Catheter Market Size, Share & Trends Analysis Report By Product Type (Cardiovascular, Specialty), By Distribution Channel (Hospital Stores, Retail Stores), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global catheter market size was valued at USD 45.26 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. A high prevalence rate of chronic disorders leading to hospitalization has fueled the growth of the market. In addition, an increase in the number of midscale catheter manufacturers gaining a greater market share as well as a rise in the funding by various government bodies for R&D activities are expected to promote the market growth during the forecast period. Chronic disorders such as cardiovascular, neurology, and urology disorders have become the most dominant cause of mortality and morbidity globally during the last three decades.

A sedentary lifestyle makes people susceptible to many disorders, such as diabetes, cardiovascular disorders, urology disorders, end-stage renal diseases, and other chronic conditions. High blood pressure and diabetes are the two prime factors behind the rising cases of chronic disorders, such as kidney failures. These disorders are associated with high hospitalization rates and substantial costs due to the frequent use of catheters for several procedures. Thus, the increasing number of surgeries due to a rise in the number of chronic ailments is expected to increase the adoption rate of catheters, which will drive the catheters market.

Patients who undergo general medication require catheters. The repeated use of catheters can lead to catheter associated urinary tract infections (CAUTIs) and central line associated blood-stream infections (CLABSIs). Patients suffering from chronic disorders usually have a weak immune system and require frequent hospitalization in healthcare facilities. The patients are at high risk of infection due to the frequent use of the catheter to access the blood vessels. Therefore, companies introduced antimicrobial catheters to reduce catheter associated infection and the growing cases of thrombosis. Silver Ion and Palindrome HSI-Heparin Coated antimicrobial catheters by Medtronic are few notable antimicrobial catheters. Additionally, this type of catheter helps to reduce the probability of clot formations and microbial colonization on the catheter’s surface. Moreover, silver ion or antibiotic coatings are used at the exit site of the catheter and an anti-microbial solution is used for locking the catheter tip. Thus, the catheters coated with anti-microbial linings are likely to boost the market growth.

Furthermore, the growing demand for minimally invasive procedures due to the recent technological innovations is expected to increase the sale of catheters in the market. The antimicrobial coating and miniaturized catheters are used to prevent the cases of restenosis and the reoccurrence of the narrowing of a blood vessel at the later stage can be treated. The peripheral diseases are further interlinked with other chronic conditions, such as diabetes. These procedures have higher adoption rates and are becoming standard techniques in general surgery due to the use of advanced technologies and innovative coated catheters available in the market. For instance, demand for angioplasty is increasing over the conventional surgeries owing to its minimally invasive nature and improved outcomes. This has increased the patients’ preference for minimally invasive procedures, which is expected to favor the market growth.

Countries such as the U.S. and Canada have witnessed a high prevalence rate of chronic disorders owing to sedentary lifestyles. In addition, the increasing number of patients undergoing surgeries and rising consumer awareness regarding minimally invasive surgeries are contributing to the market growth in these countries. According to the CDC, heart diseases account for one in every four deaths in the U.S. Some of the major causes of heart diseases are obesity, poor diet, physical inactivity, excessive alcohol consumption, hypertension, high cholesterol levels, and smoking. About 50% of Americans exhibit at least one of these risk factors. Similarly, as per the IHME data published in 2017, ischemic heart disease was the leading cause of death and disability in Canada. Thus, the growing cases of peripheral artery disease, occlusions in the blood vessels, and awareness of minimally invasive surgeries are expanding the use of catheters in these countries.

Moreover, with the growing incidence of urological disorders, such as chronic kidney diseases, and the same being the third most dominant cause for hospital admissions, there is an increasing need for spreading awareness among the population regarding preventive measures. For instance, Wagner's Chronic Care Model, which puts forward an informed patient to produce productive interactions leading to improved outcomes, offers a theoretical framework on how awareness regarding chronic kidney diseases could arise. Therefore, such awareness models increase patient-provider communication as well as individual awareness. This would eventually boost the growth of the market over the forecast period.

Product Type Insights

Based on product type, the cardiovascular catheters segment dominated the market with a share of 28.03% in 2020 owing to the rise in the prevalence of cardiovascular disorders, which, in turn, is increasing the demand for interventional cardiac procedures. This, coupled with the increasing adoption of cardiac catheters, is expected to boost the segment growth. This segment is further sub-segmented into four categories where the Percutaneous Transluminal Coronary Angioplasty (PTCA) balloon catheters segment emerged as the dominant sub-segment with over 30.00% share in 2020.

