Market Size of Intravascular Catheter Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Intravascular Catheter Market Analysis
The intravascular catheter market is expected to register a CAGR of 9.0% over the forecast period.
The COVID-19 pandemic significantly impacted the market studied. Due to the sudden onset of the pandemic, a short-term negative impact was initially seen on the market, owing to the decreased patient visits to hospitals and clinics. However, due to trials by scientists or researchers in intravenous catheterization and associated benefits among COVID-19 patients, the market witnessed considerable growth in the post-pandemic phase. As per a research article published in the Journal of Emergency Nursing in March 2022, when a nonrandomized clinical trial was conducted among COVID-19-infected patients in China, peripheral intravenous catheter (IC) placement using an infrared vein visualizer showed satisfactory results in a shortened procedure time. Thus, these instances during the later phases of the pandemic created a demand for intravenous catheterization, ultimately generating opportunities for the dives among end users. Therefore, even though the market experienced a setback initially due to its satisfactory outcome and clinical significance in the treatment of COVID-19 patients, the demand for the IC increased. Thus, the demand for ICs is expected to continue its stronghold and contribute to market growth over the coming years.
Factors such as increasing cases of target diseases, rapid improvement in IC technology, and a rising number of catheterization laboratories are anticipated to fuel the market growth during the forecast period.
The ICs allow access to the patient's bloodstream easily and reduce the need for needle sticks into the vein. Due to this, ICs have become vital medical devices for managing patients with severe and chronic diseases. The rise in vascular disease and the availability of technologically advanced products with better performance and clinical significance are a few other factors that are accelerating the studied market.
For instance, as per data released by FDA in January 2023, in the United States, heart disease affects more than 1 in 10 adults, or nearly 30 million, every year and is one of the major causes of mortality for people of most racial and ethnic groups. In addition, as per a research study published in Chemical Engineering Journal in April 2022, the increasing rate of hospitalization associated with the elevated prevalence of vascular diseases has accelerated the use of ICs. The ICs allow vascular diagnostics, injection of drug fluids, and delivery of other surgical devices. Hence, the increase in target disease globally is anticipated to increase the demand for ICs and is further expected to contribute to the overall market growth.
Furthermore, the launch of new products and technological advancements are predicted to drive the studied market growth. For instance, in September 2022, Wipro GE Healthcare launched its 'Made in India,' 'AI-powered' Cath lab-Optima IGS 320 to advance cardiac care in India and leverages the GE proprietary AutoRight technology. AutoRight is the first neural network-based interventional image chain featuring artificial intelligence. It automatically optimizes image and dose parameters in real time. Thus, such developments are likely to support market growth.
However, complications and side effects associated with catheters and a lack of reimbursements are predicted to hinder the market's growth.
