Catheter Market Is Expected To Cross USD 77.7 Billion By 2026

Posted by Neha Bora on March 18th, 2020

The Report Catheter Market Size, Share & Trends Analysis Report By Product (Cardiovascular, Urology, Intravenous, Neurovascular, Specialty), By Distribution Channel (Hospital, Retail Stores), And Segment Forecast, 2019 – 2026

The global catheter market size is expected to reach USD 77.7 billion by 2026 registering a CAGR of 9.7%, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases and supportive insurance policies are some of the prime factors boosting the market growth. Presence of multi-national manufacturers and improving medical facilities, especially across developing regions, are also anticipated to propel the market growth over the forecast period.

As per the statistics published by the WHO, chronic diseases is anticipated to contribute to 73% of all deaths and 60% of the global burden of disease by 2020. The rise in geriatric population has also led to increase in number of hospitalizations and surgeries anticipating the market growth. Catheters have undergone technological advancements; for instance, miniaturized products and introduction of antimicrobial catheters to reduce associated infections. Wide usage of minimally invasive surgeries is expected to favor the market growth.

Rising awareness about catheters has in turn boosted their demand. In addition, increasing number of midscale catheter manufacturers gaining a higher market share is expected to promote the market growth. Furthermore, rise in funding by various government bodies and medical device manufacturers for R&D will boost the market growth. However, requirement of intensive capital for the development of advanced devices may obstruct market development.

Further key findings from the study suggest:

• The cardiovascular product segment led the market in 2018 owing to increase in the number of patients suffering from chronic Cardiovascular Diseases (CVDs)
• Specialty catheters is expected to be the fastest-growing product segment over the forecast period due to rising prevalence of target diseases and demand for minimally invasive procedures
• Asia Pacific is anticipated to witness the fastest CAGR from 2019 to 2026 owing to rising cases of kidney and cardiovascular diseases, improving medical facilities, and supportive insurance policies
• Some of the key companies in the global catheter market are Medtronic Plc.; Convatec Corp.; Smiths Medical, Inc.; Boston Scientific Corp.; and Coloplast A/S
• The market is price-sensitive with many small-, medium-, and large-scale companies. Key companies focus on product bundling strategies
• Strategic partnerships between the manufacturers and the healthcare establishments intensify the market competition

Access Research Report of Catheter Market @  https://www.grandviewresearch.com/industry-analysis/catheters-market-analysis