Having attained a valuation of $14.3 billion in 2019, the global catheter market is now predicted to generate a revenue of $36.0 billion by 2030. Furthermore, the market would advance at a CAGR of 8.8% between 2020 and 2030. The main factors driving the advancement of the market are the increasing number of surgeries being performed, the growing requirement for interventional radiology procedures, the soaring geriatric population, and the rising incidence of chronic diseases around the world.
The rising incidence of cancer, cardiovascular diseases (CVDs), neurological diseases, urinary tract infections (UTIs), and various other chronic diseases is one of the biggest factors driving the market advancement. As per the Global Cancer Observatory (GLOBOCAN) 2018, gastric cancer was the third biggest cause of cancer deaths across the world in 2018. Furthermore, according to the platform, gastric cancer claimed the lives of 783,000 people in 2018, compared to 723,000 lives in 2012.
Globally, the Asia-Pacific (APAC) catheter market will be very lucrative in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This would be a result of the rapid technological advancements and innovations in the major regional countries such as India, China, and Japan. In addition to this, the soaring utilization of catheters in homes and the thriving medical tourism industry in the regional countries are fueling the market growth in the region.
Hence, it can be said with confidence that the market would demonstrate huge expansion across the world over the next few years, mainly due to the rising incidence of UTIs, gastric cancer, and other chronic diseases and the mushrooming utilization of catheters in home-care settings.