(MENAFNEditorial) Market Research Future published a half-cooked research report on global catheters market. The global catheters market is expected to grow at a CAGR of 6.14% during the forecast period 2017-2023.
Catheters, a thin tube like medical devices inserted into a body cavity, duct, or vessel. They are used in drainage, administration of fluids or gases, and also to perform a wide variety of other tasks depending on the type of catheter. Increasing prevalence of the patients cardiac and urological diseases have increased the demand for the catheters. To increase the market demand, many manufacturers are trying to introduce the new and advanced types of catheters. The global catheter market is majorly driven by increasing prevalence of cardiac & urological diseases, increasing preference for minimal invasive therapy, and increasing geriatric population. Additionally, changing lifestyle and rising healthcare spending have spurred the growth of the market. However, long time for approval, and risk of infection may slow the growth of the market over the review period.
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Europe is the second largest market for the catheters, which is followed by Asia Pacific. Presence of well-developed healthcare sector, strong government support for research & development and high healthcare expenditure have driven the growth of the Europe catheters market. Regionally, Europe is divided into Germany, France, the U.K., Italy, Spain, and Rest of Western Europe. Germany, the U.K., and France are the major contributor to the Europe market. Well-developed technologies in this countries have played a predominant role in the development of the market in Europe. However, Eastern Europe is the fastest growing region due to the huge opportunities in the untapped market.
Asia Pacific is also witnessing a rapid growth in this market, which is mainly due to rapidly increasing diabetic & obese population and rising healthcare expenditure. According to the WHO, 60% of world's total diabetic population lives in Asia Pacific region. Additionally, the presence of rapidly developing economies like India and China will fuel the market growth.
Key Players
Some of the major players in this market are Boston Scientific Corporation, Koninklijke Philips N.V, Abbott, Medtronic plc, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, LuMend Corporation (US), Covidien AG (Ireland), ACIST Medical Systems (US), and Cook Medical Inc. (US).
Regional Analysis
The Americas dominate the global market owing to a huge population with cardiac diseases, increasing geriatric population, strong government support for research & development and high health care spending. According to the WHO, in 2014, 9.7% of total America population had diabetes. Increasing prevalence of the diabetes has boosted the market growth in America. Additionally, changing lifestyle and the presence of major players in the market have fueled the growth of the market.
Europe is the second leading region in the global catheters market, which is followed by Asia Pacific. Asia Pacific is the fastest growing catheters market majorly driven by India, China, and Japan owing to a huge number of patients and rapidly growing economy. The healthcare expenditure in in Asia Pacific has increased during last few years, which has contributed to the growth of market.
The Middle East and Africa contribute the least to the growth of the global market. The UAE, Saudi Arabia, and Kuwait lead the Middle East & Africa market. Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition of the region. However, the growth of the African market is high due to the presence of opportunities for the development of the market.
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The global catheters market has been segmented on the basis of types and end users.
On the basis of the types, the market is segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters, and others.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and others.
Nowadays, people are preferring minimal invasive techniques for the treatment. Geriatric people and diabetic patients are more prone to becoming cardiac and urological diseases. According to the U.S. Department of Health and Human Services, in 2015, globally the people over age 65 were around 617 million. Due to a sedentary lifestyle, people are more prone to cardiovascular diseases or other related diseases. Thus, increasing geriatric population, elevating a number of diabetic patients, increasing preferring minimal invasive techniques, and changing lifestyle have fuelled the growth of the market. However, according to the Centers for Disease Control and Prevention, in 2015, in 5% of the causes, catheter-associated urinary tract infection was observed. Risk of infection due to use of catheter may slow the growth of the market.
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The Middle East & Africa hold the least share of the market due to poor political conditions in Africa and limited availability of funds and availability of medical facilities. The Middle East holds the major share of the Middle East & African market due to the presence of well-developed countries like Kuwait, Qatar, Oman and South Arabia. Whereas, African region is expecting a healthy growth due to the presence of huge opportunity for the development of the market.
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