ID: MRFR/HC/7649-HCR | 120 Pages | Published By Kinjoll Dey on March 2023
The global catheter securement device market is expected to cross USD 1,295.64 million by 2030 at a CAGR of 9.80%.
The Catheter Securement Device Market is anticipated to reach USD 1,295.64 million by 2030 at 9.80% CAGR during the forecast period 2022-2030. A catheter is a medical device made up of a thin, flexible tube inserted into the body to collect and remove urine, blood, and gases from the human body. A catheter securement device is designed to prevent catheter migration and hold the catheter in place securely. It is used in minimally invasive surgeries, monitoring, and cleaning of the insertion site. In addition, these devices are useful for both children as well as adults who need catheterization. These devices improve patient comfort and prevent the complications caused due to catheter movement during surgeries or medical procedures.
The growing prevalence of chronic diseases such as cardiovascular diseases, urinary diseases, diabetes, and others are key factors contributing to the market growth. Furthermore, the rise in the number of surgeries that require these devices for post-operative care, and the increase in healthcare expenditure, are some of the other key factors expected to offer lucrative opportunities for the market.
One of the most crucial procedures for handling severe COVID-19 patients is intubation. It aids in the delivery of drugs while also assisting them in breathing. As a result of the rising number of COVID-19 patients across the world is going to result in a rise indemand forventilators, intubation, and ventilation securement devices.
In terms of the supply chain, the lockdown measures have impacted the global supply chain of import and export, with prices and raw material supply becoming a problem for producers. As a result of the COVID-19 pandemic, many companies are now adopting modern technologies, such as automation and digital tools, to improve supply chain management. For instance, in June 2020,BackboneAI (US) Launched "Accelerate."This new product launch willautomate supply chain data.
The catheter securement device market is currently being fueled by an increase in all types of treatments and procedures associated with cardiovascular, gastric, urological, respiratory, chemotherapy, and others. Catheter securement devices are used during or after the surgeries to give intravenous fluids, blood transfusions, and medicines to patients towithdraw the urine and more. Furthermore,the rising geriatric population andincreasing incidence of accident-relatedcases is fueling the growth of the market. According to the WHO, approximately 1.3 million people die everyyear due to road traffic crashes, and almost 50 million people suffer non-fatal injuries, with many suffering a disability due to their injury. Thus, the increasing incidence of accident-related injuries is fueling the growth of this segment.
Dressing tapes are a low-cost alternative to catheter securement devices. Historically, a surgical suture was the only secure technique to retain Vascular Access Devices (VADs) in place. Furthermore, the unavailability of reimbursement policiesin developing countries may hampermarket growth.
Emerging markets like Brazil, India, China, and South Africa offer considerable prospects for catheter securement device manufacturers. The growing geriatric population and large patient populationin these countriesare driving the need for enhanced healthcare services. Moreover, the growing number of minimally invasive procedures performed in emerging economies creates huge opportunities for the market players of the catheter securement device market in the region.
The global catheter securement device market is growing steadily and is expected to continue growing at the same rate in the near future. This is due to the increase in the number of surgeries and the growing prevalence of chronic diseases such as cancer, urinary diseases, cardiovascular diseases, diabetes, and others. As a result,the catheter securement device market is projected to gain more importance. Moreover, the value chain analysis for the global catheter securement device market comprises four major components: the R&D and designing, manufacturing of the products, distribution, and marketing & sales.
By Product Type
By End User
The increasing prevalence of lifestyle diseases and the high number of surgeriesin the regionare driving the North American catheter securement device market.
North America held the largest catheter securement device market share in 2020. The market growth is attributed to the factors such asthe increasing prevalenceof cardiovascular conditions, renal insufficiency,& cancersin the region. Furthermore, the high adoption ofadvanced technologies in terms of surgical procedures & hospital management are the drivers expected to increase the market growth in this region.
The rising geriatric population and increasing investment in the R&D sectorin the region are driving the Europe catheter securement device market.
The European catheter securement device market is driven by the rising geriatric population leading to an increasing patient population, increasing investment in the R&D sector, and new product launches by key players arealso boosting the market growth. For instance, in October 2019, Catheterix launched a foley catheter securement devicein Europe. This product launch will prevent catheter dislodgement and actively protects the bladder and urethra from urine catheter extraction damage. Hence, new product launch by key players in the region fuels the growth of the market.
The increasingdem and for various surgeries andlarge patient pool in the regionisfueling the Asia-Pacific catheter securement device market.
The Asia-Pacific catheter securement device market is projected to be the fastest-growing regional market. The rising number of the patient population, improving healthcare infrastructure & healthcare facilities, and growing demand for various surgeries such as congenital heart defects, coronary angioplasty, and heart bypass surgeryare the major drivers for market growth. Moreover, rising healthcare expenditure in the region is driving the growth of the catheter securement device market in Asia-Pacific.
The rapidly improving healthcare infrastructure and advancements in surgical procedures in the region is boosting the Rest of the World catheter securement device market
Rising per capita expenditure of the population in the healthcare sector, rapidly improving healthcare infrastructure, and advancements in surgical procedures are major factors contributing to the growth of the catheter securement device market in this region.
Several global and localindustry players are contributing to the market growth. One of the key players in the catheter securement device market is 3M (US). It operates through five business segments: safety & industrial, transportation & electronics, health care, consumer, and corporate. Its health care segment distributesnon-adhesive securement devices, multi-purpose securement devices, flexible securement devices, and high-strength securement devices.
The key players are pursuing a variety of business strategies to increase their market share. The companies are launching innovative catheter securement devices to gain a competitive advantage. In addition, mergers & acquisitions, joint ventures, and geographical expansions are key strategies adopted by market players to increase their customer base.
List of Key Companies Covered in this Report:
The study covers the existing short-term and long-term market effects, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Scope of the Report & Segmentation
By Product Type
By End User
|Market Size||USD 1,295.64 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||3M Company (US), B. Braun Melsungen AG (Germany), Baxter International, Inc. (US),C.R. Bard, Inc. (US),Centurion Medical Products (US),ConvaTec Group plc (UK),Merit Medical Systems, Inc. (US), Smiths Medical (US),TIDI Products, LLC (US),M.C. Johnson Company, Inc. (US),DeRoyal Industries, Inc. (US),Cardinal Health (US),BioDerm Inc. (US),Starboard Medical, Inc. (US),Pepper Medical (US)|
|Key Market Opportunities|
|Key Market Drivers||Increase in number of surgeries, Booming prevalence of chronic diseases across the globe, Rise in technological advancement|