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Global catheters market size to exceed USD 73.5 billion by 2024

The global catheters market size is set to exceed USD 73.5 billion by 2024, according to Global Market Insights. Increasing prevalence of cardiovascular disease such as cardiac arrest, cardiac arrhythmia, and congestive heart failure worldwide will boost the catheters market growth. As per the American Heart Association (AHA), over eight million people are estimated to be diagnosed with cardiac failure by 2030. High incidence of cardiac morbidity and mortality will fuel the demand for the catheters market. Moreover, lifestyle changes, increase in tobacco smoking, and alcohol consumption will escalate the number of people suffering from cardiac diseases. Aforementioned factors will upsurge the catheters market growth during the analysis period. Technological innovations in catheters leading to development of easy-to-use and high-efficiency catheters will drive the market growth. For instance, in 2017, Abbott launched the Advisor FL Circular Mapping Catheter, a sensor-enabled catheter, to map cardiac arrhythmias during ablation procedures. Demand for such technologically advanced catheters in treatment of various diseases is increasing globally. However, risk of hospital acquired infections due to the use of catheters may impede the catheters market growth. According to Centers for Disease Control and Prevention, in 2017, nearly 75 percent of total hospital acquired urinary tract infections were related to the use of urinary catheters.

The US catheters market accounted for the highest revenue of 10.5 billion in 2017 and is expected to show robust growth. The growth is attributable to the highly advanced infrastructure to support catheter-based surgeries and high demand for minimally invasive surgical procedures. Moreover, presence of key industry players in the United States of America will positively impact the regional growth. The German catheters market is estimated to witness 11.2 percent CAGR. Increasing cardiac morbidity and mortality in Germany will serve to be a major positive impact rendering factor in the market growth. According to the WHO, Germany accounted for over 40 percent deaths due to cardiovascular diseases. Such factors will cause an upsurge in the demand for surgeries thereby increasing the catheters market size in the coming years. Increasing geriatric population base in Germany prone to various chronic diseases coupled with growing number of surgeries will fuel the regional growth over the analysis period.

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