Intravascular Catheters Market (2019 - 2025)

Report Overview

The global intravascular catheters market size to be valued at USD 8.8 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 11.8% during the forecast period. Key factors driving the market include increasing incidence of cardiovascular disorders, neurological disorders, and urinary tract infections, among others.

The market is also fueled by rising hospitalization rate owing to high prevalence of chronic diseases, increasing number of ambulatory care centers and catheterization labs, and growing use of catheters for minimally invasive diagnostic and interventional procedures. Growing prevalence of kidney failure, diseases associated with urinary bladder, and other urological conditions are major factors driving the market. A large global geriatric population translates to high rate of incontinence problems. This has resulted in rising demand for high quality, sterile catheters, thereby contributing to market growth.

Intravascular catheters have become an indispensable component in everyday medical practices and are of utmost importance in intensive care units (ICUs). While their role in providing vascular access is crucial, they can also put patients at risk for various infectious complications, including catheter-related bloodstream infections (CRBSI), local site infections, endocarditis, septic thrombophlebitis, and other metastatic infections. This risk of morbidity and mortality presented by intravascular catheters has been a cause for concern within the healthcare industry, posing a challenge to market growth. However, technological advancements are anticipated to eliminate associated infections, thereby increasing demand for the same over the forecast period.

Price competition, inadequate quality assurance, and restricted reimbursement scenario in several countries are some of the other hurdles the market has had to face. To tackle this, various regulations and policies have been introduced by governments of respective countries to provide medical cover to millions of new patients. Programs such as the Child Health Insurance Program (CHIP) in U.S., which provides low-cost health coverage to children, and in some cases/states pregnant women, are anticipated to boost the market over the forecast period.

Intravascular Catheters Market Trends

The use of intravascular catheters for measuring pH, blood pressure, and other health parameters in youngsters has been critical to the global industry growth. Intravascular catheters are also used to treat diseases of the urinary bladder and neurology. As a result, the global intravascular catheter market is expected to expand quickly during the forecast period.

With the increased prevalence of urological and cardiovascular illnesses, the intravascular catheter market is expected to grow significantly. Additionally, the quick technological advancement of intravascular catheters and the expanding number of catheterization labs drive the industry growth.

The risk of bloodstream infections associated with intravascular catheter usage, and a scarcity of skilled healthcare workers, are two major factors restricting the growth of the global market.

The governments have enacted numerous laws and regulations to provide medical care to millions of people. Programs like the Child Health Insurance Program in the United States (CHIP), which provides low-cost coverage for children and, in some cases, pregnant women, are expected to contribute to the industry growth over the forecast period. The infectious diseases segment would grow the most with the increased prevalence of infectious diseases such as HIV, tuberculosis, and HPV. As these diseases become more widespread, hospital admissions and healthcare providers will improve. As a result, the intravascular catheter market gets significant opportunities over the forecast period.

Product Type Insights

Based on product, the market is classified into short peripheral intravenous catheters (PIVC) and integrated PIVC. In 2018, short PVIC dominated the market with a revenue of USD 2.8 billion and is anticipated to grow at the fastest pace over the forecast period. This can be attributed to the added advantage of fewer infections associated with these PIVCs. In addition, factors such as increasing incidence of cardiovascular, neurological, oncological, and gastroenterological diseases are anticipated to drive demand for PIVC in surgical intervention and diagnostics.

Application Insights

On the basis of application, the intravascular catheters market is classified into oncology, gastroenterology, renal disease, infectious diseases, and others. The others segment consists of surgical interventions performed owing to trauma, and other diseases such cardiovascular and urological diseases. In 2018, this segment dominated the market with a revenue of USD 1.7 billion and is expected to grow at a lucrative rate over the forecast period.

The infectious diseases segment is expected to register the highest growth, exhibiting a CAGR of 15.0% over the forecast period owing to increasing incidence of infectious diseases such as HIV, tuberculosis, and HPV. According to U.K.-based HIV and AIDS charity Avert, about 36.9 million people were found to be living with HIV across the globe. Furthermore, according to the World Health Organization (WHO) in 2017, about 10 million people were diagnosed with tuberculosis worldwide, resulting in an estimated 1.6 million deaths. Increasing incidence of these diseases is expected to raise the admission rate in hospitals and other healthcare providers, thereby spurring demand for intravascular catheters.

End-use Insights

On the basis of end use, the market is segmented into hospitals, clinics, Ambulatory Surgical Centers (ASC), homecare, and others. In 2018, the hospitals segment dominated the market with a revenue of USD 2.5 billion and is anticipated to grow at a lucrative rate over the forecast period. This is owing to high number of surgical procedures being performed for the treatment of cardiovascular, gastroenterology, renal and other infectious diseases.

The ambulatory surgical centers (ASC) segment is anticipated to grow at the fastest pace, registering a CAGR of 13.5% over the forecast period. ASCs are independent healthcare facilities entirely focused on providing outpatient surgical care. They incur comparatively less surgery costs when compared to those in hospitals. Moreover, these ASCs are comparatively cleaner and safer in comparison with hospitals and hence are associated with fewer infections. These factors, coupled with increasing incidence of cardiovascular, neurological, oncological, and gastroenterological diseases, are anticipated to drive demand for intravascular catheters in ASCs.

Regional Insights

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2018, with a value of USD 1.2 billion, and is expected to grow at a lucrative rate over the forecast period. Some of the key reasons attributed to Asia Pacific’s large market share are growing prevalence of oncological disorders, infectious and renal diseases, and urological problems and rising inpatient and emergency room procedures. Moreover, a large population base is anticipated to drive the market in Asia Pacific over the forecast period.

MEA is expected to grow at the fastest rate, with a CAGR of 13.3 % over the forecast period.Key factors driving the regional market include increasing prevalence of cardiovascular diseases and other anomalies in low- and middle-income countries. Moreover, constantly improving healthcare infrastructure, increasing healthcare expenditure levels, and presence of high unmet medical needs are expected to serve as high-impact rendering drivers to the MEA market.

Key Companies & Market Share Insights

The market is highly competitive and comprises a network of players engaged in activities such as research and product development, medical device manufacturing, raw material supply, sales and distribution, and even post-sales services. Technological variation is one of the key criteria that most players compete on. Some of the key players operating in this market are Cook Medical; Smiths Medical; Edwards Life Sciences Corporation; Medtronic Inc.; Johnson & Johnson; McKesson Medical Surgical Inc.; and Terumo Corporation.

Recent Developments

• In May 2022, Cook Medical launched the MINC+ Benchtop Incubator for IVF facilities in the United States and Canada. The MINC+ is the next generation of the Mini Incubator. The DishTrace technology, which combines capability through the incubator screen and computer system software to provide a wide range of dish-data management features, is also included with the MINC+ incubator.

• In December 2021, Edwards Lifesciences stated that the FDA had authorized the usage of the Edwards SAPIEN 3 transcatheter valve with the Alterra adaptive prestent for people with acute pulmonary regurgitation.

Intravascular Catheters Market