Albany, NY -- (SBWIRE) -- 05/22/2018 -- Global Catheters Market: Snapshot
Varied forms of catheters used for a variety of applications have witnessed major improvements in terms of technology, material, efficiency, and variety over the years. The broad scope of applications of catheters for use in a number of disease conditions continues to remain a key driving force for the global catheters market. The rising incidence of a number of chronic kidney diseases, cardiovascular and urological ailments, and diabetes, rise in the number of patients administered in hospitals are also key to the steady expansion of the global catheters market.
TMR analysts suggest that the global catheter market will rise to a valuation of US$55,985.1 mn by 2025, registering a CAGR of 7.4% from 2017 to 2025.Cardiovascular Catheters Lead to Dominant Share in Global Revenue
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In terms of product type, the segment of cardiovascular catheters holds the leading spot in the overall market. The rising prevalence of cardiovascular diseases globally is the chief factors that drives the expansion of the cardiovascular catheter segment. According to the World Health Organization, about 17.7 mn people died from cardiovascular disease (CVD) in 2015 and cardiovascular diseases are the number one cause of death globally. The urological catheters segment also holds a prominent share in the catheters market around the world. The rising prevalence of urinary incontinence and various other urinary disorders is the primary factor driving the demand for urological catheters. The segment is also fueled by the increasing demand for minimally-invasive procedures and a rising number of patients undergoing prostate or genital surgeries.
Hospitals to Remain Most Lucrative End Users of Catheters
Based on end users of catheters, the hospital segment dominates the global catheters market, followed by ambulatory surgical centers. The growth of the hospital segment is attributed by the increasing number of private as well as government hospital in all regions across the globe. Increasing government investment in the healthcare provides world class facilities at affordable cost which attracts number of patients.
North America and Europe are the key regions contributing to the growth of ambulatory surgical centers. In 2013, the number of ASCs was 5,260 in the U.S. as compared to 5,724 hospitals. This indicates that the number of ASCs is increasing at a faster pace in the country. Asia Pacific is chiefly attributable to the steady growth prospects of the dialysis centers segment. Moreover, the vast rise in prevalence of kidney diseases globally is also a key factor fueling the growth of dialysis centers segment. According to the National Institute of Diabetes and Digestive and Kidney Diseases, the overall prevalence of chronic kidney disease among the general population is approximately 14% of the total population of the world. According to the National Center of Health Statistics, in 2015 about 4.9 million adults were diagnosed with kidney diseases.
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Market in North America to Continue to Lead the Way
Geographically, North America contributes the maximum share of revenue to the global catheters market. In North America, increasing number of catheterization procedures is an important factor driving the catheter market in the region. Europe is the second largest region after North America contributing for the growth of global catheters market. Large pool of geriatric population, technological advances with rising number of lifestyle disorders are the major factors responsible for the growth of market in the region. Latin America and Asia Pacific are the emerging and most lucrative market during the forecast period contributing 35.8% of market share together in 2016 of global catheters market. Middle East and Asia has a huge potential and is expected to contribute with a sustainable growth during the forecast period. Increasing prevalence of various cardiovascular, urological and other prominent ailments is an important factor driving catheters market in this region.
Some of the leading players operating in the global catheters market are Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, C. R. Bard, Inc., Medtronic plc., Boston Scientific Corporation, Teleflex Incorporated, JOHNSON & JOHNSON, and Cook Group Incorporated,.
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