PUBLISHER: Allied Market Research | PRODUCT CODE: 1365590
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365590
According to a new report published by Allied Market Research, titled, "Central Venous Catheter Market," The central venous catheter market was valued at $2.6 billion in 2022, and is estimated to reach $4.7 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
Central venous catheters are defined as an indwelling device inserted into a large, central vein such as internal jugular, subclavian, or femoral. Central venous catheters are used for blood transfusion and infusion of chemotherapy drugs. These catheters are available with various numbers of lumens.
The growth of the central venous catheter market is driven by surge in incidence of cardiovascular diseases, increase in availability & affordability of healthcare treatment and rise in number of hospital admission. The increase in incidence of acute kidney injury and kidney failure drives the demand for central venous catheters. These catheters are used for hemodialysis. For instance, according to American Kidney Fund, in 2020, more than 562,000 Americans were on dialysis. Growth in a number of hemodialysis thus consequently drives the market growth.
Moreover, large medical technology firms have increasingly focused on acquiring companies that provide solutions for central venous catheters, which is expected to notably contribute toward the market growth. Prominent players in the global central venous catheter market have adopted various strategies such as product launches, acquisitions, and investments in R&D for advancement in central venous catheters to strengthen their position in the market and sustain the competitive environment. For instance, in January 2021, Shenzhen Prunus Technology Co., Ltd., acquired the critical care products division of Biosensors International Group, Ltd, officially entering the field of critical care consumables business. The acquired products of the subsidiary include central venous catheters, pressure transducers, pulmonary artery catheters, pacing catheters, thrombolysis catheters, urinary catheters, and other medical consumables.
Moreover, alarming increase in prevalence of kidney diseases, technological advancements in central venous catheter, and rise in the number of accidents and trauma are some of the key factors that drive the growth of the market. Furthermore, rise in geriatric population and changes in lifestyles notably contribute toward the growth in prevalence of diseases. However, concern related to catheter infections and product recalls by manufacturers is expected to hamper the market growth. Conversely, increased application of central venous catheter among the geriatric population and emergency health conditions is expected to provide lucrative opportunities for the growth of the market in the near future. In addition, extensive R&D activities in the field of central venous catheter along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market during the forecast period.
The central venous catheter market is segmented into product type, property, design, end user, and region. On the basis of product type, the market is bifurcated into tunneled catheters and non-tunneled catheters. On the basis of property, the market is bifurcated into antimicrobial catheters and non-antimicrobial catheters. On the basis of design, the market is classified into single lumen, double lumen and multiple lumens. On the basis of end user, it is classified into hospitals, cancer treatment centers, and others. On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include: AngioDynamics, Asahi Kasei Corporation., B. Braun, Becton Dickinson and Company, ICU Medical, Medtronic plc., Merit medical, Rex Medical, Teleflex Incorporated and Vygon Ltd.
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