The global market for catheters is expected to reach USD 46.05 billion by 2020, according to a new study by Grand View Research, Inc. Rising demand for minimally invasive procedures and the growing prevalence of diabetes, obesity and cardiovascular diseases is expected to drive market growth over the forecast period. In addition, the introduction of technologically advanced catheters with improved efficacies and the rising market penetration of minimally invasive procedures in emerging Asian markets such as India and China are expected to fuel the future market growth.
Cardiovascular catheters were the largest product segment in 2013, accounting for over 39.0% of total revenue. High prevalence of cardiovascular diseases clubbed with the presence of a large pool of patients with unmet medical needs is a critical factor for cardiovascular catheter growth.
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Further key findings from the study suggest:
- North America dominated the overall market in 2013, accounting for over 37% of global revenue. High volumes of minimally invasive and catheterization procedures coupled with the presence of high patient awareness levels and disposable incomes are some of the factors driving catheter demand in the region.
- Asia Pacific catheters market is expected to grow at the highest CAGR of 13.5% from 2014 to 2020, owing to high unmet medical needs and the presence of emerging economies with improving healthcare infrastructure such as China and India.
- Specialty catheters are expected to be one of the most lucrative segments of this market, majorly owing to a large presence of untapped opportunities in its application segments such as wound drainage and body fluid suction, and are estimated to grow at a CAGR of over 11.0% from 2014 to 2020.
- Key industry participants include Boston Scientific Corporation, Abbott Laboratories, Coloplast, Arrow International, Johnson and Johnson, Medtronic Inc. and others.
For the purpose of this study, Grand View Research has segmented the global Catheters market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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