Global Catheter Market to Grow by $40 Billion by 2030

The global catheter market will nearly double in value over the next eight years, as manufacturers vie for greater share and governments boost R&D funding.

Straits Research claims the market was worth $48 billion last year and is estimated to reach $88 billion by 2030, growing 6.8% annually. North America acquires the largest share and is expected to grow 6.5% annually through 2030.

The market’s rising value has been primarily driven by the increasing prevalence of hospitalization-causing chronic illnesses. In addition, the sector is expected to expand due to competition between midsize catheter manufacturers for greater market share and an increase in government financing for R&D activities. Furthermore, factors such as insufficient physical activity, excessive alcohol consumption, smoking, obesity, and dietary inconsistencies give rise to cardiovascular and neurovascular diseases. As these diseases become more prevalent, more individuals will need to use catheters, which is expected to increase demand for the devices. Additionally, end-stage renal disease is associated with high hospitalization rates and substantial costs due to the frequent use of dialysis catheters required for its treatment. It is anticipated that rising hospitalization rates attributable to a rise in the prevalence of chronic disorders will increase catheter adoption, thereby driving the market growth.

Medical catheters are devices that can be injected into a body cavity, vessel, or duct to give fluids, medicines, or gases or drain fluids or urine. Additionally, catheters can accomplish all of these roles concurrently. There are numerous types of catheters available, including intravenous catheters, urine catheters, and chest drainage tubes. It is possible to operate catheters to drain pus and fluid from cavities. For example, they may be used to aspirate pus from an abscess in the abdomen. Typically, catheters are utilized to provide fluids and drugs intravenously. There are numerous types of catheters, including those developed for cardiovascular, neurovascular, urological, and specialized uses. When constant bladder drainage is required, catheters are normally needed for a short amount of time, such as a few weeks or months. However, in other cases, they are necessary for longer durations. 
 
Elective surgeries under general anesthesia require catheterization. Frequent catheter use can result in urinary tract infections caused by catheters, known as catheter-associated urinary tract infections (CAUTIs), and bloodstream infections caused by central lines, known as CLABSIs (CLABSIs). Chronically ill patients typically have a compromised immune system and are hospitalized for extended periods. Since catheters are routinely inserted into their blood vessels, their risk of contracting an infection is significantly increased. To reduce the risk of thrombosis and infections associated with catheter use, many companies are focusing their efforts on the development of antimicrobial catheters.
 
The North American market for catheters and medical supplies is the most developed. The rising prevalence of chronic disorders, supportive government policies, growing awareness, the availability of qualified, skilled physicians, and well-established healthcare facilities all contribute to regional growth. In addition, expanding private research funding for R&D activities of innovative devices positively influences the market expansion in this region. An increase in lifestyle-related chronic diseases and well-established healthcare infrastructure are additional factors driving market expansion. Moreover, an increment in the number of patients undergoing surgical procedures and a heightened awareness of minimally invasive procedures is also responsible for the market expansion in North America. The presence of a well-established regulatory framework also positively influences the expansion of the catheter market. Through Health Canada’s Special Access Program, the Canada Revenue Agency (CRA) offers tax deductions for catheters.
 
Europe is expected to be the second-largest region, expanding 6.9% annually to reach $26.31 billion by 2030. Due to an increase in the number of catheter-offering medical equipment companies in Europe, the continent’s healthcare system has shifted from in-patient to out-patient care. The rising geriatric population in search of better healthcare facilities and increasing patient interest in minimally invasive procedures are expected to significantly impact market growth. The rapidly expanding elderly population with chronic conditions such as incontinence, peripheral vascular disease, and cardiac issues and the European population’s reliance on government-funded healthcare services are anticipated to positively influence the growth of the catheters market in this region.
 
Favorable government policies issued by the National Institute for Health and Care Excellence will facilitate catheter device accessibility. In February 2020, the United Kingdom introduced a bill titled “Medicines and Medical Device 2019-20” to revise its regulatory framework for clinical trials, medical devices, and human and veterinary medicines. However, a lack of awareness may hinder the expansion of the market.
 
Asia-Pacific is the fastest-growing region. This is attributable to the prevalence of kidney and cardiovascular diseases, improved medical facilities, and the availability of insurance policies. China and India are the major growth engines in Asia-Pacific, while Japan’s population is rapidly aging. In addition, China and India are anticipated to experience the most rapid growth during the forecast period. However, shortages of nephrologists and cardiac surgeons may hinder market expansion.
 
Key players in the market of catheters are Medtronic, Convatec Corporation, Smiths Medical Inc., Boston Scientific Corporation, Coloplast Corporation, and Edwards Lifesciences Corporation.