by 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 medical devices used to deliver medications, nutrients, fluids, or blood products directly into a large vein located close to the heart. They are placed using a procedure called central venous catheterization, where the catheter is inserted through the skin and tracked into the chest or neck to reside in a large vein. Central venous catheters are used for long-term medication, nutrition therapy, blood sampling, and blood product administration when intravenous access at the arm or hand is not desirable.
Market Dynamics:
The increasing prevalence of chronic diseases such as cancer and kidney disorders that require frequent medication delivery via central venous access is expected to drive the growth of the central venous catheter market. According to the American Society of Clinical Oncology, around 1.9 million new cancer cases are diagnosed in the U.S. each year. Also, the growing geriatric population who are prone to such chronic diseases also contributes to market growth. Moreover, technological advancements in central venous catheters, such as development of antimicrobial and antithrombotic coated catheters to reduce infections and thrombotic complications, further fuels the demand. However, complications and risks associated with central venous catheterization, such as infection, venous thrombosis, and arrhythmia may hinder the market growth.
Segment Analysis
The Central Venous Catheter Market Size can be segmented based on product type, design type, end user, and region. By product type, peripherally inserted central catheters dominate the market owing to their low cost and ease of insertion. These catheters are inserted into a peripheral vein and then guided into the central circulation to deliver medications or fluids directly into major veins near the heart.
PEST Analysis
Political: The market is experiencing various regulatory reforms to improve product safety and quality. For instance, the implementation of Unique Device Identification system will help regulators to track medical devices.
Economic: The rising healthcare expenditures and growing demand for cost-effective treatment options are fueling the market growth. Additionally, favorable reimbursement policies are also boosting the adoption of central venous catheters.
Social: Due to the increasing prevalence of chronic diseases such as cancer requiring longer hospital stays, the demand for central venous catheterization is growing. Also, rising awareness about its advantages is supporting the market expansion.
Technological: Manufacturers are focusing on developing advanced catheters using novel materials to reduce infection risks and improve patient comfort. For example, the development of antimicrobial coated catheters.
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 and rising cases of chronic diseases.
Regionally, North America dominates the market and is estimated to maintain its leading position during the forecast period. This is attributed to factors such as the growing elderly population, high healthcare spending, and increasing adoption of technologically advanced products in the region.
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. These players are focusing on new product launches and geographical expansion to strengthen their market presence. For instance, Becton, Dickinson and Company launched its PowerPICC peripherally inserted central venous catheter in 2021 to provide reliable long-term vascular access.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