The specialty catheters segment is expected to expand at the highest CAGR of 6.8% from 2021 to 2028 owing to its increasing preference among physicians. This is attributed to the growing demand for minimally invasive procedures, coupled with the rise in the prevalence of the target diseases. Moreover, technological advancements by the key players in this sector are anticipated to drive the segment. For instance, Medtronic’s Arctic front advance cardiac cryoablation catheter, Covidien’s closure Fast Endovenous Radiofrequency Ablation (RFA) catheter, and CR Bard’s (specialty coronary sinus) catheter.

Distribution Channel Insights

On the basis of the distribution channel, the hospital stores segment dominated the overall market with a share of 53.83% in 2020. This can be attributed to an increase in the number of hospital admission rates globally and an upsurge in surgical procedures, which require the use of catheters for the infusion of IV solutions and fluids. Since a hospital store/pharmacy is set within a hospital where it stores and dispenses inpatient medications. Hospital stores usually stock a wide range of medications, including more specialized and investigational medications, thus contributing to the segment growth.

The retail store segment is expected to expand at the highest CAGR of 6.7% from 2021 to 2028 owing to the presence of various e-commerce sites offering various types of catheters. For instance, Amazon, ShopCatheters.com, and Allegro Medical Supplies Inc. are some of the notable e-commerce sites that offer significant discounts, warranties, and prompt customer service on various catheters. This might drive the sales of the products through this sales channel, thus supporting the segment growth during the forecast period.

Regional Insights

North America dominated the market with a share of 32.05% in 2020. This can be attributed to factors such as the rising prevalence of chronic disorders, supportive government policies, increasing awareness, availability of highly skilled physicians, and the presence of well-established healthcare facilities. Moreover, increasing private research funding for R&D of innovative devices is positively influencing the market growth in this region. Furthermore, the region witnessed agreement favoring its growth. For instance, in December 2018, Evonik Corporation, the manufacturer of specialty chemicals, signed a distribution agreement with the U.S.-based medical-grade polymer manufacturer, Compounding Solutions LLC, for Evonik’s care medical products.

Asia Pacific is expected to witness the fastest growth from 2021 to 2028 owing to various factors, such as growing disposable income, increasing healthcare expenditure, and the presence of large untapped opportunities in emerging economies, such as India and China. In addition, a large patient pool suffering from kidney and cardiovascular problems and improving medical facilities are expected to contribute to the substantial growth of the regional market. Favorable government policies, product launches and approvals, and innovations in the field are expected to further boost the market growth.

Key Companies & Market Share Insights

Companies are constantly launching new products and increasing their reach by geographically expanding to gain a greater market share. Japan-based Terumo Corporation acquired a U.S.-based medical device manufacturer, Sequent Medical through its subsidiary in the U.S. Sequent Medical. Thus, global players are shifting their production facilities to other countries to achieve economies of scale.

Moreover, numerous manufacturers in the catheter industry collaborate with major medical device distributors to market and supply their products globally or in certain countries. Strategic alliances are therefore quite common among manufacturers and medical device distributors. Such alliances not only help the manufacturers acquire the license to market their products but also reduce their liability in case of product recall and adverse events. For instance, Coloplast Corporation and Premier Inc., the U.S. based healthcare improvement company, signed a three-year purchasing agreement for Coloplast’s urology product offerings, including catheters, starting from March 2019. Premier Inc. has a network alliance of around 4,000 U.S. hospitals and integrated supply chain, advisory, and data analytics solutions, which would be utilized in increasing agreements for Coloplast at lower costs. Some prominent players in the global catheter market include:

• Hollister Incorporated

• Medtronic

• Boston Scientific Corporation

• Edward Lifesciences

• Smith Medical Inc.

• Teleflex Incorporated

• ConvaTec Group Plc

• Cure Medical LLC

Catheters Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global catheter market report on the basis of product type, distribution channel, and region:

• Product Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Cardiovascular Catheters

  • Urology Catheters

  • Intravenous Catheters

  • Neurovascular Catheters

  • Specialty Catheters

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospital Stores

  • Retail Stores

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE