by The global U.S. Central Venous Catheter Market is estimated to be valued at Us$ 1086.86 Mn in 2023 and is expected to exhibit a CAGR Of 6.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Central venous catheters are thin and flexible tube placed in a large vein near the heart, generally via internal jugular, subclavian, or femoral veins. These catheters are used for several purposes such as delivery of medication, blood draws, and blood transfusions. Central venous catheters help in continuous monitoring of the central venous pressure (CVP) and other hemodynamic parameters. Growing prevalence of chronic diseases such as cancer which requires frequent administration of medication and fluids is expected to drive the demand for central venous catheters over the forecast period.
Market key trends:
The U.S. central venous catheter market is driven by growing geriatric population base which is more prone to chronic disease conditions. According to Population Reference Bureau, geriatric population aged 65 years or older in the U.S. increased from 41 million in 2011 to 47 million in 2019. Furthermore, product innovations leading to increasing adoption of catheter securement devices and anti-microbial coated central venous catheters among hospitals is expected to propel market growth over the forecast period. For instance, AngioDynamics introduced a new CVC stabilization device called SuperSite CVC securement dressing in March 2022 to provide enhanced stabilization and lower chances of catheter movement.
Porter’s Analysis
Threat of new entrants: The stringent regulations posed by the governments and high costs associated with R&D activities act as a barrier for new players to enter this market.
Bargaining power of buyers: The presence of large number of market players and availability of substitute products provides high bargaining power to the buyers.
Bargaining power of suppliers: The availability of alternative suppliers and insignificant switching cost gives moderate bargaining power to suppliers in this market.
Threat of new substitutes: Advancements in technologies used for intravenous therapy may lead to new substitute products in future posing threat to central venous catheters.
Competitive rivalry: The U.S. central venous catheter market comprises several global and local players offering a wide range of products with technological advancements.
Key Takeaways
The Global U.S. Central Venous Catheter Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of chronic diseases and rising number of surgical procedures.
Regional analysis
The western region dominates the U.S. central venous catheter market owing to growing geriatric population suffering from chronic diseases. However, the southern region is projected to exhibit the fastest growth during the forecast period.
Key players
Key players operating in the U.S. Central Venous Catheter Market are AngioDynamics, Inc, C.R. Bard, Inc, Teleflex Incorporated, B. Braun Melsungen AG, Medtronic Plc, Vygon Ltd., Cook Medical, Inc., Argon Medical Devices, Inc.,ICU Medical, Inc.,Theragenics Corporation, Becton, Dickinson and Company,icumedical, Polymedicure, Lepu Medical Technology (Beijing) Co.,Ltd., VOGT MEDICAL, Â Gilead Sciences, Inc and ZOLL Medical Corporation.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
