The global catheters market is forecast to progress at a CAGR of 8.50% between 2011 and 2017. The market was valued at US$20.4 bn in 2011. It is expected to reach US$33.3 bn by the end of 2017, according to a research report released by Transparency Market Research, titled “Catheters Market - Global and China Forecast, Share, Size, and Industry Analysis (2010 - 2017)”.
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The primary growth driver for the global catheters market, as stated in the report, is the increasing number of patients being diagnosed with urinary and cardiovascular diseases. Most of these diseases require procedures that include incision and the use of catheters. The global catheters market is also driven by the growing obesity epidemic, which is cited as the leading cause of coronary diseases.A report by the World Health Organization in 2010 showed that there were almost 43 mn children below the age of five around the world that were classified as overweight. The report went on to state that the weight gain and obesity trend is likely to keep increasing as an increasing number of consumers commit to unhealthy lifestyles and are subjected to constantly stressful lives. This will eventually create a greater scope for the global catheters market in terms of demand.
One of the major factors hampering the global catheters market is the risk of infection caused due to improper surgical procedure or the use of contaminated catheters. Another restraining factor is thrombosis caused by design flaws that are not suited for some patients. The healthcare industry needs to address these restraining factors with proper sterilization techniques and increased investments in research and development for advanced designs as well as customizations for patients.The global catheters market was dominated by the cardiovascular catheters segment, in terms of type, in 2011. The segment held nearly 40.0% of the global catheters market in 2011. The segment is boosted by technological advancements that improve the ease of use and insertion of catheters, enabling a faster, safer, and simpler procedure. Improvements in catheter designs are primarily aimed at reducing errors during insertion, further motivating healthcare professionals to increase the adoption rates of catheters.
Geographically, the global catheters market was led by North America in 2011, owing to the large presence of manufacturers in the region. Nearly 65% to 75% of the top manufacturers in the global catheters market are located in North America. At the same time, the global catheters market report records Asia Pacific to be the fastest growing segment. The report attributes the high growth rate of the regional segment to the increasing demand for cost-efficient urological catheters.
The China catheters market is growing due to the rising prevalence of coronary diseases and an increase in healthcare expenditure. The market was valued at US$0.7 bn in 2011.The key players in the global catheters market are Smiths Medical, Rochester Medical Corporation, Medtronic, Inc., Johnson & Johnson, Edwards LifeSciences Corporation, Boston Scientific Corporation, Arrow International, Inc., and Abbott Laboratories.