Catheter stabilization devices are used to securely hold catheters in place and prevent accidental dislodgment or movement. These devices play an important role in ensuring patient safety and comfort, while also allowing efficient delivery of fluids, medications, and blood products. Some common applications of catheter stabilization devices include securing central venous catheters, peripherally inserted central catheters (PICC), epidural catheters, peripheral IV catheters, and urinary catheters. With the rising prevalence of chronic diseases worldwide, there is increasing demand for long-term catheterization procedures for care delivery. This is encouraging the development and adoption of innovative stabilization products that enhance clinical outcomes.
The global catheter stabilization devices market is estimated to be valued at US$ 2,359.6 million in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The increasing incidence of chronic medical conditions such as cancer, cardiovascular diseases, diabetes, and renal diseases is a key factor driving the growth of the catheter stabilization devices market. Catheterization is commonly used in the treatment of these chronic diseases for intravenous access, medication delivery, fluid administration, and drainage of urine. With rising life expectancy and growing geriatric population globally, the burden of chronic diseases continues to rise rapidly. This is generating significant demand for long-term catheterization and corresponding stabilization devices for secure catheter placement. Additionally, technological advancements in catheter stabilization products catering to specific clinical needs of various disease conditions are also augmenting the market growth. Improved securement tools enable safe and efficacious delivery of care therapies to patients. However, risks of catheter-related infections associated with long-term indwelling devices may hinder the market prospects to some extent.
Segment Analysis
The global catheter stabilization devices market is dominated by the securement devices sub-segment. Securement devices hold for about 70% share in the overall market owing to the increasing demand for secure and stable catheterization during surgeries and post-surgery care. These devices offer reliable fixation of catheters to prevent accidental dislodgement or movement during treatment or recuperation stage.
PEST Analysis
Political: The government policies in many countries are supporting improved healthcare infrastructure and care. Significant healthcare reforms are being undertaken globally.
Economic: Rising disposable incomes are enabling people to spend more on healthcare. The growing geriatric population requiring extensive medical care is augmenting demand.
Social: Increased awareness about various diseases and available treatment options is driving people to seek timely medical assistance. Greater acceptability of technologically advanced medical technologies.
Technological: Continuous innovations are helping introduce more effective and user-friendly catheter stabilization devices. Miniaturization and development of specialty devices for specific clinical needs are expanding market prospects.
Key Takeaways
The global catheter stabilization devices market is expected to witness high growth in the forecast period of 2023 to 2030 supported by the rising prevalence of chronic illnesses. The global catheter stabilization devices market is estimated to be valued at US$ 2,359.6 million in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently owing to faster adoption of advanced medical technologies and rising healthcare expenditure in the region. Asia Pacific is anticipated to grow the fastest in the coming years on account of rapidly developing healthcare infrastructure, growing medical tourism, and expansion of private healthcare facilities.
Key players: Key players operating in the catheter stabilization devices market are 3M, Bard Medical, Baxter, Braun, Smiths Group, M.C. Johnson Company. Convatec Securement Devices operate in low bleeding/transparent securement and catheter stabilization devices segments respectively.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.