How is Increasing Prevalence of Cardiovascular Diseases Driving Catheter Market?
The prevalence of chronic diseases, such as cancer, cardiovascular diseases, urinary tract infections, and neurological diseases, is increasing rapidly across the globe, which is leading to the rising demand for medical devices, such as catheters. For example, as per the Global Cancer Observatory 2018, the third leading cause of cancers globally was gastric cancer, which accounted for 783,000 deaths in 2018, rising from 723,000 deaths in 2012. In addition to this, more than one million cases of gastric cancers are diagnosed every year across the world. Similarly, the increasing cases of cardiovascular diseases are also projected to drive the demand for catheters in the years to come.
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A catheter is a medical device that is passed into the bladder for draining urine. These devices are at time important for people who are not able to empty their bladders in the usual way, which can be due to different medical conditions . As per a P&S Intelligence report, the global catheter market is projected to attain a value of $36.0 billion by 2030, rising from $14.3 billion in 2019, advancing at an 8.8% CAGR during the forecast period (2020–2030). Different types of catheters are ophthalmic, urological, cardiovascular, neurovascular, and gastrointestinal.
Geographically, North America was the major consumer of catheters in 2019, which is ascribed to the rising healthcare expenditure, increasing prevalence of chronic diseases, growing aging population, presence of key companies, and surging number of initiatives that are being taken by private and public organizations for creating awareness regarding the usage of catheters. Apart from this, the Asia-Pacific (APAC) region is projected to emerge as the fastest-growing catheter market in the coming years. This can be primarily due to the enhancing healthcare infrastructure and presence of key companies in the region.
In conclusion, the demand for catheters is growing because of the surging prevalence of cardiovascular diseases around the world.
Articles from Pramod KumarView blog
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