The rise in geriatric population, cost-benefits associated with Securement Devices, the elevating incidence rate of lifestyle disease have resulted in boosting the Catheter Securement Devices market.
The global catheter securement devices market is forecast to reach USD 1.74 Billion by 2027, according to a new report by Reports and Data. Catheter Securement Devices can be defined as medical devices that are used for holding catheters in a specific position. It is useful in reducing the discomfort associated with continuous displacement of catheters among care users. Various factors are supporting the growth of the market. One of the mentionable factors in this regards being, constant rise in lifestyle diseases like cardiovascular conditions, associated hospitalization for cardiovascular procedures, in developed as well as developing regions. In addition to that, a continuous increase in the use of urinary catheters can be noticed among long-term care (LTC) facilities and acute care hospitals. In this regards, it is mentionable here that, continuous rise in geriatric population and associated increased demand for long-term care in chronic conditions, is supporting the market growth. On average, every year, more than 5 million patients require urinary catheters in long-term care (LTC) facilities and acute care hospitals.
In context to region, Europe can be seen to occupy a prominent market position. The market share held by the region is resultant of a continuously increasing geriatric population, rise in chronic conditions, and lifestyle diseases in Europe.
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Key participants include
B Braun Melsungen AG, 3M Company, C.R. Bard (Becton Dickinson and Company), Baxter International, Convatec, Inc, Centurion Medical Products (Medline), Merit Medical Systems Inc., Mc Johnson Company Inc., Smiths Group PLC and Cardinal Health, Inc.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Further key findings from the report suggest
The Catheter Securement Devices market held a market share of USD 0.91 Billion in the year 2018 that is forecasted to grow at a rate of 7.1% during the forecast period.
In context to Product Type, the Arterial Securement Devices segment generated the highest revenue of USD 0.27 Billion in the year 2018, with a growth rate of 7.3% during the forecast period. The extensive use of arterial catheters for ICU interventions, the rising incidence rate of cardiovascular diseases, and its increasing application in surgeries associated with cardiovascular diseases are some of the factors contributing to the market share occupied by the Arterial Securement Devices segment.
In context to Application, the Cardiovascular Procedures segment generated the highest revenue of USD 0.19 Billion in 2018, with a growth rate of 7.4% during the forecast period. The market share occupied by the Cardiovascular Procedures segment is associated with the continuous elevation in lifestyle diseases in developing as well as developed nations that results in increased demand for these securement devices for cardiovascular procedures.
In context to End-user, the Hospital segment is dominating that generated the highest revenue of USD 0.46 Billion in 2018, with a CAGR of 7.6% during the forecast period. Increasing rate of hospitalization associated with conditions like cancer, cardiovascular diseases results in an increased demand for these securement devices in hospitals, which contributes to the market share held by the segment.
In regards to region, Asia Pacific is projected to witness the fastest growth rate of 7.7% during the forecast, which is expected to hold 2% of the market by 2027. The growth rate witnessed by the region is resultant of developing healthcare infrastructure and increasing incidence rate of chronic diseases in this region.
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For the purpose of this report, Reports and Data have segmented the global Catheter Securement Devices market according to Product Type, End-user, Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2027)
Central Venous Catheter Securement Devices
Arterial Securement Devices
Urinary Catheters Securement Devices
Peripheral Securement Devices
Chest Drainage Tube Securement Devices
End-user Outlook (Revenue, USD Billion; 2016-2027)
Diagnostic Imaging Centers
Application Outlook (Revenue, USD Billion; 2016-2027)
Gastric and Oropharyngeal Procedures
Regional Outlook (Revenue, USD Billion; 2016-2027)
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