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Press Release: Central Venous Catheter Market to Surpass US$ 3,060.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Central venous catheter is also known as central line or central venous line. It is a flexible tube inserted into the vein below the right side of the collarbone and guided towards the large vein towards the heart known as superior vena cava. A central venous catheter is used for administration of intravenous fluid, blood transfusions and chemotherapy drugs.
The Centers for Disease Control and Prevention (CDC) provided guidelines to prevent intravascular catheter-related infections in 2011, which were further edited in 2017.
The guideline covers various important aspects associated with central venous catheters such as appropriate training of the healthcare personnel who insert intravascular catheters and of the staff who is responsible for surveillance, and selection of catheter and catheter application sites.
The global central venous catheter market value is estimated to be valued at US$ 2,002.2 Mn in 2020 and is expected to exhibit a CAGR of 6.2% during the forecast period (2020-2027).
Figure 1: Global Central Venous Catheter Share (%) Value, By Region, 2019
Central venous catheterization is one of the most reliable options for therapy administration. Technological advancements are also facilitating adoption of central venous catheterization in medical care.
Moreover, Global Central Venous Catheter Market Drivers include high prevalence of chronic diseases such as cancer, cardiovascular diseases, and chronic kidney disease (CKD) is propelling the need for treatment and care using central venous catheterization, which is expected to drive the market growth. According to data findings by the World Health Organization (WHO), in February 2018, cancer was the second-leading cause of death globally, and around 18.1 million new cases and 9.6 million deaths were registered due to cancer. According to the same source, around 70% deaths from cancer occur in low- and middle-income countries and around 1 in 6 deaths across the globe are caused by cancer.
Furthermore, according to the annual report of the U.S Renal Data System (USRDS), in 2018, kidney failure, also called end stage renal disease (ESRD), affected around 750,000 patients per year in the U.S. According to the same source, end stage renal disease (ESRD) affects around 2 million people worldwide.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 2,002.2 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.2% | 2027 Value Projection: | US$ 3,060.3 Mn |
| Geographies covered: |
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| Companies covered: |
AngioDynamics Inc., Lepu Medical Technology Co., Ltd, KIMAL PLC, Prodimed Benelux B.V, Terumo Corporation, Medtronic Plc, Teleflex Incorporated, Becton, Dickinson and Company, Amecath, ICU Medical, Inc., Edwards Lifesciences Corporation, Cook Group, Nipro Corporation, Bactiguard, Vygon (UK) Ltd, Guangdong Baihe Medical Technology Co., Ltd, Wujiang Evergreen EX/IM Co., Ltd, and ZOLL Medical Corporation. |
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Global Central Venous Catheter Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus disease (COVID-19) pandemic is the most recent disease outbreak which was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as a pandemic on March 11, 2020.
On May 28, 2020, research scientists of Italian association GAVeCeLT (Gruppo Accessi Venosi Centrali a Lungo Termine) provided recommendations for proper use of vascular access in COVID-19 patients. The recommendations included maintenance of central venous devices, insertion, selection, and developed for protection of operator while treating patients.
In North America central venous catheter market, companies are focusing on strategic mergers and acquisitions to strengthen their share in the global central venous catheter market. For instance, in 2017, Bluegrass Vascular Technologies entered a strategic partnership with Merit Medical Systems, a manufacturer and marketer of proprietary disposable devices, for distribution of Surfacer Inside-Out Access Catheter System in Europe.
Figure 2: Global Central Venous Catheter Market Value (US$ Mn), By Region 2016 – 2027
In Europe central venous catheter market, market players are focusing on various inorganic growth strategies such as partnerships and agreements which is expected to boost the market growth during the forecast period. For instance, in March 2018, Bactiguard announced a distribution agreement with Ecomed Services NV, a distributor of medical devices in Belgium and the Netherlands, for the commercialization and distribution of Bactiguard products in the Netherlands and expand its European coverage.
Central venous catheterization is applicable in various therapeutic areas such as cardiology, oncology, and nephrology. Central venous catheterization is used in cardiovascular procedures for drug administration, chemotherapy administration in cancer patients, and hemodialysis of patients with chronic kidney diseases. High prevalence of chronic diseases such as cancer, cardiovascular diseases, and chronic kidney disease (CKD) is propelling demand for central venous catheterization, which is expected to drive the market growth.
Central venous catheterization is one of the most reliable options for therapy administration. Technological advancements are also facilitating adoption of central venous catheterization in medical care. Central venous lines are essential in the care of patients with severe diseases treated in surgical, intensive care, and oncological/hematological units. Catheters feature single, double, and multiple lumen, which facilitate administration of more than one treatment at once. Moreover, depending on the type of catheter, it may be left in place for weeks, months or years.
Market Dynamics
Initiatives taken by research associations and institutes for proper practice guidelines for appropriate insertions of central venous access are major factors driving the global central venous catheter market growth. In January 2020, the American Society of Anesthesiologists provided practice guidelines for central venous access to assist anesthesiologists and healthcare professionals. These guidelines serves purposes such as providing guidance for appropriate placement and management of central venous catheters, avoiding adverse outcomes associated with the central venous catheterization such as infections and mechanical complications, and improving management of injury arising from central venous catheterization.
Approvals of novel central venous catheters and increasing technological advancements in central venous catheter are major factors driving the global central venous catheter market growth. For instance in 2017, Access Scientific, LLC launched POWERWAND, a 16 gauge, single-lumen central venous catheter (CVC). The POWERWAND can be inserted swiftly and offers significantly faster flow rates.
Moreover, key players are strengthening their position in the global central venous catheter market by adopting strategies such as mergers and acquisitions and focusing on improving disease treatment with the help of central venous catheters. For instance, in 2017, Becton, Dickinson, and Company acquired C.R. Bard, Inc, the acquisition helped Becton, Dickinson, and Company to further strengthen its product portfolio and market positioning..
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 64 market data tables and 44 figures on "Global Central Venous Catheter Market – Regional forecast to 2027”.
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