The U.S. Central Venous Catheter Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Advance Central Venous Catheters
The 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 medical devices that are used to provide long-term vascular access for infusion therapy, blood transfusions, acute dialysis, and many other medical treatments. These catheters are inserted into a large vein in the neck (internal jugular vein), chest (subclavian vein), or groin area (femoral vein). Central venous catheters provide easy and long-term vascular access for critically ill patients, cancer patients undergoing chemotherapy, and patients receiving long-term treatment.
Market key trends:
One of the major trends in the U.S. central venous catheter market is the rising adoption of advance central venous catheters such as peripherally inserted central catheters (PICCs) and implantable ports. These advance central venous catheters offer benefits such as minimal complications, longer lifespan as compared to conventional catheters. Furthermore, manufacturers are focused on developing advanced central venous catheters with improved safety and efficacy profiles. For instance, in 2022, AngioDynamics launched a new Groshong PICC portfolio in the US, which is engineered for secure central venous access and designed to prevent catheter tip migration and malpositioning which helps in reducing complications associated with conventional central venous catheters.
Porter's Analysis
Threat of new entrants: The high initial investment required for manufacturing, distribution and marketing acts as a entry barrier. The market is dominated by major players with strong brand image and supply chain network.
Bargaining power of buyers: The presence of large number of vendors provides buyers with adequate choices and bargaining power. However, quality issues and patent protection limits full substitution.
Bargaining power of suppliers: The key raw material suppliers have low bargaining power due to availability of substitutes and absence of differentiation. However, compliance with stringent regulations provides some bargaining advantage.
Threat of new substitutes: Alternatives like peripherally inserted central catheters offer few advantages but lack versatility. High switching costs reduce the threat of substitute products.
Competitive rivalry: The market is highly competitive due to presence of major multi-national brands. Players focus on new product launches and innovations to gain competitive edge.
SWOT Analysis
Strength: Well-established distribution network, compliance with stringent quality and safety standards, product differentiation through innovative technologies and designs.
Weakness: High R&D costs, pricing pressures from regulatory bodies and payers, limited patents protection.
Opportunity: Rising geriatric population vulnerable to chronic diseases, increasing number of surgical procedures, growing healthcare expenditures.
Threats: Stringent regulatory approvals, reimbursement policies, shortage of skilled professionals.
Key Takeaways
The Global U.S. Central Venous Catheter Market Size is expected to witness robust growth at a CAGR of 6.2% during 2023-2030 driven by rising prevalence of chronic diseases requiring long term central access, an increasing number of cancer cases and surgical procedures in the country.
Regional analysis:
The Western U.S. dominates the market owing to presence of advanced healthcare infrastructure and high medical expenditure. States like California and Texas are major revenue generators.
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.
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