According to a report from Global Market Insights, the global catheter market was valued at USD 35 billion in 2017 and is expected to reach $74 billion by 2024, equivalent to 11.3% CAGR. A market driver is the growing global population of 60+ year-olds which, according to the UN, is estimated to reach 1.4 billion in 2030 from 962 million in 2017.
The cardiovascular catheters segment dominated the industry in 2017 with a revenue share of 37.8 %. This segment will continue to grow over the forecast period, due to the growing prevalence of cardiovascular diseases worldwide. The demand for these catheters will be augmented by a wide range of application in invasive as well as minimally invasive surgical procedures.
On a regional level, North America holds the largest revenue share of the catheters market while Europe is estimated to develop at a CAGR of 12.0 %. Hospitals, which are UV Clinical target customers, represent a dominant end-use segment of catheters. They accounted for over USD 15.5 billion of the revenues of the global catheters market in 2017.