The global catheter market continues to rise at a tremendous rate growing from an estimated $37.3B in 2018 to an expected $77.7B by 2026 with an average CAGR of 9.7% over the forecast period. This dramatic increase is mostly due to the increasing prevalence of chronic disorders leading to hospitalization. In addition, the presence of multi-national manufacturers, improving medical facilities, and supportive insurance policies are also propelling market growth.
The increase in the number of surgeries being performed due to rising cases of chronic diseases is expected to drive this increase in the demand for catheters. Cardiovascular, urology, and neurology diseases have become the most dominant cause of mortality and morbidity in the world during the last three decades. Rising cases of diabetes, Cardiovascular Disorders (CVDs), urology disorders, End-Stage Renal Disease (ESRD), and other chronic conditions due to sedentary lifestyle are the primary areas of healthcare where catheter use is an important component and which play an ever more important role in treatment.
Advances in catheter technology are also contributing to both the influx of capital for R&D and the demand for more sophisticated catheter design. The development of miniaturized products, the introduction of antimicrobial catheters to reduce associated infections, and the ability to bring advanced SMART technology in catheters used for imaging and mapping are all creating this higher demand. The ability for physicians to perform an expanding array of minimally invasive surgeries using these new catheter technologies is also expected to favor market growth.
Furthermore, the rise in funding by various government bodies and medical device manufacturers for R&D is also boosting the catheter market growth. However, the requirement for intensive capital for the development of advanced devices may obstruct market development. Currently, North America is the dominant regional market but the Asia Pacific is anticipated to witness the fastest CAGR over the forecast period owing to the presence of the target population and improving medical facilities.
Some of the key companies in the global market are Medtronic Plc., Convatec Corp., Smiths Medical, Inc., Boston Scientific Corp., and Coloplast A/S.