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The intravascular catheter market is an important thing in the healthcare industry, gambling a pivotal position in various medical methods and remedies. This market is dynamic, prompted by numerous elements that shape its boom and evolution. The growing prevalence of cardiovascular diseases and the rising aging population contribute considerably to the growing demand for intravascular catheters. As the global population has grown for a long time, the prevalence of situations requiring catheterization, which includes coronary artery illnesses and peripheral vascular illnesses, is on the upward thrust. Continuous technological improvements in catheter layout and materials are riding market dynamics. Manufacturers specializing in growing catheters with superior capabilities, which include stepped-forward flexibility, better navigation, and reduced hazard of complications, which, in flip, stimulates market growth.
Increasing healthcare expenditure globally, especially in rising economies, contributes to market dynamics. Governments and personal sectors are investing in advanced clinical technology, consisting of intravascular catheters, to beautify patient care and treatment consequences. The regulatory landscape considerably affects the intravascular catheter market. Stringent rules and requirements governing the production and approval processes make sure the product is great and patient-safe. Companies need to navigate those regulations efficiently, influencing market competitiveness. The market reveals a trend of consolidation, with mergers and acquisitions regularly occurring among key players. This consolidation strategy allows groups to bolster their product portfolios, amplify market reach, and capitalize on synergies, shaping the market panorama in the end.
Globalization has opened up new avenues for market growth. Companies are exploring opportunities in untapped areas, wherein there may be a growing demand for advanced clinical devices. This globalization trend contributes to the diversification of the intravascular catheter market. Healthcare providers are under regular stress to incorporate expenses even to preserve the satisfaction of care. This influences buying selections, prompting a demand for price-powerful intravascular catheters without compromising overall performance or safety. Patient possibilities and focus additionally play a role in market dynamics. With increased access to data, patients are becoming more informed about medical methods and the gadgets used. The emergence of technology like telemedicine and faraway patient monitoring is influencing the intravascular catheter market. This technology creates new possibilities for home-based care, in which intravascular catheters play an important position in dealing with chronic situations. Despite the fantastic market dynamics, demanding situations consisting of the risk of infections related to catheter use, repayment troubles, and the excessive fee of advanced catheter technologies want to be addressed with the aid of industry stakeholders to ensure sustained growth.
Intravascular Catheter Market Highlights:
Intravascular Catheter Market Scenario
The Intravascular Catheter Market is projected to reach USD 6.28 Billion by 2030 at 11.90% CAGR during the forecast period 2022-2030.
The intravascular catheter market is driven by factors such as increasing hospitalization rates due to the rising prevalence of life-threatening diseases and growing demand for minimally invasive procedures to diagnose and treat different chronic diseases. Additionally, the increase in the number of intravascular catheterization labs, increasing number of intravascular catheterization procedures has fueled the growth of the intravascular catheter market.
On the other hand, the lack of skilled technicians and the increasing cases of local site infections are projected to hamper the growth of the market during the assessment period. Nevertheless, changes in regulatory policies and a rise in demand for effective therapies to treat complicated disorders are expected to reduce the impact of barriers during the forecast period.
Moreover, major companies in the market are involved in strategic acquisitions and collaborations to sustain their position in the market. For instance, in March 2019, Edwards Lifesciences Corporation had announced the acquisition of Corvia Medical, Inc. In April 2019, the company completed the acquisition of CAS Medical Systems, Inc.
Intravascular Catheter Market Segmentation
The global intravascular catheter market has been segmented based on product, application, and end user.
The market, based on product, has been bifurcated into short peripheral intravenous catheters (PIVC) and integrated/Closed PIVC catheters.
The market, by application, has been divided into renal disease, cancer, gastrointestinal diseases, infectious diseases, and other diseases. The renal disease segment is expected to hold a large share owing to the increasing occurrences of kidney-related disorders throughout the globe. The cancer segment is expected to be the fastest growing one due to the increased patient population in recent years.
The market, by end user, has been classified as hospitals, clinics, ambulatory surgical centers, homecare, and others.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The IV catheter market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European IV catheter market has been sub-divided Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, UK, Italy, Spain, and the rest of Western Europe. The intravascular catheter market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The intravascular catheter market in the Middle East & Africa has been divided into the Middle East and Africa.
Intravascular Catheter Market Key Players
Boston Scientific Corporation, C.R. Bard, Inc., Coloplast, Cook Medical, Edwards Life Sciences Corporation, Getinge AB, Johnson & Johnson, McKesson Medical Surgical Inc., Medtronic Inc., Smiths Medical, and Terumo Corporation are some of the key players in the global intravascular catheter market.
Regional Market Summary
The market in the Americas is expected to dominate the global intravascular catheter market due to the increasing per capita healthcare expenditure and the high adoption of new technology in the region. Furthermore, rising expenses in research and investment by healthcare bodies is expected to drive the growth of the market in this region.
The market in Europe showed a considerable amount of growth. The market growth in this region can be attributed to the presence of a well-established healthcare system and an increase in chronic diseases. Â According to the statistics published in 2018 by Office for National Statistics, the number of new cancer diagnoses in England increased from 303,135 in 2016 to 305,683 in 2017. Such high rates of new cancer diagnoses are likely to drive the demand for minimally invasive procedures. As a result, the market is projected to grow during the forecast period.
The market in Asia-Pacific is expected to have a steady growth rate during the forecast period owing to the increasing number of patients with chronic diseases and government initiatives for healthcare reforms. According to Global Burden of Disease Report published in 2017, heart disease is the leading cause of death in India, causing around 1.7 million deaths in India in 2016. However, decrease in capital investment is restricting the market growth of this region.
The market in the Middle East & Africa is expected to account for the least share of the global market due to low disposable incomes in the region. Moreover, the limited access to treatment facilities is projected to curb the growth of the market in future.
Global Intravascular Catheter Market, by Product
- Short PIVC Catheters
- Integrated/Closed PIVC Catheters
Global Intravascular Catheter Market, by Application
- Renal Disease
- Cancer
- Gastrointestinal Diseases
- Infectious Diseases
- Other Diseases
Global Intravascular Catheter Market, by End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Homecare
- Others
Global Intravascular Catheter Market, by Region
-
Americas- North America
- US
- Canada
- Latin America
- North America
-
Europe- Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
- Eastern Europe
- Western Europe
-
Asia-Pacific- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
-
Middle East & Africa- Middle East
- Africa
Intended Audience
- Medical Device Companies
- Research and Development (R&D) Companies
- Government Research Institutes
- Academic Institutes and Universities
- Venture Capitalists
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