How will cardiovascular disease drive the catheter market during

Multiple factors, such as increasing prevalence of chronic diseases, increasing number of surgeries, increasing volume of interventional radiology procedures, burgeoning geriatric population, and increasing number of product launches will drive the catheter market to a CAGR of 8.8% during the forecast period of 2020-2030. At this rate, the market is expected to grow from $ 14.3 billion in 2019 to $ 36.0 billion by 2030. A catheter is a thin rubber tube that is guided to a specific part of the body through an artery or artery. a vein, to collect or administer fluids.

The increasing incidence of neurological diseases, cancer, cardiovascular disease (CVD) and urinary tract infections (UTI) will fuel the growth of catheter market during the forecast period. According to the World Health Organization (WHO), cardiovascular disease causes more than 17.9 million deaths per year, or about 31% of deaths worldwide. In addition, according to the Global Cancer Observatory (GLOBOCAN), gastric cancer caused 783,000 deaths in 2018, becoming the third leading cause of cancer death. In addition, more than one million people are affected by gastric cancer each year around the world.

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The key industry trend is the increasing number of product launches, which will drive the market revenue growth over the forecast period. Companies such as Hollister Incorporated and Medtronic plc launched new products in 2019 to increase their profits. Hollister, in February 2019, launched the Infyna Chic Intermittent Catheter, which allows women who use catheters more independence. Likewise, in May 2019, Medtronic plc launched a telescopic guide extension catheter to allow access to distal lesions.

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The North American catheter market generated the highest revenue in 2019, owing to the presence of the major market players, the increasing prevalence of chronic diseases, the growing number of government and private initiatives to raise awareness of the catheter use, increased health care costs and the growing number of aging people. For example, the Canadian government and the U.S. Centers for Disease Control and Prevention (CDC) help healthcare facilities improve catheterization practices.

Thus, an increase in the number of CVD cases and the launch of new products will greatly contribute to the expansion of the market in the future.

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