The global central venous catheter market is predicted to exhibit lucrative growth opportunities between 2022 and 2032, with a robust CAGR of 5.1%. The global market touched US$ 2.9 Billion in 2021 and is expected to enjoy a valuation of US$ 3.1 Billion by the end of 2022. Owing to the rising prevalence of cardiovascular diseases and cancers, the overall demand for central venous catheters is anticipated to increase with a total valuation of US$ 5.1 Billion by 2032.
As compared to the historical analysis of the global central venous catheter market, the CAGR registered was about 4.9% from 2012 to 2021. The present forecast period registered a growth of 5.1% from 2022 to 2032. The rising usage of central venous catheters across healthcare facilities for giving fluids, blood, or medications to critically ill patients is a key factor driving growth in the global central venous catheter market.
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Central venous catheters are delicately placed in veins in the neck, groin, chest, or through veins in the arms in order to ease the delivery of fluids and therapies. This device is useful for patients who are unable to eat food or medicine through their mouths. Therefore, the rising prevalence of cardiovascular disease and chronic kidney disease, along with the growing need for prolonged intravenous therapies in critically ill patients, will continue to boost the demand for venous catheters during the forecast period.
Key Takeaways
- There is a surge in the demand for various types of central venous catheter products due to which key manufacturers are investing in focusing on research and development to introduce better and more efficient products. Owing to these factors are likely to boost the growth throughout the forecast period.
- Widespread technological advancements and the adoption of high-tech equipment in medical procedures and medical device insertions are bringing the central venous catheter market into the limelight. Increased usage of ultrasound-guided insertions has proved to improve the safety and effectiveness of CVC placement and helped in reducing the complications associated with the procedure.
- More accessibility to product-based solutions, such as quality control and infection prevention guidelines has further fueled growth in the market resulting in a hike in the overall revenue growth of the global central venous catheter market.
- The growth in the central venous catheter market is driven by the global burden of diseases, increasing expendable income, and the rising awareness of the adoption of surgical procedures for managing illnesses.
- On the basis of product category, the non-tunneled catheter sub-segment accounts for about 77.0% of the total market share and is likely to retain its dominance during the forecast period. In order to efficiently care for critically ill patients, central venous catheter insertion is a routine and frequently required procedure.
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Competitive Landscape
Prominent market players are focusing on upgrading their product portfolios by launching new and more advanced products. Besides this, they are increasingly showing interest in adopting different approaches and strategies including partnerships, mergers, acquisitions, and collaborations to improve their revenue share and expand their global presence.
Key Companies Profiled: Angio Dynamics, C.R. Bard, Teleflex Incorporated, B. Braun Melsungen AG, Kimal Healthcare, Comed B.V., Medtronic Plc, Smiths Medical, Vygon (UK) Ltd, Becton, Dickinson and Company, Argon Medical Devices, Inc., Boston Scientific Corporation, Cook Medical Incorporated, Medical Components, Inc., Fresenius Kabi AG
More Insights into the Central Venous Catheter Market
The US will continue to dominate with its presence in the global central venous catheters market during the forecast period, accounting for the largest market share of around 40.5% in 2022. The growth is attributed to the rising prevalence of chronic diseases, the high adoption of central venous catheter insertions, and the strong presence of some of the leading medical device giants.
Over a period of time, there has been a significant rise in chronic diseases like cancer and heart disease in the US With the presence of developed healthcare infrastructure and insurance and reimbursement policies for standard medical procedures, the market for central venous catheters accelerated at a CAGR of 5.2% through the forecast years, within the U.S.
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Key Market Segments Covered in Central Venous Catheter Industry Research
By Product:
- Dialysis Catheters
- PICC Catheters
- Implantable Port
- CVC Catheters
By Property:
- Anti-microbial Catheter
- Non Anti-Microbial Catheter
By Design:
- Single Lumen
- Double Lumen
- Multiple Lumen
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Dialysis Centers
- Specialty Clinics & Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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