by Central venous catheters are thin flexible tube inserted into a large vein in the neck, chest or groin to deliver nutrients, fluids, medicines or blood products into the circulatory system. They are widely used in hospitals and surgical clinics for short-term as well as long-term administration of medications, total parenteral nutrition, blood sampling, and measuring central venous pressure. The growing prevalence of chronic and lifestyle diseases resulting in increasing number of surgeries have fueled the demand for central venous catheters. Elderly population is also more prone to surgical procedures and hence growth in aging population acts as a key driver for catheter market. Further, technological advancements to develop safer and more effective catheter insertion and maintenance techniques have boosted adoption of central venous catheters across healthcare facilities.
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 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the central venous catheters market size is the rising adoption of antimicrobial coated catheters. These catheters have antimicrobial agents like chlorhexidine and silver incorporated into the material during manufacturing which prevents microbial colonization and reduces the risk of catheter-related bloodstream infections. According to CDC, around 250,000 CRBSI cases occur annually in US hospitals which increases the mortality rates and healthcare costs substantially. Antimicrobial coated catheters have thus emerged as an effective solution to this challenge. Another major trend is growing prominence of single-use or short-term catheters. Short-term catheters reduce the dwell time in patient’s body which minimizes the risks. Many industry players are focusing on development of innovative single-use catheter designs and solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the central venous catheter market is moderate. The requirement of large investments and technical expertise restricts new players to enter this market.
Bargaining power of buyers: The bargaining power of buyers in the central venous catheter market is low. The need for specialty catheter products leaves less influence over pricing.
Bargaining power of suppliers: The bargaining power of suppliers in the market is moderate. The presence of numerous component suppliers mitigates the influence of any single supplier.
Threat of new substitutes: The threat of substitutes is low as central venous catheters have limited substitutes for targeted drug delivery and intravenous access.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous global and regional players offering a wide range of central venous catheter products.
Key Takeaways
The global central venous catheter market is expected to witness high growth over the forecast period. 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 3.6% over the forecast period 2023 to 2030.
Regional analysis: The central venous catheter market in North America is expected to dominate during the forecast period. This is attributed to the developed healthcare infrastructure and presence of leading market players in the region. Asia Pacific market is poised to grow at the fastest rate owing to increasing healthcare spending and patient population.
Key players: Key players operating in the central venous catheter market are Albemarle Corporation (US), W R Grace (US), BASF (Germany), Haldor Topsoe (Denmark), Honeywell UOP (US), Clariant (Switzerland), Axens (France), Johnson Matthey (UK), China Petroleum and Chemical Corporation (Sinopec) (China), and Shell Catalyst & Technologies (Netherlands), Arkema (France), Anten Chemicals (China), Chempack (China), Dorf-Ketal Chemicals Pvt. Ltd. (India), Exxon Mobil Corporation (US), Gazprom (Russia), JGC Catalyst and Chemicals (Japan),KNT Group (Russia), Kuwait Catalyst (Kuwait), N.E.Chemcat (Japan), Porocel (US), Qingdao Huicheng Environmental Technology (China), Taiyo Koko Co. Ltd. (Japan), Unicat Catalyst Technologies (US), and Yueyang Sciensun Chemicals (China)
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