates, and high volumes resulting from high utilization rates due to rise in incidences of urinary tract infections (UTI) and increase in proportion of geriatric population (that typically display high incidence of urological diseases). Similar to the cardiovascular catheters, high growth of the urological catheters market is also been observed by the development of technologically advanced catheters and increase in reimbursement rates for intermittent catheters. Technologically advanced catheters are manufactured with “infection resistant coating” technology. For instance, Bard Medical has developed anti-infective latex Foley catheters, The BARDEX I.C., which minimizes the  urinary tract infection (UTI) to a large extent—therefore are increasingly preferred by customers (healthcare professionals).
By region, North America and Asia-Pacific are the most lucrative market segments. The growth of these markets is mainly due to rise in geriatric population and increase in incidence & prevalence of cardiovascular & urological diseases. 
In North America, the U.S. has garnered a dominant Catheters Market share, due to the technological advancements, stringent government regulations, rise in incidences of healthcare associated infections (HAI), and increase in awareness among the patients and the caregivers of the markets. Asia-Pacific catheters market ranks second to the North American catheters market. In Asia-Pacific, key countries include India, Japan, China, and Australia. Of the stated, China and India collectively constitute large patient-bases of cardiovascular, urological, and other diseases, which boost the growth of the market. 
In addition, increase in healthcare expenditure, improvement in healthcare infrastructure, and growth in medical tourism fuel the growth of the catheters market size. 
Some of the leading companies profiled in this report include, Abbott Laboratories, Becton Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson, Medtronic Inc., Edward Life Sciences, Cook Medical, Teleflex Incorporated and Stryker Corporation.

KEY FINDINGS OF THE STUDY 
•    By type, the cardiovascular catheters segment was the highest contributor to the market in 2021.
•    North America accounted for a majority of the catheter market share in 2021, and is anticipated to remain dominant during the forecast period.