A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global catheter market was worth USD 19.1 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 8.8%, earning revenue of around USD 34.2 billion by the end of 2027. As a result of an increasing prevalence of chronic diseases and a structured healthcare system, North America accounts for the largest market share. Additionally, the presence of skilled physicians and a growing number of surgical procedures in this region also contribute to the growing demand for catheters in North America.
The growth of the global catheter market is attributable to factors, including the increasing burden of various chronic diseases, such as cardiovascular diseases, kidney disease, lung issues, etc. Moreover, the growing demand for minimally invasive procedures, such as cardiac catheterization for diagnosing and treating medical conditions, is also emerging as a crucial driving factor for the global catheter market. Furthermore, a substantial rise in the geriatric population and significant demand for disposable catheters is estimated to contribute to the growth of the global catheter market in the forecast period. The high price competition among players and the risk of infection associated with catheter use may act as major restraints on market growth.
The increasing burden of various urological diseases, such as urinary retention, urinary incontinence, pelvic organ prolapses, multiple sclerosis, etc., is emerging as the major driving factor for the global catheter market. Its prevalence is much more common among the geriatric population. Therefore, urinary catheters are generally used by someone unable to hold or release the bladder. Catheterization of the urinary tract is called urinary catheterization, and it reduces the risk of infection and kidney damage by assisting in the flow of urine. As a result, the demand for catheters is witnessing significant growth.
The leading players in the global catheter market are Abbott Laboratories, Medtronic plc, Becton, Dickinson and Company, B. Braun, Boston Scientific Corporation, ConvaTec Group plc, Coloplast Group, Terumo Corporation, Teleflex Incorporated, Johnson & Johnson Services Inc., Edwards Lifesciences Corporation, Stryker Corporation, Merit Medical, Systems, Inc., Smith Medical Inc., and other prominent players.