by Central venous catheters (CVCs) are medical devices widely used in hospitals to deliver medications, fluids, nutrients, or blood products into central circulation. They are used when peripheral IV access is difficult or long-term IV access and frequent blood sampling is required. Some common applications of CVCs include chemotherapy, parenteral nutrition, hemodynamic monitoring, and long-term antibiotics. Various CVC types include peripherally inserted central catheter (PICC), non-tunnelled, tunnelled, and implanted ports. They are made of plastic/polymer or silicone materials coated with chlorhexidine or silver to prevent infection and clots.
The global Central Venous Catheter Market is estimated to be valued at US$ 2388.55 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The market is primarily driven by the rising prevalence of chronic diseases like cancer requiring chemotherapy, long-term antibiotic administration, and total parenteral nutrition support. According to the American Cancer Society, in 2023, an estimated 1.9 million new cancer cases will be diagnosed and 609,360 deaths from cancer are projected to occur in the US. Chemotherapy is widely used as an important mode of cancer treatment contributing to high demand for CVCs. Furthermore, the growing geriatric population, which is more susceptible to chronic diseases, and technological advancements in catheter designs for enhanced safety and efficacy will further supplement market growth over the forecast period. However, risks of catheter-related bloodstream infections and incompatibility with imaging facilities can hamper market growth.
Segment Analysis
The global central venous catheter market is dominated by the peripherally inserted central catheter (PICC) segment which holds around 50% share of the overall market. PICCs are preferred over other central venous catheters due to their advantages such as flexibility, lower risk of infection, and ability to remain in place for extended periods of time. PICCs can remain indwelling for weeks or even months, reducing multiple insertions and removals. This makes them more cost-effective compared to other central venous catheters.
PEST Analysis
Political: Healthcare regulations are getting stricter regarding the approvals and standards of central venous catheters. This promotes the use of safer and better quality catheters.
Economic: Rising healthcare spending across countries and growing demand for effective intravenous therapy are fueling the demand for central venous catheters in the global market.
Social: Increasing prevalence of chronic diseases such as cancer requiring chemotherapy or long-term intravenous medications is a major factor driving the central venous catheter market.
Technological: Innovations in catheter materials and design have increased safety and ease of use. Anti-microbial coated catheters have helped reduce the risk of catheter-related bloodstream infections.
Key Takeaways
The global Central Venous Catheter Market Share is expected to witness high growth over the forecast period.
Regionally, North America is expected to dominate the market owing to increasing healthcare spending and rising prevalence of chronic diseases. Europe is anticipated to register a notable growth rate during the forecast period fueled by rising demand for minimally invasive procedures.
Key players operating in the central venous catheter market are BASF SE, Braskem S.A., Compagnie de Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff GmbH, Green Matters Mexico, Indorama Ventures Public Company Limited, Natureworks LLC, Trex Company, Inc., and UPM. BASF SE is one of the leading players focusing on new product launches. For instance, in 2022, it launched a new line of biodegradable and compostable polymers under the brand name Ecoflex.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
