Catheters Market size to exceed $73bn by 2024
The patient trend shift from traditional interventions towards minimally invasive procedures along with growing incidence of cardiovascular, neurovascular and kidney related disorders will boost demand expansion. High usage rates of cardiovascular products owing to large volumes of interventional cardiology procedures accounted for the largest segment share, while specialty catheters are identified to be the most lucrative segment owing to the paradigm shift towards minimally invasive ablation procedures.
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U.S catheters market size with over USD 8.6 billion in sales for 2015 leads the global industry. However, growth opportunities are offered by Asia Pacific and Latin American countries owing to huge untapped potential coupled with the implementation of government initiatives towards improving healthcare access in the emerging countries of China, India, and Brazil.
Established players in the catheters market share such as Boston Scientific Corporation, Abbott Laboratories, Johnson & Johnson, Medtronic Inc., Teleflex and Coloplast Inc. are exploring growth opportunities by implementation of expansion strategy in emerging countries.
Browse key industry insights spread across 110 pages with 94 market data tables & 16 figures & charts from the report, “Catheters Market Size By Product (Cardiovascular, Urology, Intravenous, Neurovascular, Specialty Catheters), Industry Analysis Report, Regional Outlook (U.S., Germany, France, Spain, India China, Japan, Mexico, Brazil, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global catheters market was valued at USD 29.4 billion in 2015, and projected to reach USD 73.7 billion by 2024, at an estimated 11% CAGR from 2016 to 2024.
- Growing demand for minimally invasive surgeries is one of the key growth drivers for industry growth. Technology innovations aimed at enhancing healthcare practitioner’s efficiency in terms of flexibility and maneuverability should catapult the industry size.
- Cardiovascular segment grabbed the largest share contributing to 38% of industry revenue. The increased prevalence of cardiovascular diseases will positively impact the demand for cardiovascular catheters.
- Europe catheters market size will surpass North America during the forecast timeline to exceed 28 billion by 2023. Germany, France and Spain will be the major revenue contributors to the regional industry.
- The business should witness medium level of threat to new entrants. Strict regulatory guidelines regarding safety and efficacy of products, along with high research and development costs for new product development should act as entry barriers for small and medium industry players.