The global catheter market is expected to reach USD 46.05 billion by 2020, according to a new report by Grand View Research. Key factors driving the market growth include growing prevalence of obesity, diabetes and cardiovascular diseases and rising demand for minimally invasive procedures. Introduction of advanced catheters with improved efficacies and increasing number of minimally invasive procedures in emerging Asian markets such as China and India are expected to support the market growth.
Research improvements in clinical trials to inhibit the growth of bio-film development on urinary catheter and introduction of hydrophilic coatings for catheter based delivery systems is anticipated to upsurge the demand of novel catheters for various surgical procedures. Furthermore, growth in the global geriatric population, which is highly prone to infectious diseases, is also expected to attribute towards the industry growth.
Unhealthy lifestyle habits such as excessive smoking, alcohol consumption and medical conditions like diabetes that consequently widens the consumer base by facilitating the need for catheter in surgical procedures, is anticipated to significantly boost the usage rate.
Cardiovascular catheters is estimated to account for the largest share in 2013 over 39.0% owing to the introduction of technologically advanced devices and high acceptance of this catheter in cardiac interventional procedures such as angiography and angioplasty.
However, specialty segment is expected to witness significant gains with the CAGR over 12.0% during the forecast period due to the presence of advance product portfolio that meet the needs of wide spectrum of urological applications such as Foley catheter.
Europe is expected to account for nearly 40% of the global revenue generated in 2020 owing to the presence of favorable government initiatives and a sophisticated healthcare infrastructure.
Asia Pacific is expected to witness the highest growth at a CAGR of 14.3% over the forecast period owing to novel products development and improving healthcare infrastructure in the region during the forecast period.
Key players of the catheter market include Boston Scentific Corporation, Abbott Laboratories, Johnson & Johnson, C.R Bard, Convatech, Cure Medical, Stryker Corporation, and Covidien. Constant research activities conducted in R&D departments and introduction of novel products such as NC Euphora Noncomplaint Balloon Dilation and collaboration with the International Diabetes Federation by Medtronic Inc, account for some of key strategic initiatives implemented by the major players.