by 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 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 flexible thin tubes used for various medical purposes such as administering intravenous medications, fluids, total parenteral nutrition (TPN), blood products, and drawing blood samples. Central venous catheters are placed in the large vein of the neck, chest, or groin. They are used in patients where the medical needs exceed those of standard intravenous therapy, such as in critical care or who need long-term intravenous access. Central venous catheters allow for the monitoring of central venous pressure and are also used in chemotherapy, hemodialysis, intensive care and trauma care where extended intravenous access is required.
Market key trends:
One of the key trends in the central venous catheter market is the use of imaging technologies such as ultrasound and electromagnetic tracking for safer and easier catheter placement. Ultrasound-guided catheterization helps in visualizing the anatomy during placement and prevents potential complications. Electromagnetic tracking provides real-time information about the location of the catheter during insertion using electromagnetic sensors. This helps to safely navigate the catheter into the desired position. Adoption of these advanced guidance technologies is expected to drive the growth of central venous catheters over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established intellectual property rights reduce the threat of new entrants in this market. However, stringent regulations regarding quality requirements pose a challenge for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has a large number of manufacturers and suppliers providing substitutable products.
Bargaining power of suppliers: Raw material prices and supply depend on a limited number of suppliers for this market, giving them moderate bargaining power.
Threat of new substitutes: There exists a potential threat from new substitute devices such as peripherally inserted central catheters for certain applications.
Competitive rivalry: High. The central venous catheter market comprises several global and regional players catering to a wide range of customers.
Key Takeaways
The Global Central Venous Catheter Market Size is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing demand for intravenous access devices and rising number of surgeries.
Regionally, North America is expected to dominate the central venous catheter market during the forecast period. This is attributed to the rise in per capita spending on healthcare as well as growing geriatric population in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to increasing healthcare infrastructure and surgeries in countries such as India, China and Japan.
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. Major players are focusing on new product launches and geographical expansion to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
