Catheter Industry Growth, Development and Demand Forecast to 2030

NEW YORK - June 9, 2023 - PRLog -- The rising prevalence of chronic diseases, such as neurological diseases, autoimmune diseases, cardiovascular diseases (CVDs), and cancer, is driving the demand for catheters. As per the Global Cancer Observatory (GLOBOCAN), gastric cancer was the third leading cause of cancer deaths all over the world in 2018. The total number of deaths caused because of this disease surged from 723,000 in 2012 to 783,000 in 2018. Likewise, according to the American Heart Association (AHA), in 2016, CVDs were responsible for the deaths of more than 17.6 million people, and this number is expected to rise to 23.6 million by 2030.

Besides, the ballooning adoption of catheters in homecare settings is also driving the progress of the catheter market. The increasing use of urological and intravenous catheters in homecare settings, owing to the soaring population of old people, is positively impacting the worldwide sales of catheters. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.

As old people need regulator administration of drugs and monitoring, their surging population is propelling the requirement for catheters. Furthermore, geriatric people have weak urinary bladders and therefore, they are highly susceptible to urinary tract infections (UTIs). Owing to the aforementioned factors, catheters are being increasingly used in homecare settings, thereby causing the expansion of the catheter market. The value of the market is expected to rise from $14.3 billion in 2019 to $36.0 billion by 2030. Additionally, the market is expected to demonstrate a CAGR of 8.8% between 2020 and 2030 (forecast period).

Globally, the Asia-Pacific catheter market (https://www.psmarketresearch.com/market-analysis/catheter...) will prosper rapidly in the coming years, as per the forecast of the market research organization, P&S Intelligence. This will be because of the rapid technological advancements and innovations in regional countries, such as India, China, and Japan. Additionally, the growing usage of catheters in various homecare settings, booming medical tourism sector, rising focus of industry players on strategic activities, and increasing occurrence rate of urinary incontinence and urinary tract infections (UTIs) are also propelling the demand for catheters in the region.

Thus, the sales of catheters will rise enormously in the coming years, mainly because of the growing incidence of chronic illnesses, cardiovascular diseases, and UTIs and the ballooning population of geriatric people all over the world.