U.S. Central Venous Catheter Market Gains Momentum amid Rising Outpatient Care Trends

 

U.S. central venous catheter market

The U.S. central venous catheter market is used for central venous access in patients for the administration of fluids, medications, parenteral nutrition, and blood products. It helps in various procedures such as chemotherapy, blood transfusions, and total parenteral nutrition. Central venous catheters provide reliable and long-term venous access for patients.

The U.S. central venous catheter market is estimated to be valued at US$ 1252.07 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period from 2024 to 2031.

Key players operating in the U.S. central venous catheter market are Robert Bosch GmbH., Continental AG, DENSO CORPORATION, HELLA GmbH & Co. KGaA, Infineon Technologies AG, Autoliv Inc., Lockheed Martin Corporation., NXP Semiconductors., smart microwave sensors GmbH, Oculii Corporation, SRC, Inc., Arbe, Echodyne Corp., Raytheon Company Corporation, Saab AB, Northrop Grumman, ZF Friedrichshafen AG, Hitachi, Ltd., InnoSenT - Innovative Radar Sensor Technology, and Kestrel Radar Sensors among others.

The growing demand in the market can be attributed to the rising prevalence of chronic diseases that require continuous long-term vascular access and increase in aging population. According to the Center for Disease Control and Prevention (CDC), in the U.S., around 6 in 10 adults suffer from a chronic disease and 4 in 10 have two or more. Moreover, the expanding geriatric population being more prone to chronic diseases is also boosting the demand.

The market is also witnessing expanding presence globally with growing awareness regarding continuous infusion therapy alternatives to hospitalization. Several players are strengthening their geographical presence with expansion strategies across international markets. For instance, in March 2022, AngioDynamics announced the expansion of its Evrive central venous catheter portfolio in select European markets.

Some of the key trends in the U.S. Central Venous Catheter Market Demand include development of ultrasound-guidance technology for accurate placement and reduction in complications. Ultrasound-guidance enables real-time visualization of vessels and internal organs, facilitating precise catheter insertion. It reduces procedure time and risks of complications like accidental arterial puncture, pneumothorax, and hematoma formation. With growing focus on safety, ultrasound-guide catheters are becoming increasingly popular.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established customers of incumbent players make entry difficult for new players.

Bargaining power of buyers: Large number of players in the market enables buyers to negotiate on price.

Bargaining power of suppliers: Suppliers have low bargaining power due presence of substitute products and components.

Threat of new substitutes: Limited threat of substitution as catheters have well-established application in medical procedures.

Competitive rivalry: Intense competition amongst established players to tap opportunities through innovative product launches.

Geographical Regions

North America dominates the U.S. central venous catheter market in terms of value given established healthcare infrastructure and rising prevalence of chronic diseases requiring catheter procedures. The region is estimated to account for over 35% market share by 2024.

Asia Pacific exhibits fastest growth for the U.S central venous catheter market owing to increasing healthcare expenditure, large patient population and rapid development of medical technologies in countries like China and India. The annual growth rate in Asia Pacific is projected at 22% during the forecast period.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

(https://www.linkedin.com/in/money-singh-590844163)

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