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Catheters are medical tubes that can be inserted in the body to treat medical conditions or perform surgical procedures. Catheters are used to deliver medications directly into organs or vessels and remove fluids and gases from the body. Catheters helps in draining urine from the bladder, deliver dialysis solution into blood vessels during kidney failure and help perform angioplasty to open blocked arteries. The increasing prevalence of cardiovascular diseases, urinary disorders and other chronic conditions has fueled the demand for catheters globally.
The global Catheters Market is estimated to be valued at US$ 54.68 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the catheters market is the growing demand for anti-microbial catheters. Microbial infections associated with catheters remains a major concern and use of microbial or anti-microbial catheters helps reduce the risk of urinary tract infections. Anti-microbial catheters contain silver ions coating that prevents microbial growth on catheter surfaces. These catheters are widely adopted in hospitals to prevent nosocomial infections. Another key trend is the introduction of magnetically guided catheters which uses magnetic navigation system for precise catheter placement and tracking. These catheters reduce radiation exposure, procedure time and has lower chance of complications compared to traditional guidances methods. Owing to benefits like reduced risk of infections, precision and improved patient outcomes, the demand for innovative catheter technologies is growing significantly.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global catheters market is moderate due to the requirement of large R&D investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternate products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low owing to lack of innovative substitutes for catheters.
Competitive rivalry: The competitive rivalry among existing players is high due to the presence of large number of companies offering similar products.
Key Takeaways
The global catheters market is expected to witness high growth at a CAGR of 6.4% during the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 54.68 billion.
Regional analysis: North America dominates the global catheters market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the rising prevalence of chronic & lifestyle diseases, well-established healthcare infrastructure, and presence of major market players in the region.
Key players: Key players operating in the catheters market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. Medtronic accounted for the largest market share owing to its diverse product portfolio and strong brand presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
