Zion Market Research, the market research group announced the analysis report titled 'Catheter Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2015–2021'
Sarasota, FL -- (SBWIRE) -- 01/12/2018 -- Zion Market Research has published a new report titled "Catheter Market by Product (Cardiovascular, Urology, Intravenous, Neurovascular and Specialty Catheters) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021". According to the report, the global catheter market was valued at USD 26.60 billion in 2015 and expected to reach USD 46.20 billion by 2021, growing at a CAGR of 9.7% between 2016 and 2021. In terms of volume, global catheter market stood at 10,174.25 million units in 2015.
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The catheter is a thin sterilized tube made from medical grade materials and can offer a broad range of medical conditions. Catheters can also be inserted into a body cavity, duct or vessel for drainage, administration of fluids or gasses. Catheters used to access for surgical instruments and also to perform a wide variety of other tasks depending upon the type of catheter.
Globally, catheters market is driven mainly due to the continuous rise in population of cardiovascular disorders patients across the world. Diabetes, tachycardia, hypertension are no more rare among individuals. At present, each country has shown the marked rise in diabetes and hypertension patients supported by various lifestyle factors which include smoking, drinking, and sedentary lifestyle. These factors increasing demand for minimally invasive surgeries which propel the growth of global catheter market. In addition, growing aging population, favorable reimbursement policies and increasing demand for advanced urinary catheters are major factors leading to increased demand for urinary catheters, thereby fuelling the growth of the catheter market. However, the incidences of nosocomial urinary tract infection caused by catheter are likely to be a restraint for the growth of global catheter market. Nonetheless, ongoing research and development in medical and healthcare sector are likely to bring new growth avenues in medical device industry.
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Based on product, the global catheter market is segmented into five types: cardiovascular catheter, neurovascular catheter, urological catheter, intravenous catheter and specialty catheters. Specialty catheters dominated the catheter market in 2015 followed by the cardiovascular catheter. Cardiovascular catheters account for approximately 30% share of global catheter market, whereas intravenous catheters account for approximately 14% share of total catheter market. The growth of the cardiovascular catheters market is attributed to the abnormal or sudden increase in cardiovascular diseases which include diabetes, coronary heart diseases, agina pectoris and other heart-related diseases. Different type of cardiovascular catheters utilized by practitioners dealing with heart diseases includes a guiding catheter, balloon catheters, intravascular ultrasound catheters, angiography catheters, pulmonary artery catheters and others. Growing percentage of heart surgery is considered as a major driving factor for the cardiovascular catheter market. The cardiovascular catheter is the second largest segment in terms of generating revenue.
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In terms of geography, North America was the leading market for catheter market in 2015 in terms of revenue. The growth of North America is attributed due to the presence, availability of advanced technology and health care infrastructure. Furthermore, the rise in the incidence of diabetes and heart-related problems like pulmonary heart diseases, arthrosclerosis and others in the U.S., Canada will increase in turn boosting the demand of catheter market in this region. North America accounts for approximately 40% of the total market share of catheter market, Asia pacific is expected to show significant growth during the forecast period due to its wide availability of large pool cardiovascular patient.
Key market players of catheter market include Abbott Laboratories, Becton Dickinson Inc., Boston Scientific, Bard Medicals, Braun Melsungen AG, Arrow International Inc., Johnson and Johnson, Medtronic Inc., Rochester Medical Co., Edwards Lifesciences, Hollister Inc., Medrad (Bayer AG) and Vascular Solutions.
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