by The global Central Venous Catheter Market is estimated to be valued at US$ 2388.55 Mn or 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 medical devices that are inserted through the skin into a large vein in the neck, chest, or groin to administer medication or fluids, obtain blood samples, and measure central venous pressure. Central venous catheters help deliver nutrition, antibiotics, chemotherapy drugs, or other medications directly into a major vein. They are crucial for long term medical treatment.
Market key trends:
One of the key trends in the central venous catheter market is the growing demand for peripherally inserted central catheters (PICC). This is mainly due to advantages of PICCs over other central venous catheters such as reduced risk of complications, minimized invasiveness, ability to administer treatments continuously for longer duration, and cost-effectiveness. Furthermore, increasing cases of cancer and growing number of therapies requiring long term vascular access is fueling the adoption of central venous catheters. However, risks of bloodstream infections and thrombosis associated with central venous catheters may hamper market growth.
Market Key Trends:
One of the key trends in the Central Venous Catheter Market Size is the rising demand for peripherally inserted central catheters (PICCs). PICCs are widely preferred over other central venous catheters as they provide long-term intravenous access with minimal risk of complications. Due to their advantages over other catheters such as reduced risk of infection, less pain, and higher patient comfort, the demand for PICCs is increasing significantly.
SWOT Analysis
Strength: Central venous catheters have well-established applications in various therapies such as chemotherapy, total parenteral nutrition, and blood transfusion which is driving the market growth.
Weakness: Risk of complications associated with central venous catheters such as venous thrombosis and catheter-related bloodstream infections.
Opportunity: Technological advancements leading to development of advanced catheters with anti-microbial coatings and minimized infusion set changes provide growth opportunities.
Threats: Presence of alternative drug delivery methods and the high costs associated with central venous catheters.
Key Takeaways
The global central venous catheter market size was valued at US$ 2388.55 Mn in 2023 and is expanding at a CAGR of 4.3% during the forecast period. The market is primarily driven by the increasing incidence of chronic diseases coupled with the growing preference for minimal invasive procedures.
Regionally, North America dominated the central venous catheter market in 2023 due to the rising geriatric population and increasing number of surgical procedures in the region. However, Asia Pacific is expected to witness the fastest growth over the forecast period owing to improving healthcare infrastructure and increasing healthcare expenditure in developing countries such as China and India.
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. These players are focusing on new product launches, geographic expansion and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
