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 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 thin and flexible tubes placed into large veins in the neck, chest, or groin area to administer chemotherapy drugs, antibiotics, total parenteral nutrition, or blood products. They offer several advantages over peripheral intravenous lines including delivery of medications irritating to peripheral veins, long-term IV access for weeks/months without repeated sticks, and monitoring of central venous pressure. They are critical for the management of various chronic and acute conditions like cancer, infections, surgeries etc.
Market key trends:
Rising prevalence of chronic diseases and increasing number of surgeries are major factors driving the growth of central venous catheter market. According to world health organization cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020. Additionally, technological advancements in catheter design and introduction of computer-assisted insertion techniques have improved safety and efficacy of central lines placement procedures. Growing adoption of antimicrobial coated catheters to prevent catheter related bloodstream infections is also fueling market growth. However, risks of complications like artery puncture, pneumothorax etc. may hinder market growth to some extent.
Porter’s Analysis
Threat of new entrants: The Central Venous Catheter Market Size requires high capital and investments to setup manufacturing facilities. Existing players have established their distribution networks globally making it difficult for new players to enter.
Bargaining power of buyers: Buyers have low bargaining power due to availability of wide range of products at different price points and quality standards in the market. Supplier switching costs are also low.
Bargaining power of suppliers: A few major players dominate the supply market, giving them high bargaining power over buyers for better pricing and contracts.
Threat of new substitutes: There are limited substitutes available for central venous catheters as they are critical medical devices used in surgeries.
Competitive rivalry: The global central venous catheter market is highly competitive due to presence of large number of domestic and international players. Players differentiate their products based on product quality, innovation, and technical expertise.
Key Takeaways
The global central venous catheter market size is expected to reach US$ 3388.55 Mn by 2030, expanding at a CAGR of 4.3% during the forecast period. Growing incidence of chronic diseases and increasing number of surgical procedures are factors expected to drive the market.
Regional analysis – North America accounted for the largest share of the global central venous catheter market in 2023. Growing geriatric population, favorable reimbursement policies, and presence of major players in the region drives the market. Asia Pacific is expected to be the fastest growing market during the forecast period. Increasing healthcare expenditure and rising medical tourism are factors anticipated to boost regional market growth.
Key players analysis – 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. Players are focusing on new product launches and geographical expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it