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The global Catheter Stabilization Devices Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Catheter stabilization devices are medical devices used to securely hold intravenous catheters, peripheral or central lines in position to prevent accidental dislodgment or movement. Catheter stabilization devices help secure catheters, provide protection to insertion site from infections and reduce chances of catheter tip displacement. The rising prevalence of lifestyle diseases like diabetes and cancer requiring prolonged intravenous therapies have increased the demand for catheter stabilization devices globally. Additionally, advancements in secure catheter placement technologies have enhanced the usage of catheter stabilization devices in various medical procedures.
Market key trends:
One of the key trends witnessed in the market is the growing adoption of closed securement systems. Closed securement systems prevent entry of micro-organisms into catheter hubs and reduce infection risks. For instance, 3M’s Tegaderm I.V. Advanced Securement Dressing with antimicrobial technology utilizes a closed catheter system that maintains a barrier to external contaminants and protects the insertion site. Major players are focused on developing advanced closed securement systems with improved infection control properties and ease of use to gain a larger market share. Additionally, favorable reimbursement policies along with technological advancements are expected to propel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low – High capital requirements like infrastructure, sales and marketing and continuous product innovations make it difficult for new players to enter the market.
Bargaining power of buyers: Moderate – Presence of several players makes it easier for buyers to look at alternatives. Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Low – There are several raw material suppliers capable of meeting industry demands. Suppliers have low bargaining power due to availability of alternatives.
Threat of new substitutes: Moderate – Alternative techniques have been in use for a long time but catheter stabilization devices market have gained high acceptance rate due to advantages offered.
Competitive rivalry: High – Market fragmented with global as well as regional players. Intense competition due to presence of many private label brands. Players compete on basis of product offerings, quality and pricing.
Key Takeaways
The global Catheter Stabilization Devices market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing geriatric population and rising number of surgical procedures.
Regional analysis – North America represents largest market for catheter stabilization devices majorly driven by U.S. owing to increasing prevalence of cardiac diseases, well-established healthcare industry and growing demand for medical devices. Europe is expected to witness high growth aided by rising cases of cancer, diabetes and cardiovascular diseases.
Key players operating in the catheter stabilization devices are 3M (US), C.R. Bard, Inc. (US), ConvaTec Group plc (UK), Merit Medical Systems (US), B. Braun Melsungen AG (Germany), DeRoyal Industries, Inc. (US), Cardinal Health (US), Baxter International Inc. (US). Key players are engaging in new product launches, acquisitions and geographic expansions to strengthen global presence.
