The current global catheter market is estimated at $13 billion for 2007 and is forecasted to grow at a compound annual growth rate (CAGR) of 8.3 percent to reach $19.4 billion by 2012, according to a new report released from market research firm BCC Research.
The market is broken down into segments of cardiovascular, urology, neurovascular, intravenous, and specialty applications. Cardiovascular catheters have the largest share of the market at 38 percent, including both diagnostic and therapeutic catheters. The diagnostic catheter subsegment is currently valued at $4.9 billion and expected to grow at a CAGR rate of 7.2 percent to reach approximately $7 billion by 2012.
The urology catheter market has the second largest share of the market at 27 percent for 2007, currently estimated to be $3.5 billion and is expected to reach $6.3 billion by 2012, a CAGR of 12.3 percent.
The growth potential in the neurovascular market is strong. Currently worth $1.4 billion, this market is projected to grow at a CAGR of 9.1 percent to reach $2.2 billion by 2012.
Intravenous catheters are approaching maturity and expected to show the least growth. Revenues are expected to reach $2.3 billion in 2007 and $2.9 billion by 2012.