by The global Central Venous Catheter Market is estimated to be valued at US$ 2,117.8 Mn in 2021 and is expected to exhibit a CAGR of 6.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Central venous catheters (CVCs) are medical devices used to deliver medications, fluids, and nutrients directly into the large veins near the heart. They are primarily used for patients who require long-term treatment or multiple medical interventions. CVCs offer several advantages such as accurate drug administration, improved patient comfort, and reduced risk of multiple needle insertions.
The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and renal insufficiency is driving the demand for central venous catheters. These catheters play a crucial role in the administration of chemotherapy drugs, parenteral nutrition, and hemodialysis, thereby improving patient outcomes. Moreover, the rising geriatric population, who are more prone to chronic illnesses, is further fueling the market growth.
- B) Market Key Trends:
One key trend in the central venous catheter market is the increasing preference for antimicrobial-coated catheters. Catheter-related bloodstream infections (CRBSIs) are a major concern in healthcare settings. Antimicrobial-coated catheters are designed to reduce the risk of CRBSIs by preventing the colonization and growth of microorganisms on the catheter surface. These catheters help in reducing the duration of hospital stay, healthcare costs, and patient morbidity.
For example, Cook Spectrum® Technology offers antimicrobial central venous catheters that incorporate noble metals to prevent bacterial colonization. These catheters have shown promising results in reducing the incidence of CRBSIs, thereby driving their adoption in healthcare facilities.
- C) Porter’s Analysis:
Threat of new entrants: Low – The central venous catheter market is highly regulated and requires significant investments in research and development, manufacturing facilities, and distribution networks. This creates a barrier for new entrants, resulting in a limited threat.
Bargaining power of buyers: High – Hospitals and healthcare facilities have significant bargaining power due to the presence of multiple suppliers in the market. Buyers can negotiate for better pricing and quality of products, leading to intense competition among manufacturers.
Bargaining power of suppliers: Low to medium – The market has a large number of suppliers offering central venous catheters, which reduces the bargaining power of individual suppliers. However, suppliers with unique technologies or patented products may have a higher bargaining power.
Threat of new substitutes: Low – There are limited alternatives to central venous catheters for delivering medications and nutrients directly into the bloodstream. Other alternatives such as peripheral venous catheters are not suitable for long-term use.
Competitive rivalry: High – The Central Venous Catheter Market is highly competitive, with several key players competing for market share. These players focus on product innovation, partnerships, and acquisitions to maintain their competitive edge.
- D) Key Takeaways:
– The global central venous catheter market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to the increasing prevalence of chronic diseases and the rising geriatric population.
– North America is the fastest-growing and dominating region in the central venous catheter market. The region has a well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies.
– Key players operating in the global central venous catheter market include 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 focus on product launches, collaborations, and mergers to expand their market presence.
Overall, the central venous catheter market is poised for significant growth, driven by the increasing prevalence of chronic diseases and the demand for improved patient care.
