The catheters market was valued at approximately USD 18740 million in 2020, and it is projected to reach USD 30200 million by 2031, registering a CAGR of 8.3% during the forecast period, 2022 - 2031. The market is expected to observe good growth due to the increasing burden of cardiovascular, neurology, and urology disorders, increasing usage of minimally invasive procedures, and the rising demand for antimicrobial catheters.
The rising COVID-19 pandemic across the world and the lockdown situation are expected to have a significant impact on the market due to on-hold services, such as treatment, diagnostic, and surgical services, to prevent the spread of COVID-19 disease. With the rising COVID-19 pandemic, the apprehension regarding the shortage of essential life-saving devices and other medical supplies and the necessity to provide optimum care to the infected also widen. The increasing number of COVID-19 cases all around the world has helped in increasing the number of in-patient admissions. As governments and healthcare institutions are found increasing efficient medical treatment to treat COVID-19 patients, the usage of catheters will behold an upsurge in hospitals and emergency clinics. Patients with suspected or confirmed diagnosis of COVID-19 are being treated with catheters, and hence, the demand for these devices may remain huge throughout the pandemic. In April 2020, Bactiguard launched catheters for patients in need of continuous temperature monitoring, which is a new urinary catheter. The rising chronic disorders have become the most dominant cause of mortality and morbidity globally. According to the World Health Organization (2019), the number of deaths due to cardiovascular disease has increased by more than 2 million since 2000, to nearly 9 million worldwide. The alarming number of cardiac deaths has led to an increasing number of cardiac surgeries, which has increased the usage of catheters in the market and accelerated the market growth. According to the Brain Aneurysm Foundation, globally, approximately 500,000 deaths are caused by brain aneurysms every year, and half of such individuals are aged 50 years or below. The annual rate of rupture is around 8-10 persons per 100,000 or about 30,000 people in the United States. Thus, with the increasing prevalence of neurovascular disorders, there is also a rising use of neurovascular catheter devices. Furthermore, the growing demand for minimally invasive procedures is expected to increase the demand for catheters in the market. These procedures have increased the patients’ preference for minimally invasive procedures, which is expected to favor the market growth. Hence, with the increasing number of chronic surgeries being performed due to rising cases of chronic diseases, there is an increase in demand for catheters, which may drive the market. Key Market Trends The Urology Catheters Segment is Expected to be the Fastest Growing Segment A urinary catheter is found to be necessary for a person facing difficulty passing urine naturally. The segment is expected to show high growth during the forecast period as these products are used for patients who suffer from urological disorders. The rising cases of COVID-19 have resulted in significant disruptions globally and are expected to have a slight impact on urinary catheters. Urinary catheters were being used for surgical applications and are expected to be impacted to some extent due to the temporary postponement of various elective surgeries, as authorities seek to ensure the availability of resources for COVID-19 patients. However, due to the rising infection rate, there were still few launches that have helped in the stable market growth. For instance, in April 2020, Bactiguard introduced a new urinary catheter, BIP Foley TempSensor for continuous temperature monitoring. The company announced that in the pandemic situation, it has a urinary catheter combined with integrated temperature monitoring and infection control. Such technological advancements may help the market grow. According to the study “Prevalence and associated factors of urinary incontinence in women living in China: a literature review” published in 2020, there are about 43–349 million Chinese women that have experienced urinary incontinence (UI). UI has a significant impact on women's physical and mental health and quality of life. The growing prevalence of urinary incontinence and an increasing number of surgical procedures are the major factors driving the growth of urinary catheters. Moreover, favorable reimbursement policies and increasing urinary disorders are the key factors leading to the enhanced demand for urinary catheters. North America is Expected to Dominate the Market During the Forecast Period The United States is expected to dominate the market due to the high government support for medical devices and an increasing number of surgeries. The other factors driving the market growth include the increasing prevalence of urological disorders, cardiovascular disorders, and the rising preference for minimally invasive procedures due to less operative time and few complications. The rising COVID-19 pandemic has resulted in significant disruptions to business activities and is expected to have a short-term negative impact on the catheters market. The catheters used for surgeries are expected to be impacted to some extent due to the temporary postponement of non-emergent surgeries to ensure the availability of resources for COVID-19 patients. According to the American Cancer Society, the estimated new cases of bladder cancer in Americans in 2020 were around 81,400, and about 17,980 deaths occurred due to it in the United States. According to the study “Improving urinary catheterization practices in a rural hospital in Ontario” published in 2019, the overuse of urinary catheters has been a growing concern in the US and Canadian healthcare systems, which has impacted the overall sales in the market. Furthermore, the rising geriatric population is one of the primary factors driving the market growth. As per the Population Reference Bureau’s fact sheet, the number of Americans above 65 years of age is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share in the total population may rise from 16% to 23%, showing a positive impact on the market. The older population is often susceptible to chronic diseases, which is further expected to aid the market growth. Moreover, in 2018, Becton, Dickinson and Company (BD) acquired TVA Medical Inc. (United States). This has strengthened the company’s portfolio with the addition of dialysis catheters, drug-coated balloons, standard angioplasty balloons, and endovascular stent graft products from TVA Medical. Hence, the rapid increase in the patient pool in the United States tends to increase the demand for catheters, which drives the overall growth of the market. Competitive Landscape There has been a wide number of companies that are increasing their focus on developing advanced catheters that will provide growth opportunities. These numerous manufacturers collaborate with major medical device distributors to market and supply their products globally or in certain countries. Various established business players are also adopting numerous organic and inorganic growth strategies to increase their market shares. Also, the various product launches, mergers and acquisitions, and collaborations are the key strategies undertaken by these companies for sustainable growth. About US SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies. Contact Us 15/F Cerulean Tower, 26-1 Sakuragaoka-cho Tokyo, Shibuya-ku, Japan + 81-50-50509159 [email protected]
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The Animal Hormone Therapy market studied is expected to grow with an estimated CAGR of 5.52%, over the forecast period.
