Intravascular Catheter Market Research Report: Information by Product (Short PIVC Catheters and Integrated/Closed PIVC Catheters), Application (Renal Disease, Cancer, Gastrointestinal Diseases, Infectious Diseases and other Diseases), End User (Hospitals, Clinics, Ambulatory Surgical Centers, Homecare and others) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2024
Market Research Future (MRFR) estimated that the global intravascular catheter market is set to attain a market value of USD 4, 318 million, with a CAGR of 9.3% during the forecast period (2019-2024).
The Global Intravascular Catheter Market is driven by some of the various factors, such as the rising rate of hospitalization owing to the growing prevalence of infectious diseases. The increasing number of catheterization laboratories is anticipated to propel the growth of the market.
On the other hand, lack of expertise and advanced medical infrastructure in developing nations is expected to restrain the growth of the global intravascular catheter market. The increasing number of surgeries for the patients under treatment for chronic diseases, rise in demand for invasive surgical procedures by using catheters at ambulatory surgical centers are some of the critical drivers propelling the growth of the global intravascular catheter market.
Inadequate quality assurance, volatile pricing, and limited reimbursement in various developing nations are some the restraining factor in the global market. Increased count of surgeries for treating gastroenterology, cardiovascular, renal, and other diseases is one of the critical pointers driving the global intravascular catheter market.
The global intravascular catheter market is broadly bifurcated on the basis of product, application, and end-user.
Based on the product, the global market is diversified into integrated/closed PIVC catheters and short PIVC catheters.
The application segment is divided into cancer, renal disease, infectious diseases, gastrointestinal diseases, and other diseases.
The global end-user segment is split into hospitals, clinics, ambulatory surgical centers, home care, and others
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The global intravascular catheter market is dominated by the Americas, owing to a rise in per capita income, heavy adoption, and increased healthcare expenditure. Growing occurrences of hospital-acquired infection and the present of advanced healthcare facilities jointly foster the market growth in the North America region. Favorable reimbursement facilities related to intravascular catheters further motivate the market growth in the region.
The European intravascular catheter market is anticipated to grow exponentially while maintaining its dominance in the second position. The market is attributed to the existence of leading industry giants and the rising prevalence of deadly diseases.
Asia Pacific region is likely to grow rapidly owing to the massive patient population suffering from chronic diseases and government initiatives for healthcare reforms.
Moreover, the Rest of the World, specifically the Middle East & Africa, is anticipated to hold least share of the global intravascular catheter market. Low per capita incomes and volatile economic reforms are some of the factors restraining the growth of this regional market.
The global intravascular catheter market is driven by various leading players with their product offerings and services. Some of these major players include Cook Medical, Medtronic Inc, Johnson & Johnson, C.R. Bard, Coloplast, Getinge AB, Terumo Corporation, Boston Scientific Corporation, Edwards Life Sciences Corporation, Terumo Corporation, McKesson Medical Surgical Inc, and Smiths Medical. Product developers are major adopting latest technologies such as connected devices and smart materials to build efficient and reliable products.
The U.S. FDA called out two new guidance for labeling and testing of cardiac catheterization lab devices. Under the newly issued guidance, the wires, intravascular catheters, and delivery systems with lubricious coatings will be addressed with labeling considerations specially used for vasculature. The new guidance is believed to improve the reliability of coating-related information across these products portfolios with an assurance of safety on the use of these devices in the clinical setting.