Catheters Market Scrutinized in the New Analysis
The vendor landscape in the global catheters market is characterized by high degree of consolidation: a few companies with technological expertise and financial might have established their dominance. Several of them have ramped up their investments to reinforce some of the aggressive branding moves. Financial might has also helped them not let their funding flows to dry up in research and development, helping them meet strict requirements in testing, production, and design. This has also caused to elevate the barrier to entry. They have also been stressing on improving the outcomes by improving the design parameters. Manufacturers are also trying to address the patient concerns while improvising on designs.
Some of the well-entrenched players in the global catheters market are Cook Group, Teleflex Incorporated, Johnson & Johnson, Boston Scientific, C.R. Bard Inc., Medtronic Plc., and B. Barun Melsungen AG.
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In coming years during the forecast period, the focus on constant material and technological advancement is expected to define the contours of competition in the catheters market. Top contenders for unveiling innovative catheters are testing new elastomer materials that have several mechanical properties to meet the end-user demand.
Health Burden of Cardiovascular Diseases Drive Demand for Catheterization Techniques
Opportunities in the global catheters market have thrived mainly on the sales of intravenous medical devices and vascular access devices. Their uptake in the health care industry has been rising due to the use of catheters in a wide range of diagnostic and therapeutic applications.
The global catheters market is expected to garner CAGR of 7.4% from 2017 to 2025. By 2025 end, the valuation is expected to reach US$55,985.1 million.
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Among the various product types, cardiovascular catheters are expected to contribute the dominant share in global catheters market. In the light of high mortality and health burden of cardiovascular diseases, the drive for use of cardiovascular catheters among patient population has risen. Rising incidence of urinary tract procedures is bolstering growth in the catheters market.
Both ambulatory services and hospitals are witnessing the rise in uptake of intravenous access devices, spurring revenue growth in the catheters market. Advancements in cardiac catheterization techniques have helped expand the popularity of new technologies in catheters in these healthcare settings. These technologies focus on minimizing the risk of catheter-associated risks. Rapid advances have also been made in urinary catheters, unlocking new prospects in the catheters market.
Adoption of Cutting-Edge Intravenous Medical Devices Account for Opportunities in North America
Of all the regional markets, North America holds the major share. Europe is one of the prominent regions for revenue generation in the catheters market. Both key regional markets have seen the rapid uptake of advanced catheterization technologies. Adoption of cutting-edge intravenous medical devices and vascular access devices in healthcare systems has spurred revenue in the catheter market.
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On the other hand, Asia Pacific is expected to offer substantial, consistent revenues in the catheters market. Rise in medical tourism has spurred opportunities in the regional market. Rising elderly population in numerous countries has bolstered the demand for minimally invasive medical technologies. This has spurred the demand for new technologies in the catheter market. Furthermore, growing efforts of governments to reduce the hospital expenses has also propelled the uptake of catheterization procedures for urinary and cardiac conditions. Rising incidence of cardiovascular treatments is expected to boost the market.
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