Europe Catheters market valuation to surpass that of North America by 2024, Germany & France to drive the regional demand
“Catheters market is accumulating a major share of the medical devices industry and is poised to remain a profitable business space over the coming years. Healthcare industry is one of the most prominent sectors being rapidly swayed by the technological innovations. One such innovation transforming the traditional medical approach are minimally invasive surgeries which have become the top most consumer preference, owing to its ease of operation and cost-effectiveness. This shifting focus and growing adoption of minimally invasive surgery is one of the major drivers of the catheters industry growth. In addition to this, the increasing patient pool suffering from cardiovascular, neurovascular, and urological ailments is also providing a significant push to the catheters product demand. It is estimated that Catheters industry will exceed a revenue of USD 73 billion by 2024, registering a CAGR of 11% over the coming seven years.
U.S. Catheters Market size, by Product, 2012- 2024 (USD Mn)
U.S. led the global catheters industry landscape in 2015 holding a revenue of USD 8.6 billion. This was approximately 87% of the regional revenue, representing the huge participation of U.S. in this market space. The growth is quite validated with the hi-tech advancements in healthcare, accessible medical facilities, and high patient awareness across this region.
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However, study depicts that future scenario of the catheters industry is slated to provide a bunch of opportunities to the emerging regions which are indeed a pool of untapped business opportunities. Asia Pacific, in response to this fact, is one of the prominent regions walking on this trajectory growth roadmap. It is estimated that Asia Pacific catheters market will register an appreciable CAGR of 14.7% over the period of 2016-2024.
Cardiovascular catheter was the most recognized product in 2015, having held 38% of the global catheters industry share. The product is poised to continue its dominance with a target market share of USD 20 billion by 2024. In parallel to the increasing share of the cardiovascular catheter, another product capturing the attention of the investors is specialty catheters. The increasing penetration of this product, particularly, in the emerging economies of Asia Pacific and Latin America will drive the demand. As per the report, Specialty catheters market size is forecast to register a CAGR of 13.4% over the coming seven years.
Europe is emerging as one of the prominent grounds supporting the growth of the catheters industry. Estimates suggest that Europe is set to surpass the North America catheters market, with a target revenue of more than USD 28 billion by 2024.
Infections acquired by catheters might serve as an industry roadblock over the coming years. However, the technological innovations and increased R&D spending to address the concern will combat the growth threat.
Looking at the competitive scenario, the market is dominated by the established brands and is projected to witness the entries of new players in the years ahead. Pricing strategies and product differentiations will be the two major parameters differentiating the industry giants in terms of their market value. Key players currently sharing this business space are Boston Scientific Corporation, Johnson & Johnson, Medtronic Inc., Teleflex, Abbott Laboratories, and Coloplast.
Author Name : Shikha Sinha