Catheters Market Overview
Catheters are inserted in the body during surgeries or treatment of diseases like Cardiovascular, Neurovascular, and Urology etc.to drain and administration of fluids. Also, the catheter inserted into the body can be helpful in administering various liquid medication or gas for the treatment of diseases. Owing to the growing prevalence of chronic diseases such as urology cardiovascular, and neurovascular catheters are perceiving augmented demand resulting in fostering its market growth on the global platform.
The global Catheters Market is expected to touch a towering valuation by exhibiting 8.30% CAGR through the forecast period Rising incidence of cardiovascular diseases and other malaises can drive the market growth exponentially. According to the American College of Cardiology, cardiovascular related deaths accounted for 31% of global mortality statistics. This is supported with recorded evidence of over 790,000 people in the U.S. have heart attacks every year. Supportive insurance coverage policies are predicted to facilitate in the market growth over the forecast period.
Preference of minimally invasive treatments due to errors during surgeries is expected to spur the demand for catheters. The surge noticed in diabetics as well as the geriatric populace due to sedentary lifestyles can be a particular influence on the market.
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Catheters Market Segmentation
MRFR has segmented its analysis into three key dynamics for enhanced understanding.
By Product Type : Comprises Cardiovascular, Intravenous, Urology, Neurovascular, and Specialty Catheters among others.
By End Users : Hospitals Clinics and Ambulatory Surgical Centers among others
By Regions : North America, Europe, APAC and Rest-of-the-World.
Catheters Market Regional Analysis
Globally, North America accounts for the leading market for catheters possessing the largest market share, followed by the European and Asia Pacific region, respectively. Factors fostering market growth include the increasing number of surgeries and cases of diseases like cardiovascular, neurovascular, and urology.
Furthermore, the market growth in the North American region is fostered by the factors such as the strong economic conditions, huge developments in the healthcare domain, and focus of research institutions on updating technology for new and advanced treatment methods.
Moreover, the presence of a well-proliferated healthcare sector and the leading market players alongside the availability of skilled healthcare professional fosters the growth of the market. Continuing with the same growth trends, the catheters market in the region will retain its hegemony throughout the review period.
The European region accounting for the world’s second-largest market for catheters follows the North American market closely. The market here is fostered by the resurging economic conditions that are increasing the per capita healthcare expenses and the well-penetrated healthcare sector in the region. Huge market growth in countries like the UK, Germany France drives the growth of the regional market on a large scale.
Furthermore, the increasing competition among key players, increasing patient population, and amendments in reimbursement of healthcare policies are expected to foster the market growth in the European region.
Catheters Market Players
- Boston Scientific Corporation
- Koninklijke Philips N.V
- Abbott Medtronic Plc
- Braun Melsungen Ag
- Becton Dickinson And Company
- Terumo Corporation
- Lumend Corporation
- Covidien Ag (Ireland)
- Acist Medical Systems
- Cook Medical Inc
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