Central Venous Catheters are medical devices used to deliver medications, fluids, blood products, nutrition directly into a large vein. They are commonly used in hospital settings for patients who require long term intravenous access for chemotherapy, total parenteral nutrition, or prolonged antibiotic therapy. 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:
Rising hospitalizations is one of the key trends driving the growth of the Central Venous Catheter Market. Central Venous Catheters are predominantly used in hospital settings for patients undergoing long term treatment involving chemotherapy, total parenteral nutrition, antibiotics etc. With rising incidence of chronic diseases such as cancer requiring long term hospital care and treatment, the demand for Central Venous Catheters has been increasing substantially. For instance, according to the National Cancer Institute, in 2022 there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the US. The growing disease burden and rising hospital admission rates are expected to boost the adoption of Central Venous Catheters, thereby fueling the market growth over the forecast period.
SWOT Analysis
Strength: Central Venous Catheter has advantages like easy insertion, accurate placement, less chances of complications and infections. They allow long term administration of medications, nutrients and blood products.
Weakness: Risk of complications like pneumothorax, arterial puncture, wound infection, thrombosis formation. Improper placement can damage nearby structures.
Opportunity: Rising number of cancer and chronic kidney disease patients needing long term venous access. Growth in demand for non-invasive procedures driving the market.
Threats: Availability of alternative vascular access devices. Risk of contamination and infections associated with CVCs.
Key Takeaways
The global Central Venous Catheter market size is expected to witness high growth. 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 comprises North America dominates the global market and is expected to continue its dominance during the forecast period. Growing prevalence of chronic diseases like cancer, increasing number of surgical procedures are driving the market in this region.
Key players operating in the Central Venous Catheter 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). Key players are focusing on new product launches and expansion of production facilities to strengthen their market presence.