COVID-19 Impact Analysis on Global Catheters Market
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Catheters market. In addition, complete analysis of changes on the global Catheters market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global catheters market was significantly affected due to supply chain distribution, which has certainly affected the market growth to a major extent.
Market Overview- Global Catheters Market
Market Drivers
The growth of the global catheter market is primarily driven by the increased prevalence of cardiovascular diseases along with the increased demand for minimally invasive surgery. Furthermore, the significant increase in the prevalence of chronic diseases related to urinary bladder, kidney failure and others are the main factors driving the growth during catheter market forecast. Furthermore, the increase in chronic health problems due to the increase in the geriatric population in the world and the growing demand for sterile and disposable catheters are contributing to the growth of the market. Furthermore, the development of new catheters by many key players is fueling the growth in the size of the catheter market. Additionally, the growing number of bladder cancer patients are fueling the growth of the catheter market. Furthermore, the growing demand for minimally invasive procedures, following recent technological innovations, is expected to increase the demand for catheters. For example, the growth in demand for angioplasty over conventional surgery, due to its minimally invasive nature, is contributing to the growth of the market. Catheters coated with antimicrobial coatings are expected to fuel the growth of the catheter market.
Market Opportunity
The market is expected to have growing new growth opportunities with rise in investment in R&D activities by the manufacturer to develop innovative, effective and safer catheters. Peripheral diseases are further related to other chronic diseases such as diabetes. In such cases, minimally invasive procedures are highly recommended and thus have higher acceptance rates and are becoming standard techniques in general surgery through the use of advanced technologies and innovative coated catheters available in the market. This factor is expected to create new market opportunity during the projection period.
Market Restraints
The global Catheters market is expected to have market restraints like higher cost of production, ambiguity related to health problems which can cause due to the repeated use of catheters among others. The repeated use of catheters can lead to problems like catheter-associated urinary tract infections (CAUTI) and centerline-associated bloodstream infections (CLABSI). Due to the increase in the number of new entrants to the catheter market, the quality of catheter devices is deteriorating as these manufacturers use cheap and substandard raw materials to manufacture the product at a low price, limiting the growth of the market. This factor is expected to create hurdles for the market growth during the forecast period.
Market Growth Challenges
The major growth challenge for the market is high cost of catheters. Likewise, stringent regulation and quality standard for catheters is expected to be major growth challenge for the market.
Cumulative Growth Analysis
The report provides in-depth analysis of global catheters market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various catheters in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
Market Segmental Overview
The global Catheters market comprises of different market segment like type, end-user and geography.
Catheters Market by Type
By type, the catheters includes key segments of cardiovascular catheters, neurovascular catheters, urological catheters, intravenous catheters, specialty catheters, hemodialysis catheters and other catheters.The cardiovascular catheters is sub-segmented into electrophysiology catheters, angiography catheters, balloon catheters and intravascular ultrasound optical coherence tomography (IVUS/OCT) catheters. The cardiovascular catheters segment is likely to have growing demand in the market. It is due to the increased prevalence of cardiovascular disease, coupled with the increased demand for minimally invasive surgery. Additionally, increased use to further evaluate and confirm the presence of heart disease, such as valve disease, coronary artery disease, and aortic-related disease, is driving the growth of the cardiovascular catheter segment. However, the urological catheter segment is expected to see significant growth over the forecast period, reflecting an increase in the use of urological catheters, reflecting an increase in the prevalence of end-stage renal disease, kidney problems and urinary tract infections.
Catheters Market by End-user
On the basis of end user, the catheter market is segmented into hospitals and clinics, diagnostic imaging centers and other end users. The hospitals and clinics segment is expected to hold the largest market share in the forecast period. This segment is also expected to grow at the highest rate over the forecast period. The large share and growth rate of this segment is attributed to factors such as increasing prevalence of cardiovascular diseases, urinary incontinence and other chronic diseases and the resulting increase in the number of patients worldwide, leading to an increasing demand for hospital treatment. Also, diagnostic centers segment is expected to have a growing demand in the market during the estimated time period.
Catheters Market by Geography
The global Catheters market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to lead in the catheters market during the forecast period (2022-2028). This predominance in the market can be attributed to factors such as the increasing prevalence of chronic diseases, supportive government policies, increased health awareness, the availability of highly qualified doctors and the presence of established healthcare facilities. Furthermore, the major players in the region adopt various strategies such as mergers and acquisitions, partnerships and collaborations to strengthen their position in the market.
Competitive Landscape Analysis
The competitive landscape analysis of catheters market is majorly focused on expanding the global growth of catheters with new product launches, partnership/ agreement and merger & acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturers operating in the market offers range of catheters in different applications to fulfill the required demand has further contributed healthy growth in the market.
The key players studied in market are Boston Scientific Corporation, Abbott, Medtronic, Edward Lifesciences, B. Braun Melsungen AG, Teleflex Incorporated, Becton, Dickinson and Company, Johnson & Johnson Services, Coloplast, Hollister Incorporated, ConvaTec Group, Cook Medical, Cure Medical LLC, Merit Medical Systems, Terumo Corporation, Stryker Corporation, Medinol, Alvimedica among others.
Recent Development:
March 2022: Cerus Endovascular had received the U.S Food and Drug Administration (FDA) approval for its 027 micro-catheter, which helps to contour the neurovascular system.
April 2020: Bactiguard had introduced a new urinary catheter, BIP Foley TempSensor for continuous temperature monitoring.
