The Central Venous Catheter market is estimated to be valued at US$ 2388.55 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Central venous catheters are catheters that are inserted into a large vein in the neck, chest, or groin to administer medications or fluids, draw blood, or measure central venous pressure. They are used for patients who need medications, fluids, or nutrition for a long time, often weeks or months. The catheter allows quick access to the bloodstream without having to repeatedly insert new IV lines into the arms or hands.
Market Dynamics:
Increasing prevalence of chronic diseases such as cancer, diabetes and renal diseases where central venous catheters are extensively used is a key factor driving growth of the central venous catheter market. According to World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020. Additionally, advancement in catheter technology boosts product adoption and positively impacts market growth. However, risks and complications associated with central venous catheters such as catheter associated bloodstream infections, venous thrombosis and pneumothorax pose a major challenge to market growth.
SWOT Analysis
Strength: Central Venous Catheters have high accuracy and reliability rate which allows clinicians to deliver medications and fluids directly into large central veins. They are minimally invasive and reduce risk of complications associated with repeated punctures. Central Venous Catheters offer real-time monitoring of central venous pressure which helps guide fluid administration and vasopressor therapy.
Weakness: Central Venous Catheters are associated with risk of infections if proper insertion technique and sterile procedures are not followed. They also have risk of mechanical complications like venous thrombosis if left in place for long periods.
Opportunity: Growing prevalence of chronic diseases like cancer is expected to drive the demand for central venous catheters as they help in targeted drug delivery. Increasing demand for minimally invasive procedures also presents an opportunity for market growth.
Threats: Availability of alternative drug delivery methods and rising popularity of peripherally inserted central catheters can hamper the market growth. risks of complications associated with central venous catheters can also negatively impact the market.
Key Takeaways
The global Central Venous Catheter Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of chronic diseases. Chronic diseases like cancer require long-term venous access for targeted drug delivery and fluid administration which drives the demand for central venous catheters.
Regional analysis
North America dominates the central venous catheter market and is expected to continue its dominance over the forecast period. This is attributed to growing number of surgical procedures along with high adoption of technologically advanced products in the region. According to Cancer.net, in 2022, around 1.9 million new cancer cases are expected to be diagnosed in the US. Asia Pacific exhibits the fastest growth rate owing to increasing healthcare expenditure, rising standards of living, growing number of hospitals and expanding medical tourism industry in the region.
Key players
Key players operating in the central venous catheter market include B. Braun Melsungen AG, Becton, Dickinson and Company, ICU Medical, Inc., Poly Medicure Ltd., Teleflex Incorporated, Lepu Medical Technology Co., Ltd., Cook Group, Insung Medical, VOGT Medical, ZOLL Medical Corporation, EETA Surgical, QMD, and Kimal. Key players are focusing on new product launches, expansions and acquisitions to strengthen their market position.
Central Venous Catheter Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Diseases
The Central Venous Catheter market is estimated to be valued at US$ 2388.55 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Central venous catheters are catheters that are inserted into a large vein in the neck, chest, or groin to administer medications or fluids, draw blood, or measure central venous pressure. They are used for patients who need medications, fluids, or nutrition for a long time, often weeks or months. The catheter allows quick access to the bloodstream without having to repeatedly insert new IV lines into the arms or hands.
Market Dynamics:
Increasing prevalence of chronic diseases such as cancer, diabetes and renal diseases where central venous catheters are extensively used is a key factor driving growth of the central venous catheter market. According to World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020. Additionally, advancement in catheter technology boosts product adoption and positively impacts market growth. However, risks and complications associated with central venous catheters such as catheter associated bloodstream infections, venous thrombosis and pneumothorax pose a major challenge to market growth.
SWOT Analysis
Strength: Central Venous Catheters have high accuracy and reliability rate which allows clinicians to deliver medications and fluids directly into large central veins. They are minimally invasive and reduce risk of complications associated with repeated punctures. Central Venous Catheters offer real-time monitoring of central venous pressure which helps guide fluid administration and vasopressor therapy.
Weakness: Central Venous Catheters are associated with risk of infections if proper insertion technique and sterile procedures are not followed. They also have risk of mechanical complications like venous thrombosis if left in place for long periods.
Opportunity: Growing prevalence of chronic diseases like cancer is expected to drive the demand for central venous catheters as they help in targeted drug delivery. Increasing demand for minimally invasive procedures also presents an opportunity for market growth.
Threats: Availability of alternative drug delivery methods and rising popularity of peripherally inserted central catheters can hamper the market growth. risks of complications associated with central venous catheters can also negatively impact the market.
Key Takeaways
The global Central Venous Catheter Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of chronic diseases. Chronic diseases like cancer require long-term venous access for targeted drug delivery and fluid administration which drives the demand for central venous catheters.
Regional analysis
North America dominates the central venous catheter market and is expected to continue its dominance over the forecast period. This is attributed to growing number of surgical procedures along with high adoption of technologically advanced products in the region. According to Cancer.net, in 2022, around 1.9 million new cancer cases are expected to be diagnosed in the US. Asia Pacific exhibits the fastest growth rate owing to increasing healthcare expenditure, rising standards of living, growing number of hospitals and expanding medical tourism industry in the region.
Key players
Key players operating in the central venous catheter market include B. Braun Melsungen AG, Becton, Dickinson and Company, ICU Medical, Inc., Poly Medicure Ltd., Teleflex Incorporated, Lepu Medical Technology Co., Ltd., Cook Group, Insung Medical, VOGT Medical, ZOLL Medical Corporation, EETA Surgical, QMD, and Kimal. Key players are focusing on new product launches, expansions and acquisitions to strengthen their market position.
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