Global Intravascular Catheter Market Size, Share, Forecast Report, 2020-2027

The global intravascular catheter market is projected to grow at a CAGR of 8.4% during 2019-2025. The major factors contributing to the growth of the market include increasing incidence of cardiovascular diseases, cancer, neurological disorders, renal disorders, urinary tract infections, and others. According to the World Health Organization (WHO), cancer is the second leading cause of mortality across the globe. In 2018, more than 9.6 million fatalities occurred across the globe due to cancer. The increasing hospitalization rate owing to the high incidence of chronic diseases coupled with the increasing use of catheters for performing minimally invasive diagnostic and treatment is further expected to fuel the market growth.

However, certain factors are restraining the growth of the market. The risk related to bloodstream infections associated with the use of intravascular catheters and a dearth of skilled healthcare professionals are some of the major factors that restrict the growth of the global intravascular catheters market. The on-going technological advancement in catheter technology is creating new opportunities for the growth of the global intravascular catheters.

Segmental Outlook

The global intravascular catheter market is segmented on the basis of products, applications, and end-user. Based on the product, the market is bifurcated into short PIVC and integrated/closed PIVC. The short PIVC is expected to hold a prominent share in the market. The rising preference of these catheters over other catheters owing to their short dwelling time and quick discharge is making a significant contribution to the growth of the short PIVC segment. Based on the application, the market is segmented into cardiology, oncology, renal disease, infectious diseases, and others.

Hospitals & Clinics will be the Largest Segment by End-Users

By end-users, the global intravascular catheter market is divided into hospitals & clinics, ambulatory surgical centers (ASC), and homecare settings. In 2018, intravascular catheters in hospitals & clinics held a major share in the market. The significant increase in the number of surgeries performed for patients receiving treatment of chronic diseases in hospitals, rising healthcare coverage, growing prevalence of minimally invasive catheter-based surgery are some of the major factors to drive the segmental growth of the market. Ambulatory surgical centers are estimated to exhibit significant growth supported by the fact that surgical procedures are cost-effective in ASC as compared to hospitals.

Regional Outlook

The global intravascular catheter market is further segmented on the basis of geography into North America, Europe, Asia-Pacific and the Rest of the World. In 2018, North America held the major market share in the intravascular catheter market. The high healthcare expenditure and rapid adoption of advanced technology within the healthcare sector are the major factors contributing to the growth of the intravascular catheter market in the region.

Moreover, the presence of major market players Boston Scientific Corp., Johnson & Johnson, and Abbott Laboratories Inc. in the region is also contributing to the growth of the market in the region. These key market players are making significant investments in R&D activities to make technological advancement in their product offerings which are expected to fuel the growth of the intravascular catheter market in North America. North America is followed by Europe while the Asia-Pacific is expected to be the fastest-growing market during the forecast period.

Asia-Pacific Will Augment with the Highest Rate in Global Intravascular Catheter Market

Asia-Pacific is expected to exhibit the highest growth during the forecast period. The growing healthcare expenditure and rising medical tourism in the emerging economies of Asia-Pacific such as India and China are a major factor contributing to the growth of the intravascular catheter market in the region. Moreover, the growing incidences of infectious diseases, renal diseases, cancer, and urological problems coupled with the supportive government policies for the treatment of these diseases using catheters are further expected to fuel the regional growth of the global intravascular catheter industry.

Market Players Outlook

Some of the key players operating in the global intravascular catheter market include Boston Scientific Corp., Medtronic Plc, Johnson & Johnson Services Inc., Becton, Dickinson and Co., Abbott Laboratories Inc., and others. These major market players are actively engaged in R&D activities to make advanced technological variations in their products offering to take a competitive edge over their competitors.