Market Trends of Drainage Catheters Industry
This section covers the major market trends shaping the Drainage Catheters Market according to our research experts:
External Ventricular Drainage Catheter Segment Expected to Account for Major Share of Global Market
The external ventricular drainage catheter segment dominated the market in the historic period and is expected to dominate the market during the forecast period. The rising prevalence of traumatic brain injuries and cerebrovascular disorders worldwide leads to the increased demand for the external ventricular drain segment, driving the market growth. According to Stroke Statistics 2018, in the United Kingdom, over 100,000 people suffer from strokes every year and there are approximately 1.3 million stroke survivors in the United Kingdom.
Moreover, factors such as the rising number of traumatic brain injuries due to road accidents, growing attention on research and development in the field of neuro care, an increasing number of cranial injuries, growing demand for less invasive neurosurgical procedures, and increasing awareness linked to neurological disorders in low-income countries are driving the growth of this segment. For instance, an examination based on primary government statistics by the Centers for Medicaid &Medicare Services reveals that the United States healthcare expenditure grew 4.6% in 2018, reaching USD 3.6 trillion. The health expenditure accounted for almost 18% of the country's GDP (Gross Domestic Product). In addition, other developed nations such as France, Germany, and Japan increase their healthcare expenditure each year.
Furthermore, the integration of various modern technologies, and the introduction of new products by the key market players, are likely expected to boost the segment during the forecast period.
North America dominates the market in the historic period and is expected to dominate in the forecast period.
The North American region dominated the global drainage catheter market due to the greater incidence of traumatic brain injuries, high prevalence of neurovascular disorders, and increasing demand for cardiovascular surgical procedures.
The United States contributed to the highest share in North America principally due to the early application of the latest healthcare technologies. Moreover, the availability of the latest infrastructure and the presence of manufacturing companies also contributes to the high market portion. As per the Centers for Disease Control and Prevention (CDC) in the United States, stroke is the fifth main cause of death, and more than 140,000 people are killed due to cerebrovascular stroke each year.
As per the United States Census and the Society of Thoracic Surgery, estimated that by 2030, around 3,000 cardiothoracic surgeons will be available to cover about 854,000 cases. Moreover, the high adoption rate for advanced medical products and increased awareness about minimally invasive surgical procedures also enhance this region's market growth within the forecast period.
