May 22, 2024

U.S. Central Venous Catheter Market is Poised to Expand At a Robust CAGR Due to Growing Prevalence of Chronic Diseases

The U.S. central venous catheter market is a vital part of the healthcare sector. Central venous catheters are medical devices inserted into large central veins to deliver medications or fluids, collect blood samples, and help with hemodialysis. They are commonly used for chemotherapy and long-term delivery of antibiotics, nutrition, and blood products. Central venous catheters are needed for a variety of critical and long-term clinical applications.

The U.S. central venous catheter market is estimated to be valued at US$ 1252.07 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in The U.S. Central Venous Catheter Market are Robert Bosch GmbH., Continental AG, DENSO CORPORATION, HELLA GmbH & Co. KGaA, Infineon Technologies AG, Autoliv Inc., Lockheed Martin Corporation., NXP Semiconductors., smart microwave sensors GmbH, Oculii Corporation, SRC, Inc., Arbe, Echodyne Corp., Raytheon Company Corporation, Saab AB, Northrop Grumman, ZF Friedrichshafen AG, Hitachi, Ltd., InnoSenT – Innovative Radar Sensor Technology, and Kestrel Radar Sensors among others.

Key opportunities: The growing prevalence of chronic diseases like cancer requiring long term chemotherapy and rising geriatric population are driving the demand for central venous catheters. With continuous medical advancements, there is high scope for development of more durable and safer catheter designs.

Global expansion: The U.S. dominates the global central venous catheter market owing to high healthcare spending and availability of advanced treatment options. However, Asia Pacific region is expected to witness fastest growth due to increasing awareness, healthcare investments and expanding medtech industry in countries like China and India.

Market drivers: The key driver for the U.S. central venous catheter market growth is the rising incidence of chronic diseases like cancer and cardiovascular diseases. According to the CDC, over 690,000 cancer deaths occur annually in the U.S. Central venous catheters are imperative for long term delivery of life-saving medications in such illnesses. Their lower cost compared to peripherally insert central catheters also promotes adoption.

PEST Analysis

Political: The U.S. Central Venous Catheter market is regulated by the U.S. Food and Drug Administration(FDA). The FDA regulates the approval and manufacturing process of all the medical devices in the market.

Economic: The rising healthcare expenditure in the US is driving the growth of the central venous catheter market. As per various studies, healthcare spending in the US is projected to grow at a 5.4% CAGR between 2020 to 2027.

Social: With growing elderly population in the US, the risk of diseases also increases. This is increasing the demand for central venous catheters as they help in continuous monitoring of critically ill patients.

Technological: Manufacturers are developing advanced central venous catheters with anti-microbial coatings to reduce the risk of infections. Some players are also focused on introducing central venous catheters with enhanced safety and design.

The U.S. Central Venous Catheter market in terms of value is highly concentrated in North Eastern and Western states like New York, California, Pennsylvania etc. These states account for over 45% share owing to presence of major healthcare infrastructure and availability of advanced treatment facilities.

The Southern States region comprising of Florida, Texas, Georgia is emerging as the fastest growing market for central venous catheters. This is due to rising medical tourism, growing geriatric population and increasing chronic disease prevalence in this region. The states are witnessing heavy investments in healthcare sector expansion which is positively impacting the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it