by Central venous catheters are medical devices used to deliver medications, nutrients, and blood products directly into large central veins. Catheters are often necessary for patients with chronic conditions who require frequent or long-term IV access.
The global Central Venous Catheter Market is estimated to be valued at US$ 2388.55 million 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 key trends
The growing geriatric population and rising prevalence of chronic diseases are expected to drive the central venous catheter market over the forecast period. According to the United Nations, the proportion of global population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Similarly, chronic diseases like cancer, diabetes, and cardiovascular diseases requiring extended intravenous access are on the rise. Expanded use of central venous catheter systems for prolonged administration of medications, blood products and nutrition in this population segment will favor market growth. Furthermore, technological advancements aimed at improving comfort, safety and effectiveness of central line placement and management will further support the revenue generation in the central venous catheter industry from 2023 to 2030.
SWOT Analysis
Strength: Central venous catheters provide safe and effective vascular access for medications, fluids, blood transfusions and nutritional support. They can remain indwelling for extended periods of time.
Weakness: Risk of complications including infection, occlusion, venous thrombosis, arrhythmia, and cardiac perforation are associated with central venous catheters. Improper placement may cause mechanical complications.
Opportunity: Increasing number of chemotherapy procedures, parenteral nutrition requirements and chronic diseases like cancer is fueling the demand for central venous catheters. Growing geriatric population also presents an opportunity.
Threats: Availability of alternative methods for vascular access and awareness about complications associated with central venous catheters may hinder the market growth. Stringent regulations pertaining to product approval is another challenge.
Key Takeaways
The global Central Venous Catheter Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: North America currently dominates the market owing to increasing healthcare expenditure and growing prevalence of chronic diseases in the region. Europe holds the second largest share and Asia Pacific is expected register fastest growth due to growing medical tourism industry and improving access to healthcare facilities.
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. These players are focusing on new product launches, partnerships, and manufacturing facility expansion to strengthen their foothold. For instance, BASF SE has collaborated with Arkema to develop innovative bio-based polyamide 11 materials for medical devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
