Global Central Venous Catheter Market, by Product Type (Single Lumen Central Venous Catheters, Double Lumen Central Venous Catheters, Triple Lumen Central Venous Catheters, and Quadruple Lumen Central Venous Catheters), by Placement Site (Internal Jugular Vein, Femoral Vein, and Subclavian Vein), by Application (Chemotherapy ( Operating Theater, Emergency Departments, and ICU’s), Drugs and Fluid Administration (Operating Theater, Emergency Departments, and ICU’s), Blood Transfusions (Operating Theater, Emergency Departments, and ICU’s), and Others (Operating Theater, Emergency Departments, and ICU’s)), by Location (Operating Theater, Emergency Departments, and ICU’s), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,117.8 million in 2021 and is expected to exhibit a CAGR of 6.2% during the forecast period (2021-2028).
Market players are indulged in launching new product for the central venous catheters, which is expected to drive growth of the market, over the forecast period. For instance, in 2017, Access Scientific, LLC, a broad-spectrum vascular access and infection Prevention Company and a subsidiary of Smiths Medical, a medical device manufacturer, launched POWERWAND, a 16 gauge, single-lumen central venous catheter (CVC). The POWERWAND can be inserted rapidly and the product offers significantly faster flow rates.
Market players are engaged in receiving approvals for the double lumen central venous catheters, from the regulatory authorities, which is expected to drive growth of the central venous catheter market, over the forecast period. For instance, on July 27, 2020, AngioDynamics, Inc., a provider of medical devices, received CE Mark from the European Commission and 510(k) clearance from the U.S. Food & Drug Administration (FDA) for SmartPort+, an implantable port for patients, who require long-term access to the central venous system.
Global Central Venous Catheter Market- Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus disease (COVID-19) pandemic is expected to restrain growth of the global central venous catheter market over the forecast period. COVID-19 is the recent pandemic outbreak, which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared coronavirus disease (COVID-19) as a pandemic on March 11, 2020. According to the World Health Organization (WHO) Weekly epidemiological update on COVID-19, the number of new cases increased exponentially from January 3 to January 9, 2022, while the number of deaths remained similar. Therefore, as of January 9, 2022, around 304 million cases and over 5.4 million deaths have been reported.
Due to COVID-19 pandemic, governments of various countries imposed lockdown, which resulted in the closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the products. Thus, COVID-19 pandemic has affected the economy in three main ways:
- by directly affecting the production and demand
- by creating disruptions in distribution channels
- and by its financial impact on firms and financial markets
Furthermore, healthcare providers were also facing challenges in terms of additional manpower, equipment, consumables, and other resources, which are required to ensure safety in hospitals and provide treatment to patients with other diseases, which also impacted the overall healthcare sector adversely. One of the biggest challenges is Shortage in raw materials and supply chain problems. Thus, this is expected to hamper growth of the global central venous catheter market, over the forecast period.
Browse 35 Market Data Tables and 27 Figures spread through 191 Pages and in-depth TOC on Global Central Venous Catheter Market, by Product Type (Single Lumen Central Venous Catheters, Double Lumen Central Venous Catheters, Triple Lumen Central Venous Catheters, and Quadruple Lumen Central Venous Catheters), by Placement Site (Internal Jugular Vein, Femoral Vein, and Subclavian Vein), by Application (Chemotherapy (Operating Theater, Emergency Departments, and ICU’s), Drugs and Fluid Administration (Operating Theater, Emergency Departments, and ICU’s), Blood Transfusions (Operating Theater, Emergency Departments, and ICU’s), and Others (Operating Theater, Emergency Departments, and ICU’s)), by Location (Operating Theater, Emergency Departments, and ICU’s), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing incidence of chronic kidney disorder (CKD) and end-stage renal disorder (ESRD) leads to increasing demand for dialysis, which is expected to propel the market growth during the forecast period. For instance, according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), over 661,000 people in the U.S. had kidney failure and of these, 468,000 individuals were on dialysis in 2017.
Key Takeaways of the Central Venous Catheter Market:
- The global central venous catheter market is expected to exhibit a CAGR of 6.2% over the forecast period (2021-2028), owing to growth in potential markets, especially in Europe. While North America accounted for the major market share.
- Market players are engaged in receiving approvals from the regulatory authorities for the central venous catheters. This is expected to drive growth of the global central venous catheter market over the forecast period. For instance, in August 2017, Bactiguard received approval from the Central Drugs Standard Control Organization (CDSCO), under the Ministry of Health & Family Welfare, India, for BIP CVC, Bactiguard’s central venous catheters for infection prevention.
- Some of the major players operating in the global central venous catheter market include B. Braun Melsungen AG, Becton, Dickinson and Company, ICU Medical, Inc., Poly Medicure Ltd., Teleflex Incorporated, Lepu Medical Technology Co., Ltd., Cook Group, Insung Medical, VOGT Medical, ZOLL Medical Corporation, EETA Surgical, QMD, and Kimal.