With the outbreak of COVID-19, the animal hormone therapy industry has faced both patterns. Initially when the pandemic strike, with raise in a sudden demand for meat, eggs, milk, and other animal food products, the industry faced a sudden spike in demand for growth promoters and performance enhancers. Since animal food processing is not such a process where human involvement and proximity are avoided with animals and humans. The units have to shut amid the threat of spreading the COVID-19. Thus, the market faced a demand reduction. However, the animal hormone used for therapeutic purposes for animals remains continuously in demand and has supported the industry. Thus, COVID-19 is expected to show a considerable positive impact on the animal hormone therapy market. The study market growth is predominantly characterized by factors such as the growing burden of hormonal deficiency diseases in animals, rising demand for meat, and increasing animal husbandry. The growing burden of diseases in animals drives the market by focusing on hormones used in the treatment of hormonal deficiency diseases, neoplasia treatment, or replacement therapy. According to the Pathogenesis of Endocrine Disease in Animals Article of April 2019, hyperthyroidism, type I diabetes mellites, primary hyperparathyroidism, and primary hyperadrenocorticism are the most common diseases in small animals that involves endocrine hypofunction. Animal hormones are used for fattening and production boosting purposes in the animal food industry. Further, in June 2021, the United States Department of Agriculture reported a decline in beef production over a year but a strong demand for broilers, turkey, and pork. Further, the number of animal husbandry is increasing all over the globe which largely concerns with animal hormone use for better health of animals. According to the Report of National Agricultural Statistics Services, United States of America, April 2021, Broiler Production in the United States is increasing from the last 5 decades; 1970-2020. Thus, concerning the above facts, the animal hormone market is expected to witness large growth over the Forecast Period. Although animal hormone therapy has wide applications, the risk associated with the use of animal hormone and the stringent regulatory norms associated with its use may hamper the growth of the animal hormone therapy market. Key Market Trends Livestock Animal Segment is Expected to Boosts Market Over the Forecast Period Hormones can be used as a supplement or to replace any particular deficient hormone in animals. The steroidal hormones such as androgens, estradiol, progesterone, and testosterone are anabolic hormones used for promoting growth, production, and breeding in animals. The steroidal hormones are either implanted in-ear or injected intramuscularly into the animals. Livestock animals include cattle, swine, poultry, aquaculture species, etc. The response of hormones varies largely among animals. When the same concentration use of estradiol is used in pigs and cattle to increase meat products, the very less increase in lean meat is seen as compared to cattle. Further, in the United States, any feed ingredients and medicines that are administered to animals are regulated by United States Food and Drug Administration (USFDA). Moreover, According to National Agricultural Statistics Service (NASS) report, the total number of cattle heads in the United States is found 94.8 million in Jan 2019 which is reduced to 93.6 million in Jan 2021. However, in order to meet the rising demand for meat consumption among population, the demand for hormonal therapy is expected to grow in the future. North America Holds Significant Share in Market and Expected to Grow in the Forecast Period North America, along with Canada, the United States, and Mexico is one of the very well infrastructure animal health facilities. Along with focusing on continuous research on animal and technological advanced processes for animal products processing, North America is expected to dominate the market over the forecast period. Moreover, According to the Feb 2020 Report of the FCC Economics, Domestic demand for red meat in Canada has remained robust in 2020. There is a significant rise in the price of beef by 3.5%, 0.7% in pork, and 3% in chicken compared to 2019. Implying that a rise in demand for meat in the market accounts for more business. Further, in June 2021, Poultry World Article reported that net egg production in Canada has raised by 2.1% in the year 2020, accounting for a rise in the value of 3.9% compared to the previous year 2019. The increasing demand for nutritious and healthy animal-derived products directly boosts the demand for performance enhancers and health and growth-promoting feeds and supplies. Further, in June 2021, the United States Department of Agriculture (USDA) announced to invest in mid and small-sized poultry processors and producers of about USD 55.2 million to build capacity and increasing economic opportunity for them across the country. Thus, the government authorities are taking steps to encourage the participation of different level players across the globe to make North American Market, a preferable choice by industry players. Competitive Landscape The Animal Hormone Therapy market is highly competitive with several players across the globe. In terms of market share, major players currently dominate the market. With the increasing burden of diseases and technological advancement in animal healthcare, many new players are expected to be part of the animal hormone therapy market over the forecast period. Some of the major players of the market are Merck & Co. Inc, Boehringer Ingelheim, Elanco, Inc, Virbac Group, and Vetoquinol SA. About US SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies. Contact Us 15/F Cerulean Tower, 26-1 Sakuragaoka-cho Tokyo, Shibuya-ku, Japan + 81-50-50509159 [email protected] |