Global Catheters Market is Expected to Reach $42.5 Billion by 2020 - Allied Market Research

PORTLAND, Ore. - Nov. 17, 2014 - PRLog -- According to a new report by Allied Market Research titled, "Global Catheters Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 - 2020", the global catheters market would reach $42.5 billion by 2020, registering a CAGR of 7.5% during 2014 - 2020. Increased usage of catheters in minimally invasive surgeries and the introduction of technologically advanced catheters with improved efficacy contribute to growth of the global catheters market. Cardiovascular catheters are the largest revenue generating segment in the overall catheters market.

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Growing prevalence of cardiovascular diseases, diabetes and urinary diseases is expected to boost demand for catheters. According to data, 2012 approximately 74,690 new cases of urinary bladder cancer were diagnosed (incidence rate) and it is estimated that, approximately 0.5 million people suffer from urinary bladder cancer (prevalence rate) annually in the United States. Also, catheters are vital component/medical consumable used during several diagnostic procedures. Overall, similar consumption pattern for catheters witnessed in several other medical conditions - has resulted in increased usage of catheters thereby increasing the market size of the global catheters market.

Promoting the further use/adoption of catheters is innovation and development of variants that overcome drawbacks of the conventional catheters; for instance, development of male external catheters minimize chances/incidences of urinary tract infection resulting from insertion of catheters in the patient's body.

High cost involved in cardiac and neurological procedures and lack of experienced and skilled professionals limit the growth of the global catheters market. Also, increasing incidences of nosocomial infections; for example, catheter-associated urinary tract infections are among the prime factors restricting growth of urological catheters market.

Going forward, developing regional - India and China catheters markets are expected to offer potential opportunities owing to increasing awareness and adoption of minimally invasive procedures (that necessitate usage of catheters).

Key findings of the study:

Cardiovascular catheters segment expected to grow at a CAGR of 7.4% during the forecast period, fastest among all
Urological catheters is the fastest growing segment growing at the CAGR of 8.2% market share by 2020
Currently, North America garners a majority share in the catheters market, in terms of market size. North America would reach$16 billion by 2020, with highest CAGR of 5.5%
Asia Pacific market is expected to grow at 8.8% CAGR during the forecast period from 2014-2020 due to improved healthcare infrastructure in emerging economies such as India and China (promoting increased usage of catheters)

Reimbursement for catheters or catheterization procedure varies per product. Recently, enabling regulation i.e. the department of Veterans Affairs (VA), recommended a change in the reimbursement of urological catheters - increasing coverage up to 200 sterile single use catheters per month. Such change in policies is therefore estimated to result in an increased market share of urological catheters.

Key companies profiled in the report are Boston Dickinson Ltd, Bard Medicals, Boston Scientific, Hollister Inc., Edwards Lifesciences, B. Braun Melsungen, Arrow Internationals Inc., Medtronic Inc., Medrad (Bayer AG), Johnson&Johnson and Abbott Laboratories.  Companies operating in the catheters market focus on several strategies such as product launch, collaboration and acquisition. For example, Bard Medicals's R&D spend of ~8% of the total revenue is intended for development and commercialization of feature-enhanced catheters; overall driving growth of the global catheters market.

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