Catheters Market - Growth, Trends, and Forecasts (2023 - 2028)

The Catheters Market is poised to register a CAGR of 7.7% during the forecast period (2022-2027).

The rising COVID-19 cases across the world and the lockdown situation have had a significant impact on the market, initially due to on-hold services, such as treatment, diagnostic, and surgical services, to prevent the spread of COVID-19. However, the growing number of COVID-19 cases around the world has helped in increasing the number of in-patient admissions. As governments and healthcare institutions were found to increase efficient medical treatment to treat COVID-19 patients, the usage of catheters witnessed tremendous demand in hospitals and emergency clinics. Patients with suspected or confirmed diagnoses of COVID-19 were being treated with the help of catheters, and hence, the demand for these products remained huge throughout the pandemic. Moreover, product launches amid the pandemic were also anticipated to have a positive impact on the market's growth. For instance, in April 2020, Bactiguard introduced a new urinary catheter, the BIP Foley TempSensor, for continuous temperature monitoring in patients. Such factors collectively bolstered the market's growth over the pandemic phase.

The market is expected to observe good growth due to the increasing burden of cardiovascular, neurologic, and urological disorders; increasing usage of minimally invasive procedures; and the rising demand for antimicrobial catheters. Rising chronic disorders have become the most dominant cause of mortality and morbidity globally. According to the Brain Aneurysm Foundation in March 2021, globally, approximately 500,000 deaths are caused by brain aneurysms every year, and half of such individuals are aged 50 or below. The annual rate of rupture is around 8-10 people per 100,000 or about 30,000 people in United States. Thus, with the increasing prevalence of neurovascular disorders, the demand for neurovascular catheter devices is also anticipated to rise.

Furthermore, the growing number of minimally invasive procedures is expected to increase the demand for catheters worldwide. These procedures have increased patients' preference for less invasive procedures, which is expected to favor the market's growth. In addition, rising initiatives from the key market players for the launch of their products are expected to propel the market's growth further. For instance, in July 2021, Medtronic plc launched its Prevail drug-coated balloon (DCB) catheter in Europe following the CE (Conformite Europeenne) mark. The newest coronary DCB on the market, the Prevail DCB, is used during percutaneous coronary intervention (PCI) procedures to treat narrowed or blocked coronary arteries in patients with coronary artery disease (CAD). This will lead to increased adoption of such catheters to treat cardiovascular disease, and the market growth will benefit from rising minimally invasive procedure trends.

Hence, with the increasing number of surgeries being performed due to rising cases of chronic diseases, the demand for catheters is expected to increase in the near future, thereby driving the market's growth. However, complications associated with catheters and the presence of substitutes may hamper the growth of the market.

Key Market Trends

The Urology Catheters Segment is Expected to Hold a Major Revenue Share During the Forecast Period

A urinary catheter is found to be necessary for a person facing difficulty passing urine naturally. The segment is expected to show high growth during the forecast period owing to growing incidences of urological disorders as these products are used for patients who suffer from urological disorders.

The rising cases of COVID-19 have resulted in significant disruptions globally and have also impacted the demand for urinary catheters among the patient population. The urinary catheters were being used for surgical applications and the demand was impacted to some extent due to the temporary postponement of various elective surgeries, as authorities seek to ensure the availability of resources for COVID-19 patients. However, due to the rising infection rate, there were a few launches that have contributed to the segment's stable growth. Furthermore, according to the study titled "Prevalence and associated factors of urinary incontinence in women living in China: a literature review" published in October 2020, there were about 43-349 million Chinese women who had experienced urinary incontinence (UI). The growing prevalence of urinary incontinence and an increasing number of surgical procedures are the major factors driving the demand for urinary catheters, in turn boosting the segment's growth.

In addition, rising approvals for urinary catheters by regulatory agencies are further expected to boost this segment's growth during the forecast period. For instance, in November 2021, the Flume Catheter Company Ltd. (TFCC) received clearance from United States Food and Drug Administration (FDA) to market the FLUME urinary catheter in United States.

Thus, owing to the abovementioned factors, the urology catheter segment is expected to show growth over the forecast period.

North America is Expected to Hold a Significant Market Share During the Forecast Period

The North American region is expected to hold a significant market share in the catheters market during the forecast period. United States is expected to dominate the market due to the high government support for medical devices and an increasing number of surgeries. The other factors driving the market growth include the increasing prevalence of urological disorders, cardiovascular disorders, and the rising preference for minimally invasive procedures due to less operative time and fewer complications.

According to the American Cancer Society's 2022 statistics, there will be around 81,180 estimated new cases of bladder cancer in Americans in the year 2022. This will lead to increased adoption of catheters during the treatment of bladder cancer, thereby driving the market growth in this region.

Rising initiatives from the key market players for the launch of novel products are further expected to drive the market in this region. For instance, in March 2022, Cerus Endovascular received United States Food and Drug Administration (FDA) clearance for its 027 micro-catheters, available in two lengths, expanding its product portfolio, which includes the already FDA-cleared 021 micro-catheter platform. Likewise, in February 2021, Health Canada approved the TempSensor catheter designed by Bactguard.

Hence, growing product approvals coupled with the rapid increase in the patient pool in United States tend to increase the demand for catheters, which drives the overall growth of the market in the region.

Competitive Landscape

The catheters market is highly competitive as there have been a wide number of companies that have increased their focus on developing advanced catheters. Numerous manufacturers have collaborated with major medical device distributors to market and supply their products globally or in certain countries. Various established business players are also adopting numerous organic and inorganic growth strategies to increase their market shares. Also, product launches, mergers and acquisitions, and collaborations are the key strategies undertaken by these companies for sustainable growth. Some of the major players in this market include B. Braun Melsungen AG, Coloplast, ConvaTec Group, Hollister Incorporated, Medtronic PLC, Teleflex, and Boston Scientific Corporation, among others.

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