The global Catheters Market is projected to reach USD 24.5 billion by 2025 from USD 16.1 billion in 2020, at a CAGR of 8.9%
Catheters are thin tubes made of medical grade material such as plastic, silicon rubber, polyvinyl chloride (PVC), and nylon, which are inserted in the patient’s body for therapeutic and diagnostic purposes. Rising cases of diabetes, Cardiovascular Disorders (CVDs), urology disorders, End-Stage Renal Disease (ESRD), and other chronic conditions due to sedentary lifestyle are propelling the market growth.
The prominent players in the global Catheters market are Medtronic Plc., Abbott, B. Braun, Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, Teleflex Incorporated, Coloplast, Hollister Incorporated, Cook Medical, and others.
In Oct, 2020 Medtronic has announced a partnership with medical device company incubator The Foundry to invest in, and create, a company with the goal of developing an innovative transcatheter mitral repair technology. The result of testing more than 30 early concepts and design iterations, the Half Moon mitral repair device is a truly innovative solution that is designed to address multiple mitral regurgitation etiologies. Most importantly, similar to mitral valve replacement, this repair device has the potential to fully eliminate mitral regurgitation. It also maintains the physiologic function of the mitral valve and preserves options for re-intervention. Kaneka Corporation has decided to increase the medical catheter production capacity of Group subsidiary Kaneka Medical Vietnam Co., Ltd. Kaneka will be greatly increasing the production capacity of its Vietnam production facility. It will build a new plant adjacent to its existing plant, roughly tripling its production capacity. Kaneka is investing roughly 1 billion yen in this project, and the new plant is scheduled to go into operation from January 2022.
Based on type, the cardiovascular catheters segment is categorized into angiography catheters, IVUS/OCT catheters, guiding catheters, electrophysiology catheters, and balloon catheters. On the basis of application areas they are segmented into Hospital Stores, Retail Stores and others. The market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. North America is estimated to account for the highest CAGR in the catheters market over the forecast period. The presence of a well-established healthcare system will boost growth of the market.
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