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Albany, New York, July 29, 2019 (GLOBE NEWSWIRE) -- According to the report developed by Transparency Market Research, the global catheters market is expected witness high growth during the period from 2017 to 2025. The market is likely to reach a valuation of ~US$ 55.98 Bn by the end of 2025. This valuation is projected to be attained, as the market is projected to rise at 7.4% CAGR.
The global catheters market is segmented on the basis of product type and end users. Among the end users, the demand for catheters in hospitals is highest. Government taking initiatives to minimize hospital-related expenditure and increasing use of catheters in hospitals are key factors behind the growth of this segment.
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Developed Regions to Play a Crucial Role in Expanding the Global Catheters Market
On the regional front, North America is leading the global catheters market and is expected to lead the market over the projected tenure. High emphasis on healthcare and advanced facilities used in the healthcare sector, along with increasing number of geriatric population are the major reasons behind North America’s leading position. Moreover, large number of people suffering from cardiovascular and kidney problems has also increased the demand for catheters in this region. additionally, leading players are introducing new and advanced products and innovations taking place in this catheters developments are other significant reasons behind the making North America a leading players in the global catheters market.
Asia Pacific is also estimated to be key contributor in the global catheters market in the coming years. Increasing medical tourism, technological advancements taking place in the region, and rising governments to improve the healthcare infrastructure are the major reasons creating lucrative opportunities for catheters in this region.
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Increasing Reimbursement Policies to Benefit Markets Growth
On the contrary to the above-mentioned factors, few areas need to be met for the global catheters market to growth efficiently. Price competition at domestic levels and inadequate quality assurance are the major factors that might hamper the growth in this market. Additionally, high risk associated with infections due to the use of catheters is also expected to restrict markets growth. Thus, to counter these factors, reimbursement policies must be increased and use of advanced technologies in catheters needs to be increased as these factors will help in overcoming these restraints and assist in healthy growth of the market.
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The demand for catheters is increasing at significantly, as catheterization is an important procedure performed before major surgeries. Moreover, increasing number of cases of urinary tract procedures, kidney disorders, cardiovascular diseases, and rising preference for minimally invasive surgeries are other major reason behind the growth of the catheters market. Large number of geriatric population is also expected to be a significant factor that will further drive the demand in this market.
Attributing to these factors and the need to provide high quality healthcare services, catheters manufacturers started innovating in their products. Leading players in this market are now engaged in extensive research and development activities and are developing new and advanced products that will help in reducing complications. For instance, B. Braun introduced Introcan Safety Deep Access IV Catheters in 2017. Company’s aim was to reduce the risk of complications relating to the deep vein access. Other players such as Johnson & Johnson, Teleflex Incorporated, Boston Scientific Corporation, Medtronic plc., C. R. Bard, Inc., B. Braun Melsungen AG, Dickinson and Company, Becton, and Abbott Laboratories are the key participants in the global catheters market and are contributing in the market activity.
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