Medtronic (Ireland), Abbott (US) and Boston Scientific Corporation (US) are leading players in Catheters Market
The global catheters market is projected to reach USD 24.2 billion by 2025 from USD 15.9 billion in 2020, at a CAGR of 8.7%. Factors such as the rising target patient population and a growing focus on minimally invasive surgical procedures are driving the growth of the global catheters market. However, product failures and recalls, unfavorable taxation policies, and trade barriers are expected to restrain the market growth during the forecast period.
The global catheters market is highly competitive and fragmented. The prominent players operating in this market include Medtronic (Ireland), Edwards Lifesciences Corporation (US), Teleflex Incorporated (US), Abbott (US), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), ConvaTec Group (UK), Coloplast (Denmark), Johnson & Johnson Services (US), Terumo Corporation (Japan), Hollister Incorporated (US), Stryker (US), Cook Medical (US), and Merit Medical Systems (US). Players in this market focused on product launches, partnerships, agreements, collaborations, and acquisitions to develop and expand their market presence. Between 2017 and 2019, product launches were the key growth strategy adopted by players such as Medtronic (Ireland), Abbott (US), Terumo Corporation (Japan), and Hollister Incorporated (US).
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Boston Scientific Corporation (US) was one of the prominent players in the cardiovascular catheters market in 2018. This is attributed to its broad product range, including balloon catheters, ablation catheters, guide catheters, and other diagnostic and therapeutic catheters. From 2017 to 2019, the company focused on acquisitions and agreements to increase its product offerings and strengthen its consumer base. For instance, in 2019, the company acquired BTG plc (UK) to expand its product offerings for minimally invasive procedures. In 2018, the company acquired Securus Medical Group, Inc. (US).
Abbott (US) is one of the leading players in the market due to its wide range of electrophysiology catheters. The company offers cardiovascular catheters through its cardiovascular and neuromodulation segments. Its segmental revenue increased by 4.9% in 2018, mainly due to the higher sales of its cardiac mapping and ablation catheters. The company’s products are manufactured, marketed, and sold worldwide.
Medtronic (Ireland) is one of the leading players in the catheters market due to its strong brand recognition and extensive product portfolio, which includes a broad line of balloon angioplasty catheters, guide catheters, and diagnostic catheters. To maintain its position in the market, the company has focused on product development and launches. It also has a strong geographic presence, especially in large markets such as the US, Western Europe, Japan, and China.
Related Reports:
Catheters Market by Type (Cardiovascular (IVUS Catheter, Guiding Catheter, Balloon Catheter), Urology catheter (Dialysis, Foley, Intermittent Catheter), Intravenous Catheter (Central Venous Catheter)), & End User (Hospital) - Global Forecast to 2025
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