Sensor-Based Smart Catheters Market to Exceed US$ 7 Billion by 2031 growing with CAGR of 8.0%: TMR Study

Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) — The global market for sensor-based smart catheters stood at US$ 3.5 billion in 2021 and the global sensor-based smart catheters market is projected to reach US$ 7 billion in 2031. Global facial prosthetics industry is anticipated to expand at a CAGR of 8.0% between 2022 and 2031.

Leading players in the sensor based smart catheters market are increasing Research and Development in high-end automated technology and development of biocompatible materials. Silicon is fast becoming the material of choice, as it is free of latex and is preferred by patients suffering from latex allergies.

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Key Takeaways of Market Report

• Global sensor-based smart catheters market to generate absolute dollar opportunity worth US$ 7 billion until 2031.
• Global sensor-based smart catheters market is currently valued at US$ 3.5 billion in 2021.
• Global sensor-based smart catheters market is anticipated to stand at US$ 3.52 billion in 2022.
• Market value of the global sensor-based smart catheters market management from 2018 to 2022 is 7.2%
• North America is said to grow a CAGR of 7.8%
• Asia Pacific market region is estimated to have a market share of 21.1%

Global Sensor-Based Smart Catheters Market: Growth Drivers

• Rise in presence of urologic diseases, such as urine retention, bladder blockage, urinary incontinence, urinary tract infection (UTI), and bladder malignancies, is expected to fuel the demand for sensor based smart catheters. Companies are increasingly carrying out research on smart catheter flow sensors.
• Rise in incidence of catheter-associated urinary tract infections has induced governments in industrialized economies to implement standards for nurses and other healthcare providers to use catheters efficiently and safely, for example- operations carried out by the European Association of Urology Nurses (EAUN) in various countries are based on guidelines set forth by many governments in Europe. Most of the countries in the region support and pay for adequate catheterization and patient care within their own borders if these rules are followed.
• Demand for sensor based smart catheters is expected to raise in the near future due to the rise in number of surgical procedures owing to the surge in incidence of several chronic diseases and growth in number of ICU (Intensive Care Unit) admissions. Patients with chronic diseases typically have weakened immune systems and require hospitalization on a regular basis. Patients are at high risk of infection, as a catheter is used frequently to access blood vessels. Antimicrobial catheters are being used to reduce catheter-associated infections and lower the rising cases of thrombosis. Sensor based smart catheters are the best choice in such cases, as these can sense and detect infections.

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Global Sensor-Based Smart Catheters Market: Regional Landscape

• North America dominated the global sensor based smart catheters market in 2021. Market in the region is anticipated to grow at a CAGR of 7.8% from 2022 to 2031. Diversification of the market in North America is attributed to the rise in prevalence of urinary disorders such as nephrosis and increase in the number of skilled surgeons.

Presence of key players in the region increases the demand and rate of adoption of sensor based smart catheters as this is anticipated to drive the demand for catheterization procedures.

• Market in Asia Pacific is likely to advance at a high CAGR during the forecast period due to improvement in healthcare infrastructure and increase in geriatric population in the region. Presence of a large patient pool suffering from kidney and cardiovascular disorders and improved medical facilities is augmenting the market in the region. Favorable government policies, product launches, approvals, and innovations in the field are also expected to drive the market in Asia Pacific in the near future.

Global Sensor-Based Smart Catheters Market: Key Players

• Johnson & Johnson Services, Inc. received the U.S. Food and Drug Administration (FDA) approval of Biosense Webster, Inc.’s Thermocool Smarttouch SF Ablation Catheter for the treatment of persistent atrial fibrillation (persistent AF)
• Abbott enrolled the first participants in its TactiFlex PAF IDE study to evaluate the performance of the TactiFlex sensor-enabled ablation catheter. The catheter is designed to treat people suffering from paroxysmal atrial fibrillation (PAF) with symptoms that cannot be managed by medication.

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Global Sensor-Based Smart Catheters Market: Segmentation

• Product Type
  • Temperature Sensing Foley Catheter
  • Pressure Catheter
  • Mapping Catheter
  • Others (ECG, imaging catheter, etc.)
• Catheter Type
• Material Type
  • Silicon
  • Polytetrafluoroethylene (Teflon)
  • Polyetheretherketone
  • Others (latex, PVDF)
• Application
  • Cardiovascular
  • Urology
  • Gynecology
  • Neurovascular
  • Others
• Regions
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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