The global market for catheters is expected to reach $42.5 billion by the year 2020, according to a new research report.
That represents a compound annual growth rate of 7.5% between 2014 and 2020, the report published by Allied Market Research, found.
The use of catheters is growing due to rising demand for minimally invasive procedures as well as the growing incidence of cardiovascular disease, diabetes and urinary diseases.
Many diagnostic procedures also require the use of catheters.
Cardiovascular catheters take up the lion's share of the overall catheters market in terms of revenue accounting for nearly 40%. There are many kinds of cardiovascular catheters including Electrophysiology Catheters, PTCA (Percutaneous Transluminal Coronary Angioplasty) Balloon Catheters, Intravascular Ultrasound (IVUS), Percutaneous Transluminal Angioplasty (PTA Balloons), Guiding Catheters, Angiography Catheters and Pulmonary Artery Catheters.
Aside from cardiovascular catheters, other catheter categories are urological catheters, intravenous catheters, neurovascular catheters and specialty catheters used to drain surgical sites or wounds, oximetry and in thermodilution.
Among all catheter types, urological catheters are the fastest-growing poised to grow at a CAGR of 8.2% during the period of the forecast.
North America dominates the worldwide catheters market in terms of revenue and by 2020, is expected to garner $16 billion of total $42.5 billion global market, with a CAGR of 5.5% between 2014 and 2020.
However Asia-Pacific will grow the fastest with a CAGR of 8.8% driven by better healthcare infrastructure in emerging regions such as India and China.