Central Venous Catheter Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Disorders
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 thin flexible tubes inserted into large veins near the heart to deliver medication, fluids, nutrients or blood products. They are commonly used for patients who need long term intravenous access for chemotherapy, antibiotic therapy, total parenteral nutrition or frequent blood draws. Different types of central venous catheters include peripherally inserted central catheters (PICC), non-tunnelled catheters, tunnelled catheters and implanted ports.
Market Dynamics:
The growth of the Global Central Venous Catheter Market Size is driven significantly by rising prevalence of chronic disorders such as cancer, cardiovascular diseases and infectious diseases which require long term intravenous access. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Further, as per estimates of American Heart Association, cardiovascular diseases will cost the U.S. over $1.1 trillion by 2035. The other driver aiding the market growth is increasing number of surgeries performed globally. For instance, according to NCBI, over 234 million major surgeries are performed worldwide each year. Central venous catheters find wide application in perioperative fluid management in such surgeries. However, risks of complications associated with central venous catheters such as infection, thrombosis and mechanical failure slightly hinders market growth. Innovation of advanced central venous catheters with enhanced safety profile can provide new opportunities for market growth over the forecast period.
SWOT Analysis
Strength: Central venous catheters are commonly used in hospitals to administer medications, fluids, blood products, and perform diagnostic testing. The materials used for central venous catheters such as silicone and polyurethane are safe, flexible, and biocompatible. These catheters can remain in place for weeks or months, avoiding repeated needle sticks compared to peripheral IV catheters.
Weakness: Improper insertion or maintenance of central venous catheters can lead to serious complications such as thrombosis, air embolism, catheter-related bloodstream infections. There have been incidences where malpositioning of catheters resulted in organ or vessel perforation causing hemorrhage.
Opportunity: Increase in prevalence of chronic diseases such as cancer requiring long-term vascular access for chemotherapy. Rise in number of surgeries performed annually offering opportunities for post-surgery vascular device placement.
Threats: Entry of local players offering low-cost substitutes threatening market share of established brands. Stringent regulatory approvals and quality standards delay market entry of novel product varieties.
Key Takeaways
The global Central Venous Catheter market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for long-term vascular access devices in hospitals.
The market size for Central Venous Catheter is estimated to reach US$ 2,388.55 Mn in 2023.
Regional analysis
North America dominates the global Central Venous Catheter market due to presence of major players, rising healthcare expenditure and growing cancer prevalence in the US and Canada. The Asia Pacific region is expected to exhibit fastest growth rate over the forecast period owing to improving healthcare infrastructure, and rising medical tourism in countries like China, India and Japan.
Key players
Key players operating in the Central Venous Catheter market are 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. These players are focusing on new product launches and geographical expansion to gain maximum market share.
For More Insights, Read- https://www.trendingwebwire.com/central-venous-catheter-market-analysis-growth-forecast-outlook-2023-2030/
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