PORTLAND, Oregon, Sept. 17, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Catheters Market by Product (Cardiovascular Catheters, Neurovascular Catheters, Urological Catheters, Intravenous Catheters, Specialty Catheters): Global Opportunity Analysis and Industry Forecast, 2018–2025." The report offers an extensive analysis of key winning strategies, changing market dynamics, market size & projections, impacting factors, and competitive landscape. According to the report, the global catheters market garnered $10.70 billion in 2017 and is expected to reach $19.97 billion by 2025, growing at a CAGR of 8.0% from 2018 to 2025.
Increase in demand for minimally invasive procedures, rise in prevalence of cardiovascular and urological diseases, and surge in geriatric population drive the growth in the market. However, increase in Catheter-associated Urinary Tract Infections (CAUTI) and inadequate quality assurance hinder the market growth. On the other hand, untapped potential in emerging economies create new opportunities in the industry.
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Cardiovascular catheters to maintain its lead position by 2025
Cardiovascular catheters held the major share in 2017, accounting for more than half of the total market share and is estimated to maintain its lead position by 2025. This is due to significant rise in cardiovascular diseases and surge in demand for minimal invasive surgeries across the globe. However, the urological catheters segment is expected to register the highest growth rate with a CAGR of 9.0% from 2018 to 2025, owing to increase in incontinence related issues accompanied with significant rise in geriatric population across the world. The research also analyzes neurovascular catheters, intravenous catheters, and specialty catheters.
North America maintain its dominating position in terms of revenue by 2025
North America contributed nearly two-fifths of the total market share in 2017 and will maintain its dominating position by 2025. This is due to huge increase in prevalence of cardiovascular and urological diseases, rise in prevalence of hospital acquired infections (HAIs), and other lifestyle-related diseases in the region. LAMEA is expected to grow at the highest rate, registering a CAGR of 10.7% from 2018 to 2025, owing to upsurge in healthcare expenditure, advanced healthcare infrastructure, and increase in medical tourism.
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Leading market players
Leading market players active in the industry include Abbott Laboratories, Boston Scientific Corporation, Becton Dickinson And Company, Cook Medical, Stryker Corporation, Teleflex Incorporated, B. Braun Melsungen AG, Medtronic, Inc., Johnson & Johnson, and Edwards Lifesciences Corp. They have adopted various strategies including expansions, mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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