Central Venous Catheter Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Chronic Diseases & Technological Advancements
The global Central Venous Catheter Market is estimated to be valued at US$ 2,117.8 million in 2021 and is expected to exhibit a CAGR of 6.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Central venous catheters (CVCs) are medical devices that are used to administer medications, fluids, or draw blood samples directly into the large veins near the heart. They are often used in critical care settings and for patients who require long-term intravenous access. CVCs are also used for hemodialysis, chemotherapy, and other medical procedures. The demand for central venous catheters is driven by the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and kidney failure, as well as the growing geriatric population. Technological advancements, including the use of antimicrobial-coated catheters and ultrasound-guided placement techniques, are further driving the market growth.
- B) Market Dynamics:
- Increasing Incidence of Chronic Diseases: The rising prevalence of chronic diseases, such as cancer and kidney failure, is driving the demand for central venous catheters. According to the World Health Organization, cancer is the second leading cause of death globally, with an estimated 9.6 million deaths in 2018. Furthermore, kidney failure affects millions of people worldwide, necessitating the use of central venous catheters for hemodialysis. These factors contribute to the market growth.
- Technological Advancements: Advances in catheter technology, such as the development of antimicrobial-coated catheters and ultrasound-guided placement techniques, have improved the safety and efficacy of central venous catheter insertion. Antimicrobial-coated catheters help prevent catheter-related bloodstream infections, which is a major concern in healthcare settings. Ultrasound-guided placement techniques provide accurate and safer catheter insertion, reducing the risk of complications. These technological advancements are expected to drive market growth.
- C) SWOT Analysis:
– Strength:
- Increasing prevalence of chronic diseases
- Technological advancements in catheter technology
– Weakness:
- Risk of catheter-related bloodstream infections
- High cost associated with central venous catheter placement
– Opportunity:
- Growing demand for long-term intravenous access
- Increasing adoption of minimally invasive procedures
– Threats:
- Stringent regulatory requirements for medical devices
- Availability of alternative treatment options
- D) Key Takeaways:
– The global Central Venous Catheter Market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing incidence of chronic diseases and technological advancements.
– Regionally, North America is expected to dominate the market, followed by Europe and Asia Pacific. North America has a well-established healthcare infrastructure and a high prevalence of chronic diseases, driving market growth in the region.
– Key players operating in the global 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.
In conclusion, the global central venous catheter market is poised for significant growth due to the increasing incidence of chronic diseases and advancements in catheter technology. However, the market faces challenges such as catheter-related infections and high costs. Opportunities lie in the growing demand for long-term intravenous access and the adoption of minimally invasive procedures. Key players in the market are focused on innovation and strategic collaborations to gain a competitive edge.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
