The global catheter market is poised for substantial growth, driven by a surge in minimally invasive surgical procedures and an increasing prevalence of cardiovascular, neurological, and urological illnesses. Catheters, vital medical devices used for various medical conditions, have witnessed a growing demand, especially with the preference for less invasive treatment options. Here are the key highlights propelling the growth of the catheter market:
Minimally Invasive Procedures on the Rise
One of the significant drivers of the catheter market is the growing preference for minimally invasive surgical procedures. Patients are increasingly opting for these procedures due to their effectiveness and reduced recovery times. As a result, the demand for catheters is on the rise. Leading companies like Medtronic plc are introducing innovative catheter products to meet this demand.
In July 2021, Medtronic plc launched its Prevail drug-coated balloon (DCB) Catheter in Europe, designed for percutaneous coronary intervention (PCI) operations. This introduction further underscores the importance of catheters in the realm of minimally invasive treatments.
Global Health Challenges and Catheter Demand
The ongoing COVID-19 pandemic has significantly increased the use of catheters in hospitals and emergency rooms worldwide. Governments and healthcare organizations have prioritized medical treatment for COVID-19 patients, resulting in an elevated demand for these devices. This heightened demand is expected to persist throughout the pandemic, further driving the growth of the global catheter market.
Urology Catheters Take the Lead
The urology catheters segment is projected to dominate the catheter market, driven by the rising prevalence of urological diseases and urinary incontinence. The growing number of surgical procedures and approvals from regulatory authorities worldwide are expected to contribute to the segments growth.
North America Spearheads Market Expansion
North America is anticipated to hold a significant share in the global catheter market. Factors such as the increasing prevalence of cardiovascular disorders, a rise in minimally invasive surgeries, and a growing geriatric population base are driving market growth in this region. The United States, in particular, is expected to dominate the market, driven by government support for medical devices and an increase in the number of surgeries.
Innovative Products and Collaborations
Key players in the catheter market are continually introducing new products and entering into collaborations and partnerships to expand their offerings. For instance, Shockwave Medical recently released its Shockwave M5+ peripheral intravascular lithotripsy catheter, while Cerenovus, a division of Johnson & Johnson Medical Devices Companies, unveiled its next-generation balloon guide catheter, Emboguard.
Market Leaders
Prominent companies contributing to the growth of the catheter market include Medtronic, Edwards Lifesciences Corporation, Teleflex Incorporated, Abbott, B. Braun Melsungen AG, Becton, Dickinson, and Company, Boston Scientific Corporation, ConvaTec Group, Coloplast, Johnson & Johnson Services, Terumo Corporation, Hollister Incorporated, Stryker, Cook Medical, Merit Medical Systems, amg International GmbH, Simeks Tibbi Urunler, Alvimedica, Medinol, and Amsino International.
The global catheter market is set to expand significantly, driven by the increasing demand for minimally invasive procedures, rising disease prevalence, and ongoing innovations in catheter technology. Market players are actively contributing to this growth through the development of advanced catheter products and strategic collaborations.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/catheter-market
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COMTEX_442039144/2840/2023-10-17T19:15:11
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