Global Catheter Market Growing at a Breakneck Speed: Projected to Grow at a CAGR of 8.8% in the Forecast Period

The global catheter market is growing at a high CAGR because of the increasing burden of various chronic diseases, along with the growing demand for minimally invasive procedures, such as cardiac catheterization for diagnosing and treating medical conditions.

A recent study, conducted by the strategic consulting and market research firmReport Ocean, revealed that the global catheter market was worth USD 19.1 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 8.8%, earning revenue of around USD 34.2 billion by the end of 2027. The growth of the global catheter market is attributable to factors, including the increasing burden of various chronic diseases, such as cardiovascular diseases, kidney disease, lung issues, etc. Moreover, the growing demand for minimally invasive procedures, such as cardiac catheterization for diagnosing and treating medical conditions, is also emerging as a crucial driving factor for the global catheter market. Furthermore, a substantial rise in the geriatric population and significant demand for disposable catheters is estimated to contribute to the growth of the global catheter market in the forecast period. The high price competition among players and the risk of infection associated with catheter use may act as major restraints on market growth.

Growing Prevalence of Urological Disorder Driving the Global Catheter Market

The increasing burden of various urological diseases, such as urinary retention, urinary incontinence, pelvic organ prolapses, multiple sclerosis, etc., is emerging as the major driving factor for the global catheter market. Its prevalence is much more common among the geriatric population. Therefore, urinary catheters are generally used by someone unable to hold or release the bladder. Catheterization of the urinary tract is called urinary catheterization, and it reduces the risk of infection and kidney damage by assisting in the flow of urine. As a result, the demand for catheters is witnessing significant growth.

Extensive Research and Development Activities is Estimated to Boost The Global Catheter Market

With significant growth potential and increasing demand, catheter companies and research institutes are investing their time and resources towards research and development(R&D) activities. The R&D activities are focused on improving its application in various medical conditions as well as reducing the risks associated with its use. For instance, a recent study published in the Urology Practice reveals that the use of antimicrobial catheter coatings can decrease the incidence of urinary tract infection (UTI). Such studies expand the scope of catheters and facilitate its market growth.

Global Catheter Market - By Distribution Channel

Based on distribution channels, the global drug delivery devices market is categorized into hospitals & clinics, specialty centers, ambulatory surgical centers, and others, such as diagnostic imaging centers, online stores, etc. Among these, the hospitals & clinics segment accounts for the largest market share because of the increasing number of in-patient treatment and surgical procedures. Due to this, the hospital pharmacy is considered the most convenient distribution channel for catheters. On the other hand, the online store segment is anticipated to register substantial growth during the forecast period owing to the easy availability of catheters on online pharmacies, such as Amazon Pharmacy.

Global Catheter Market - Regional Insights

Geographically, the global catheter market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. As a result of an increasing prevalence of chronic diseases and a structured healthcare system, North America accounts for the largest market share. Additionally, the presence of skilled physicians and a growing number of surgical procedures in this region also contribute to the growing demand for catheters in North America. The Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The market is gaining significant traction in this region because of the increasing healthcare expenditure and a growing number of healthcare facilities.

Impact of COVID-19 on Global Catheter Market

The growth of the global catheter market was negatively impacted by the sudden outbreak of the COVID-19 pandemic. The increasing number of COVID-19 patients and imposition of lockdown limited hospital visits for diagnosis and treatment. During the same period, the number of minimally invasive procedures dropped sharply. This resulted in a significant decline in the demand for catheters, negatively affecting the market growth. Despite this, the market is expected to flourish post-COVID-19 due to the use of catheters to deliver therapeutics to COVID-19 patients who are severely or critically ill.

Competitive Landscape

The leading players in the global catheter market are Abbott Laboratories, Medtronic plc, Becton, Dickinson and Company, B. Braun, Boston Scientific Corporation, ConvaTec Group plc, Coloplast Group, Terumo Corporation, Teleflex Incorporated, Johnson & Johnson Services Inc., Edwards Lifesciences Corporation, Stryker Corporation, Merit Medical, Systems, Inc., Smith Medical Inc., and other prominent players.

The market is highly fragmented, with the presence of various industry players offering a wide range of products. The companies extensively invest in R&D activities and focus on improving their distribution channels to gain a competitive edge. Additionally, these companies launch products in new markets to expand their consumer base and revenue. In addition, the market is also characterized by the use of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc.