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 11%
Central venous catheters are medical devices that are inserted into the central veins for various applications such as chemotherapy, parenteral nutrition, medications and blood transfusions. They offer several benefits over peripheral intravenous systems such as delivery of irritant medications and long term venous access. The growing prevalence of cancer, diabetes and infections have increased the demand for central venous catheters.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Rising Adoption of Ultrasound Guidance Technology
One of the key trends fueling the growth of central venous catheter market is the rising adoption of ultrasound guidance technology for catheter insertion procedures. Ultrasound guidance allows real-time visualization of central veins and guidewires during insertion. It reduces the risk of complications such as arterial puncture, pneumothorax and hemorrhage by 70-90%. It also reduces the number of needle passes required for successful placement. With rising awareness about benefits of ultrasound technology among healthcare practitioners, its adoption is growing significantly which is driving the demand for central venous catheters.
Segment Analysis
The global central venous catheter market is segmented based on product type, design, end-user, and region. Based on product type, the market is categorized into peripherally inserted central catheters (PICCs), tunneled catheters, and non-tunneled catheters. Among these, the PICCs segment held the largest market share in 2023 owing to reduced complications, ease of use, and lesser costs as compared to other catheter types.
Key Takeaways
The global Central Venous Catheter Market Share is expected to witness high growth.
Regional analysis: The Asia Pacific region is poised to be the fastest growing market for central venous catheters during the forecast period. This is attributed to factors such growing geriatric population, improving healthcare infrastructure and rising medical tourism in the region. Moreover, the presence of emerging economies such as India, China and Japan is also fueling the market growth.
Key players operating in the central venous catheter market are BASF SE, Braskem S.A., Compagnie de Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff GmbH. These players are focusing on new product launches, regional expansion and mergers & acquisitions to gain a competitive edge in the market.
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