Medical devices known as catheters or cannulas are used for administering medicines into the body as well as extracting body fluids. Stabilization devices are primarily used for attaching and securing a catheter to the skin of a patient in order to sustain the catheter correctly placed through a catheter insertion site. The catheter stabilization device includes a catheter clipping element which contains a clipping body that ends in open arms for easy and convenient clipping and unclipping of a catheter. The stabilization device in accordance with the invention is capable of being conveniently used in operation rooms, emergency rooms, hospital rooms, ambulances or another applicable site. The catheter stabilization device market is projected to cross market value of USD 2,310.4 million in 2027 from USD 1,180.3 million in 2020. It is anticipated to grow at a CAGR of 9.78% during the forecast period.
Interesting Facts of Catheter Stabilization Device Market
Arterial securement devices segment held over 20% share of the total revenue generated in 2020
Ever increasing incidence rate of minimally invasive surgery is propelling the demand for Catheter Stabilization Device
Availability of economic substitutes and high cost of Catheter Stabilization Device are holding back the growth of this industry
North America is leading regional market with over 30% share in total revenue
Catheter stabilization device industry participants are mainly banking on innovation through extensive R&D
Catheter Stabilization Devices Market : Key Drivers and Restraints
Global rise in number of surgeries and growing demand for minimally invasive surgeries are the major key driving factor for the growth of catheter stabilization device market. Rise in incidences of lifestyle diseases, for instance cardiovascular disease, atherosclerosis, obesity and type 2 diabetes along with rise in need of reducing infection associated to catheter propels the demand of catheter stabilization devices market. Rise in geriatric population further contributes to the market growth. Furthermore, new product launches and development by leading key players will help to boost the market growth. Rising spending on healthcare in emerging market offer lucrative opportunity for the market growth in the forecast period.
However, availability of alternative products may hamper the growth of the global catheter stabilization device market to a certain extend. Further, technological advancement in healthcare devices and rising prices may reduce demand over availability of cost-effective alternatives.
Impact of COVID 19 on Catheter Stabilization Devices Market
The outbreak of COVID-19 is declared as emergency public health issue in 2019 by the World health organization (WHO). Rapid surge in patients number forced government authorities to reserve government as well as private hospital beds. This has resulted into shelving other surgical procedures. Also, many patients postponed hospital visits to avoid infection contact. These factors collectively contributed to less demand for catheter stabilizing devices.
Geographical Analysis of Catheter Stabilization Device market
North America to rule the global catheter stabilization device market
Geographically, the global catheter stabilization device market categorized into Europe, North America, Asia Pacific, Middle East and Africa, Latin America (LATAM), including all the key economies in these regions. North America region accounted for major revenue share in the global catheter stabilization device market, owing to rising incidences of heart related diseases and lifestyle diseases in this region. Higher level of awareness among end-users regarding health benefits of stabilization device as well as increase in number of surgeries for diagnosis and examination is also among the factors that is fueling the market growth. The U.S. is the largest market in this region due to presence of leading manufacturing countries such as 3M company, C.R. Bard, Inc., B. Braun Melsungen AG, Baxter International Inc., and TIDI Products, LLC fuels the market growth.
Europe accounted for the second largest market after North America region. The catheter stabilization device market growth is contributed by countries such as U.K., France and Germany owing to rising healthcare expenditure. The Asia Pacific is projected to register moderate revenue share in the global market over the forecast period, due to increasing healthcare infrastructure and growing healthcare awareness.
Global Catheter Stabilization Device Market by Product
Arterial securement devices segment dominates the catheter stabilization device market
Several types of catheter stabilization devices available in market such as peripheral, arterial, central venous catheter, urinary catheter, chest drainage tube, and other securement devices are considered in the report. In 2020, arterial securement devices segment accounted for the largest share of catheter stabilization device market. This is attributed to growing prevalence of lifestyle disorder and rising healthcare expenditure.
Global Catheter Stabilization Device Market by End-use
Hospital sector to remain the largest end users of catheter stabilization device
The catheter stabilization devices offer wide applications in hospitals, home care settings and others. Among these, hospital segment accounted for the major share in 2020 of the catheter stabilization device market. Increasing usage of catheter stabilization devices in hospitals, trauma centers and home cares boosts the demand in the market. Increase in number of surgeries such as cardiovascular, respiratory, chemotherapy and other lifestyle diseases propels catheter securement devices market. Further, catheter stabilization device industry players are mainly focusing on technological innovation and research & development owing to rising demand for minimally invasive devices.
Frequently asked questions about global industry
On the basis of product type, the catheter stabilization device market is segmented into arterial securement devices, central venous catheter securement devices, peripheral securement devices, urinary catheter securement devices, chest drainage tube securement devices and others.
Some of the major players operating in catheter stabilization device industry include, C.R. Bard, Inc., B. Braun Melsungen AG, Baxter International Inc., TIDI Products, LLC, 3M Company, Centurion Medical Products, Merit Medical Systems, Inc., Smiths Medical, Starboard Medical, Inc. and Dale Medical Products, Inc.
Hospitals is the fastest growing end user segment of catheter stabilization device market. Increase in number of surgeries and rising number of chronic patients in the hospitals drives the market.
North America holds the largest share in the market owing to presences of leading manufacturers in this region and high level of awareness among end-users regarding benefits of catheter stabilization devices.
High cost of product and availability of cost-effective alternatives in the market is the major challenge for the growth of catheter stabilization device industry. Moreover, lack of awareness regarding safety and benefits of catheter stabilization device among end-users across emerging countries is one of the substantial hurdles for the growth of this industry
