Preference for catheter-based ablation procedures over surgery-based ablation procedures, due to its minimally invasive nature and shorter recovery times, have led to the increased awareness and adoption of catheter devices.
Portland, OR -- (SBWIRE) -- 10/24/2017 -- Global Catheters Market was valued at $8,905 million in 2015, and is expected to reach $15,830 million by 2022, supported by a CAGR of 8.5% during the forecast period 2014 to 2022. Catheters are thin tubes made of medical grade material such as plastic, silicon rubber, polyvinyl chloride (PVC), and nylon, which are inserted in the patient's body for therapeutic and diagnostic purposes.
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Catheterization is a basic co-procedure carried out along with various medical procedures, such as cardiac electrophysiology, neurosurgery, angioplasty, urological disorders, and others, by using catheters. The rise in the number of diseases and surgeries globally has increased the demand for catheters as they are most frequently used in hospitals and clinics for various therapeutic and diagnostic purposes.
Rise in cases of cardiovascular and urological diseases, and diabetes; and growth in demand for minimally invasive procedures boost the market growth. Furthermore, technologically advanced catheters, which are manufactured with infection-resistant coatings, minimize catheter-associated infections, and thus are increasingly preferred by healthcare professionals. In addition, increase in reimbursement levels for catheters is expected to increase the demand for catheters. However, inadequate quality assurance of catheters and price competition at domestic levels are expected to hinder the market growth. The rise in healthcare expenditure in developing countries, such as India and China, is expected to provide opportunities for market expansion.
The cardiovascular catheter segment dominated the market, with maximum share in 2015, and is anticipated to continue this trend in the future, in terms of revenue. This is attributed to the presence of a large patient base suffering from cardiovascular diseases. Furthermore, rise in demand for minimally invasive cardiac surgeries is expected to boost growth of this segment.
Key findings of Catheters Market
* Intrauterine insemination catheter is projected to be grow at the highest rate during the analysis period.
* Cardiovascular catheter was the highest revenue-generating segment, and is expected to continue its dominance throughout the forecast period.
* North America dominated global catheters market, and is projected to grow at a CAGR of 6.4%.
* Argentina is the fastest growing country in the LAMEA region, registering a CAGR of 12.6%.
* Intermittent catheter segment exhibits the highest CAGR of 10.7%.
The major companies profiled in the report include Abbott Laboratories, Becton Dickinson And Company, Boston Scientific Corporation, Bard Medical, B. Braun Melsungen AG, Teleflex Incorporated, Johnson & Johnson, Medtronic, Inc., Edwards Lifesciences Corp., and Vascular Solutions, Inc.