Global Catheter Market Insight, Share, Leading Players and Forecast to 2030

by Vijay K. Web Marketing

The prevalence of chronic diseases, such as cancer, cardiovascular diseases, urinary tract infections, and neurological diseases, is increasing rapidly across the globe, which is leading to the rising demand for medical devices, such as catheters. For example, as per the Global Cancer Observatory 2018, the third leading cause of cancers globally was gastric cancer, which accounted for 783,000 deaths in 2018, rising from 723,000 deaths in 2012. In addition to this, more than one million cases of gastric cancers are diagnosed every year across the world Similarly, the increasing cases of cardiovascular diseases are also projected to drive the demand for catheters in the years to come.

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A catheter is a medical device that is passed into the bladder for draining urine. These devices are at time important for people who are not able to empty their bladders in the usual way, which can be due to different medical conditions. As per a P&S Intelligence report, the global catheter market is projected to attain a value of $36.0 billion by 2030, rising from $14.3 billion in 2019, advancing at an 8.8% CAGR during the forecast period. Different types of catheters are ophthalmic, urological, cardiovascular, neurovascular, and gastrointestinal.

Among all these, the demand for cardiovascular catheters was the highest in the past, which is majorly ascribed to the surging incidence of cardiovascular diseases around the world. The requirement for these devices also witnessing growth because of their increasing utilization for diagnosing and treating cardiovascular diseases. Different types of cardiovascular catheters are intravascular ultrasound/optical coherence tomographic, electrophysiological, balloon, and angiographic. Other than this, the demand for urological catheters is also predicted to grow considerably in the years to come, which is primarily due to the increasing geriatric population.

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In conclusion, the demand for catheters is growing because of the surging prevalence of cardiovascular diseases around the world.