Increasing Cases of Autoimmune Diseases Creating Global Demand for Catheters
The United Nations (UN) states that for the first time in history, people aged 65 years or more outnumbered children below 5 years of age in 2018, globally. As per the UN, approximately 16% of the world’s population will be aged over 65 years by 2050 and the number of persons aged 80 years or more will surge from 143 million in 2019 to 426 million in 2050. This age pool is creating a significant requirement for urological and intravenous catheters in homecare settings due to its weak urinary bladder and extensive need for regular monitoring.
Additionally, the surging prevalence of chronic diseases, such as autoimmune diseases, including type 1 diabetes, inflammatory bowel disease, and systemic lupus erythematosus; neurological disorders, cancer, and cardiovascular diseases (CVDs), will help the catheter market exhibit a CAGR of 8.8% during 2020–2030. The market revenue stood at $14.3 billion in 2019, and it is projected to reach $36.0 billion by 2030. For example, according to the International Diabetes Federation (IDF), nearly 10% of the global population has type 1 diabetes.
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All these types of catheters are used in diagnostic centers and hospitals and ambulatory surgical centers (ASCs), apart from homecare settings. In recent years, hospitals and ASCs have emerged as the largest user of catheters due to the increasing number of people being admitted to these places because of the soaring cases of chronic illnesses and the rising number of these healthcare facilities around the world. All these places procure catheters and associated devices from AngioDynamics Inc., Cook Medical LLC, Coloplast A/S, Boston Scientific Corporation, ConvaTec Group PLC, Millar Inc., Terumo Corporation, and Becton, Dickinson and Company.
Furthermore, the Asia-Pacific (APAC) region will utilize a substantial number of catheters in the forthcoming years on account of the improving healthcare infrastructure and increasing presence of catheter manufacturers. For instance, the Ministry of Health and Family Welfare reveals that there were 1,003 district hospitals (DHs), 1,255 sub-district/divisional hospitals (SDHs), 29,899 primary health centers (PHCs), and 5,568 community health centers (CHCs) in India as of July 20, 2018. Furthermore, the ministry was allocated INR 67,112 crore in 2020–2021 to improve the healthcare infrastructure of the country.
Therefore, the growing geriatric population and rising cases of chronic ailments will create an enormous requirement for catheters worldwide.