The catheter market will reach a value of USD 36 billion by 2030, at a compound annual growth rate of 8.8% by the end of this decade.
The growing requirement for surgical processes, growing need for interventional radiology processes, increasing occurrence of chronic ailments, booming elderly populace, and increasing count of product introductions at a global level are the key factors powering the industry expansion.
The cardiovascular category dominated the industry in the past. This was mainly because of the high incidence of CVDs globally and widespread use of catheters for diagnosis and treatment. As per WHO, CVDs are the main cause of death, killing approximately 17.9 million individuals on a yearly basis.
North America dominated the catheter market due to the high occurrence of chronic ailments, huge healthcare expenditure, several initiatives launched by private and public organizations for raising public consciousness pertaining to the assistances of catheters, increasing populace of elderly people, and presence of leading players.
Also, various regional governments are endorsing policies for promoting the use of catheters. For instance, the CDC and the Canadian government are aiding healthcare centers advance catheterization practices.
According to an article in the BMJ in January 2020, in Canada and the U.S., the extreme usage of urinary catheters is a rising concern. Therefore, to guarantee the sensible use of catheters, guidelines are published by the CDC that evidently defined unsuitable and suitable catheterization practices.
It is because of the increasing number of surgeries all over the world, the demand for catheters is on the rise, and this will continue in the years to come as well.
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