Global Medical Suction Catheters Market Highlights over 2022 – 2031
The global medical suction catheters market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for medical suction catheters during operations and treatment of respiratory diseases. Moreover, growing prevalence of respiratory diseases, is also estimated to drive the market growth. According to the data by the World Health Organization (WHO), 262 million people were diagnosed with asthma in 2019, which caused 461000 deaths globally. Medical suction catheters are used to remove saliva and other fluids from the upper body, generally to remove body fluids from the respiratory tract during a surgery. Moreover, the growing adoption of advanced medical technology across the globe, is estimated to boost the market growth. As per the data by the World Bank, 2.203% of the GDP was spent on research and development activities in 2018. Moreover, growing healthcare expenditure across the globe, is projected to fuel the market growth.
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The market is segmented by application into surgical, airway clearing, research & diagnostics, and others, out of which, the surgical segment is anticipated to hold a substantial share in the global medical suction catheters market over the forecast period. During a surgery, it is required to eliminate any fluid, such as, mucus, saliva or even blood, so that it may not enter the airway. The increasing incidences of surgeries is expected to boost the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Medical Suction Catheters Market Regional Synopsis
On the basis of geographical analysis, the global medical suction catheters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high geriatric and pediatric population, along with the rising cases of asthma in the region. As older people and children are more vulnerable to respiratory diseases, there is a surge in number surgeries conducted every year in the region. This is also expected to boost the market growth. Moreover, the growing adoption of innovative medical equipment in the APAC region is estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high prevalence of asthma in the region. A report by the Asthma and Allergy Foundation of America (AAFA) stated that approximately 25 million Americans suffer from asthma, including 5.1 million children under the age of 18.
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The global medical suction catheters market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global medical suction catheters market includes the following segments:
By Product
- AC-powered
- Battery-powered
- Manually-operated
- Others
By Application
- Surgical
- Airway Clearing
- Research & Diagnostics
- Others
By End-User
- Hospitals
- Specialty Clinics
- Surgical Centers
- Others
Growth Drivers
- Increasing Prevalence of Asthma Globally
- Surge in Number of Surgeries
- Growing Adoption of Advanced Technology
Challenges
- High Initial Investment
- Circulation of Generic Equipment across the Globe
Top Featured Companies Dominating the Market
- Astellas Pharma Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Adherium Limited
- AstraZeneca Group
- Cohero Health, Inc.
- GlaxoSmithKline plc
- Aevice Health
- Vectura Group plc
- BioTelemetry, Inc.
- Health Care Originals Inc.
- Reciprocal Labs Corporation
