Numerous factors such as increasing hospitalization rates due to the rise in life-threatening diseases, rising demand for minimally invasive procedures to diagnose and treat different chronic diseases are expected to fuel the growth of the market. Moreover, the rise in the number of catheterization labs is projected to drive the market growth.
It is estimated that the global intravascular catheter market is expected to register a CAGR of 9.3% during the forecast period of 2019 to 2024, with a market value of USD 4,318 million in 2018.
The global intravascular catheter market is currently dominated by numerous market players. The key players are involved in new product launches and strategic collaborations to strengthen its market position. For instance, in March 2019, Edwards Lifesciences Corporation announced the acquisition of Corvia Medical, Inc. Similarly, in April 2019, the company completed the acquisition of CAS Medical Systems, Inc.
The market in the Americas is expected to dominate the global intravascular catheter market during the forecast period owing to the increasing per capita healthcare expenditure, and the heavy adoption of new technology in the region. Europe is expected to hold the second-largest position in the global intravascular catheter market. The market growth in this region is because of the presence of a well-established healthcare system and an increase in life-threatening diseases.
According to the statistics published in 2018 by The Office for National Statistics, the number of new cancer diagnoses in England increased from 303,135 in 2016 to 305,683 in 2017. Asia-Pacific is estimated to be the fastest-growing regional market due to the large patient pool for chronic diseases and government initiatives for healthcare reforms. According to the Global Burden of Disease Study, published in 2017, heart disease is the leading cause of death in India, causing around 1.7 million deaths in 2016.
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The market in the Middle East & Africa is likely to account for the smallest share of the global intravascular catheter market. The market growth in this region is restricted due to the low per capita disposable incomes.
The global intravascular catheter market has been segmented based on product, application, and end user.
Based on product, the market has been bifurcated into short peripheral intravenous catheters (PIVC) and integrated/closed PIVC catheters. The short PIVC catheters segment is expected to account for the larger market share during the assessment period while the integrated/closed PIVC catheter segment is projected to register the higher CAGR.
The market, by application, has been divided into renal disease, cancer, gastrointestinal diseases, infectious diseases, and others. The renal disease segment is expected to account for the largest market share during the assessment period whereas the cancer segment is projected to be the fastest-growing.
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Some of the key players in the global intravascular catheter market are Boston Scientific Corporation, C.R. Bard, Inc., Coloplast, Cook Medical, Edwards Life Sciences Corporation, Getinge AB, Johnson & Johnson, McKesson Medical Surgical Inc., Medtronic Inc., Smiths Medical, Terumo Corporation.
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