Global Central Venous Catheter Market to Surpass US$ 1.9 Billion by 2026 - Coherent Market Insights
SEATTLE--(BUSINESS WIRE)-- According to Coherent Market Insights, the global central venous catheter market is valued at US$ 1,167.4 million in 2017, and is projected to exhibit a CAGR of 6.2% over the forecast period (2018 – 2026).
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Key Trends and Analysis of the Central Venous Catheter Market:
Market players are actively investing in research for developing catheters with novel materials for long-term implantable vascular access devices. Moreover, the players are committed in offering new and improved products in order to address the critical unmet needs of patients requiring venous access. For instance, in February, 2018, Access Vascular received 510(k) clearance for its HydroPICC catheter from the U.S. Food and Drug Administration (FDA). The catheter is developed using bulk-hydrophilic material that efficiently reduces thrombus accumulation as compared to currently available technologies.
Moreover, key players operating in the market are focused on adopting acquisition strategies in order to gain access to innovative products and expand their product offerings in the potential markets. For instance, in 2016, Teleflex Incorporated acquired Nostix, LLC, developer of innovative tip confirmation systems that are used to increase the accuracy of vascular access device placement. The acquisition complements Teleflex’s Existing ARROW Vascular Positioning System (VPS) to further include ECG-only technology, thus eliminating X-ray conformation in patients. Moreover, Teleflex also gained access to innovative product development pipeline, which includes integrated ultrasound systems that will extend company’s ability to offer catheter tip positioning solutions.
However, device complications such as catheter cracking or breaking, thrombosis (major issue) and catheter related bloodstream infections are expected to hinder the market growth. According to the University of Illinois College of Medicine at Peoria (UICOMP), 2015, central venous catheter infections are associated with increased hospital stay and excess health care costs in the U.S., ranging up to US$ 56,000 per infection episode.
Key Market Takeaways:
- The central venous catheter market is expected to exhibit a CAGR of 6.2% during the forecast period (2018 – 2026), attributed to increasing number of cardiovascular, chemotherapy, and dialysis procedures. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), 2016, around 661,000 people in the U.S. have kidney failure and 468,000 individuals require dialysis.
- Market growth is attributed to approval and launch of novel catheters to reduce the risk of blood stream infections in patients. For instance, in May, 2018, Pursuit Vascular, Inc., received U.S. Food and Drug Administration (FDA) clearance for a broader indication of its ClearGuard HD caps to include reduction in the incidence of central-line associated bloodstream infection (CLABSI) in hemodialysis patients with central venous catheters (CVCs).
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in July, 2018, Becton, Dickinson and Company (BD) acquired TVA Medical, Inc., a company that develops minimally invasive vascular access solutions for patients with chronic kidney disease requiring hemodialysis. The acquisition of TVA Medical will further enable BD to offer the everlinQ endoAVF System, a new endovascular arteriovenous (AV) fistula creation technology, thereby adding novel products to its End-Stage Renal Disease (ESRD) portfolio.
- Key players operating in the global central venous catheter market include, 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., and Theragenics Corporation.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Source: Coherent Market Insights