Catheters are flexible tubes used for various medical purposes such as draining urine from the bladder or delivering medications into veins. They are available in different types depending on intended usage such as urinary catheters, cardiovascular catheters, intravenous catheters and neurovascular catheters. Catheters are increasingly being used for minimally-invasive surgical procedures as they reduce risk of complications, shorten recovery time and provide greater accuracy.

The Global Catheters Market is estimated to be valued at US$ 61.91 billion in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Catheters Market are Medtronic, ConvaTec, Inc., Smith Medical (Smith Group Plc.), Boston Scientific Corporation, Hollister Incorporated, and Edwards Lifesciences Corporation, among others. The growing aging population globally is driving the demand for various catheters due to increased incidence of urinary incontinence and cardiovascular diseases. According to the United Nations, the number of people aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050.

Additionally, increasing preference for minimally invasive surgeries owing to benefits like less pain, scarring and quicker recovery is also fueling the catheters market growth. Major players are focusing on expansions and new product launches to strengthen their presence in emerging markets like Asia Pacific and Latin America.

The increasing demand is Catheters Market Size players to focus on developing innovative single-use catheters with better drainage systems and anti-microbial properties. Advancements in guidewire and catheter technology is also supporting the greater adoption of complex endovascular procedures. Coatings allowing controlled drug release are being incorporated to prevent infections and reduce usage of antibiotics. The rising number of ambulatory surgical centers and specialty clinics globally is further driving the volume demand for various catheter products.

Market Key Trends

One of the key trends gaining traction in the catheters market is the introduction of hydrophilic-coated products. Hydrophilic coatings enable catheters to be inserted with minimal use of lubricating gels and reach target sites with greater ease. They reduce friction during placement and withdrawal, lowering chances of trauma to patients.

Catheters Market Companies Many leading players have added hydrophilic-coated urinary and IV catheters to their product portfolios. Another notable trend is the increasing preference for antimicrobial catheters. These catheters are coated or impregnated with compounds like silver, chlorhexidine or antibiotics to prevent infections of the urinary tract and bloodstream. With rising healthcare costs due to catheter-associated infections (CAUTIs), demand for antimicrobial catheters is expected to grow substantially in the forecast period.

Porter's Analysis

Threat of new entrants: New players face high costs for establishing manufacturing plants and distribution networks.
Bargaining power of buyers: Large buyers such as hospitals can negotiate lower prices from established suppliers.

Bargaining power of suppliers: Suppliers of raw materials have moderate power given the requirement for specialized materials and components.
Threat of new substitutes: No significant threat of substitutes exists as catheters provide unique capabilities for various medical procedures.
Competitive rivalry: The market is consolidated with major players differentiating through innovation and customer service.

Geographical Regions

North America holds the largest market share in terms of value due to high demand and rapid adoption of technologically advanced catheters. With over 70% market share, the region will continue its dominance over the forecast period owing to large presence of key players and progressive healthcare infrastructure.

Asia Pacific is expected to be the fastest growing regional market driven by expanding healthcare systems, rising medical tourism, and growing prevalence of chronic diseases. Countries such as China and India are attracting global giants with their low production costs and large patient pools, thereby augmenting regional growth prospects.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191