Catheters Market 2021 to 2030 Product, Distribution Channel, Region, Forecast and Opportunities during Ongoing COVID-19 Pandemic

In a recent published report, Kenneth Research has updated the market report for Catheters Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Catheters Market products.

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Kenneth Research has recently added a report titled Catheters Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

According to a new report published by Polaris Market Research, the global catheters market is anticipated to reach USD 56.5 billion by 2025. In 2017, by product type, cardiovascular catheter segment captures the largest market shares in terms of revenue and hold major share in the market. Regionally, North America accounted for the major share in the catheter market.

Catheters are thin tubes made up of plastic, nylon, polyvinyl chloride (PVC), and silicon rubber. Catheters are majorly used in catheterization while surgical procedures like angioplasty, and neurosurgery. The catheters market is primarily driven by continuous growth in the population suffering from cardiovascular disorders and diabetes. Presently, various countries showed the growth in number of patients suffering from hypertension and diabetes which is braced by factors such as smoking, drinking and sedentary lifestyle of the population.

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In addition, favorable reimbursement policies, increasing demand for minimal invasive surgeries, and technological advanced catheter with high effectiveness by its use would spur the global catheter market during the forecast period. on other hand, the wide application of catheter in various surgeries such as angioplasty would also push this market. The reimbursements by the Medicaid program that provide approximately 100 catheters per month to add the growth of catheter market in the future.

Cardiovascular Catheters, holds a major share in the global catheter market. The cardiovascular catheter market is further segmented as PTCA balloon catheters, IVUS catheters, PTA balloon catheters, electrophysiological catheters, and others. The growth of cardiovascular catheters is majorly driven by the increasing incidences of cardiovascular diseases supporting the growth of cardiovascular interventional procedures. While, urological catheter holds the second largest segment with largest revenue. The factors contributing for the growth of urological market are continuous technological advancements, and increasing prevalence of urological diseases in the coming year.

Geographically, North America holds a dominating position in the global catheter market followed by Europe and Asia Pacific. The growth in the North America catheter market is driven by the presence of refined health infrastructure, high volume of catheterization in medical procedures, high healthcare expenditure by the individuals, and high level of patient awareness about the use catheters. Whereas, Asia Pacific is expected to reach remarkable growth owning to the increased penetration rate of these devices in the developing countries, growing technological advancements pertaining the development of new-catheter devices, and improving healthcare expenditure would influence the catheter market in Asia Pacific during the forecast period.

The leading companies operating in this industry include Johnson & Johnson Inc., Abbott Laboratories, Becton, Dickson and Company, B. Braun Melsungen AG., Medtronic plc., Boston Scientific Corporation, Cook Group Incorporated, Teleflex Incorporated, Cardinal Health Inc., Smiths Medical, Arrow International Inc., Edward Life Science Corporation, and Coloplast.

Key Findings from the study suggest products available in the market are continuously concentrating on the technological advancements that will reduce the side effects caused by the use of catheters. The leading companies while developing new products considers the factors such as increasing disposable income, and untapped market potential. North America is presumed to dominate the global catheter market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.

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