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| Central Venous Catheter Market Size |
The 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 medical devices that are placed in large veins
near the heart or in the neck to administer medicines, nutrition, blood
transfusions, and fluids over a long period of time. They are used for
critically-ill patients who require access to the central vasculature on a
semi-permanent or permanent basis. They provide reliable vascular access even
in emergency situations or where peripheral access is difficult or unreliable.
Market key trends:
The global central venous catheter market is expected to witness significant
growth over the forecast period owing to the rising prevalence of
cardiovascular diseases across the globe. For instance, according to the World
Health Organization, cardiovascular diseases are the number one cause of death
globally, taking an estimated 17.9 million lives each year. Therapeutic
applications of central venous catheters in various cardiovascular procedures
such as in critically ill patients or in chemotherapy is also boosting market
growth. Development of innovative catheter designs and advanced antimicrobial
coatings to prevent catheter-related bloodstream infections is fostering market
revenues.
Porter’s Analysis:
Threat of new entrants: The Central
Venous Catheter Market Size has a moderate threat of new entrants given
the high costs associated with R&D, manufacturing, marketing, and
distribution. Additionally, the market is dominated by large established
players.
Bargaining power of buyers: Individual buyers have weak bargaining power as
central venous catheters are clinically required. However, group purchasing
organizations have stronger bargaining power given the consolidated buying
power and ability to switch between suppliers.
Bargaining power of suppliers: Suppliers of raw materials have moderate
bargaining power due to the availability of substitute materials. Suppliers may
also form partnerships or collaborations with manufacturers to enhance
bargaining power.
Threat of new substitutes: Threat of new substitutes is low as central venous
catheters are indispensable for venous access in various clinical procedures.
Novel technologies aim to enhance performance but are not complete substitutes.
Competitive rivalry: Strong due to many large multinational companies
dominating the market.
SWOT Analysis:
Strengths: Well established brands and product portfolios. Growing demand for
central line placement procedures.
Weaknesses: High costs associated with product development, clinical trials and
manufacturing under stringent regulatory norms. Risk of infections associated
with catheter placement.
Opportunities: Emerging economies provide lucrative growth prospects.
Technological advancements to improve safety, efficacy and ease of use.
Threats: Stringent medical device regulations. Reimbursement challenges in some
regions. Increased competition from local players.
Key Takeaways:
The global central venous catheter market is expected to witness high growth of
4.3% over the forecast period, due to increasing number of surgical procedures
globally. The market size for 2023 is estimated to reach US$ 2388.55 Mn.
North America dominated the central venous catheter market in 2022 owing to
high healthcare spending and presence of major market players in the region.
However, Asia Pacific is expected to grow at the fastest pace during the
forecast period. Factors such increasing medical tourism, improving healthcare
infrastructure and rising healthcare spending in China and India will support
market growth in Asia Pacific.
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. Major players are focused on new product launches, partnerships and
acquisitions to strengthen their market position.
Read More: https://www.rapidwebwire.com/central-venous-catheter-market-trends-and-growth/