The global central venous catheter market is driven by several factors such as a rise in the prevalence of chronic diseases, an increase in healthcare expenditure and improvements in healthcare facilities, and an upsurge in the geriatric population.
PORTLAND, Ore., Aug. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Central Venous Catheter Market Product Type (Tunneled Catheters and Non-Tunneled Catheters), Property (Antimicrobial Catheters and Non-Antimicrobial Catheters), Design (Single Lumen, Double Lumen, And Multiple Lumens), End User (Hospitals, Cancer Treatment Centers, And Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global central venous catheter market was valued at $2.6 billion in 2022 and is estimated to reach $4.7 billion by 2032, exhibiting a CAGR of 6.4% from 2023 to 2032.
A CVC (central venous catheter) is a flexible, long tube inserted by your provider into a vein in the neck, chest, arm, or groin. The tube leads to the vena cava (a large vein that drains into the heart). A CVC can be used to administer drugs, liquids, or blood for emergency treatment or long-term care. A CVC can also be used for blood draws. Common types of CVC are PICC lines or ports.
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Prime Determinants of Growth:
The global central venous catheter market is driven by several factors such as a rise in the prevalence of chronic diseases, an increase in healthcare expenditure and improvements in healthcare facilities, and an upsurge in the geriatric population. However, product recall by manufacturers may restrict market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.6 Billion |
Market Size in 2032 | $4.7 Billion |
CAGR | 6.4 % |
No. of Pages in Report | 250 |
Segments Covered | Product type, Property, Design, End-User, and Region |
Drivers | A rise in the prevalence of chronic diseases |
An increase in healthcare expenditure and improvements in healthcare facilities | |
An upsurge in the geriatric population | |
Opportunities | Increase in healthcare expenditure and improvement in healthcare infrastructure |
Restraints | Product recall by manufacturers |
Impact of Covid-19 on Central Venous Catheter Market:
- The outbreak of the COVID-19 pandemic had a negative impact on the global central venous catheter market, owing to the decrease in the demand for central venous catheters and the decline in the number of surgeries.
- The companies are more focused on COVID-19 vaccine development.
- However, the situation has recovered, and the market for central venous catheter is growing steadily.
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The non-tunneled catheters segment to maintain its leadership status throughout the forecast period-
By product type, the non-tunneled catheters segment held the largest market in 2022, contributing to nearly four-fifths of the global central venous catheter market, and is expected to maintain its leadership status throughout the forecast period. Due to the rise in prevalence of chronic diseases. In addition, the increase in the adoption of Non-Tunneled Catheters, improving healthcare services, and rapid economic growth in developing countries further boost the market growth. However, the tunneled catheters segment would display the fastest CAGR of 7.0% during the forecast period.
The non-antimicrobial catheters segment to maintain its leadership status throughout the forecast period-
By property, the non-antimicrobial catheters segment held the largest market in 2022, accounting for nearly three-fourths of the global central venous catheter market, and is expected to maintain its leadership status throughout the forecast period. Owing to an increase in incidences of accidents and a rise in adoption of non-antimicrobial catheters. On the other hand, antimicrobial catheters would showcase the fastest CAGR of 6.8% during the forecast period.
The multiple lumen segment to maintain its lead position throughout the forecast period-
By design, the multiple lumen segment held the largest market in 2022, contributed to around half of the global central venous catheter market, and is expected to maintain its leading position throughout the forecast period, owing to an increase in need for dialysis and a rise in demand for double Lumen catheters. However, the double lumen segment would cite the fastest CAGR of 7.0% during the forecast period.
The hospital segment to rule the roost by 2032-
By end user, the hospital segment held the largest market share in 2022, garnering more than half of the global central venous catheter market, and is projected to rule the roost by 2032. owing to an increase in the number of hospitals, initiatives taken by governments to provide healthcare services, and an increase in cancer patients. On the other hand, the cancer treatment centers segment would portray the fastest CAGR of 7.4% from 2023 to 2032.
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North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, holding around two-fifths of the global central venous catheter market, and is projected to maintain its dominance by 2032. Owing to the high prevalence of chronic disorders such as kidney disorders and cancer, the strong presence of key players, and the surge in the number of critically ill patients in the region. However, the Asia Pacific region is expected to witness the fastest CAGR of 7.5% during the forecast period. This is due to the high burden of chronic diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China are the key driving factors that boost the growth of the market in the region.
Leading Market Players: -
- Teleflex Incorporated
- Vygon
- ICU Medical Inc.
- Rex Medical, LLC.
- Asahi Kasei Corporation.
- B. Braun SE
- Becton
- Dickinson and Company
- Medtronic plc
- Merit Medical Systems Inc.
- AngioDynamics, Inc.
The report provides a detailed analysis of these key players in the global central venous catheter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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