According to FutureWise analysis the market for catheter securement device in 2023 is US$ 0.55 billion, and is expected to reach US$ 1.18 billion by 2031 at a CAGR of 10.1%.
The rise of geriatric population coupled with an increasing prevalence of chronic diseases are some of the factors increasing the catheter securement device market size. An increasing need for minimally invasive procedures coupled with rising healthcare expenditure worldwide is fueling the growth of the market. Guidelines on securement are issued by the Occupational Safety and Health Administration, U.S and the National Institute for Health and Care Excellence, UK are also driving the growth of the market. Increasing prevalence of bloodstream infections associated with catheter is also positively influencing the market growth.
The market is bifurcated into type, application, end-user, and region. Based on type, arterial catheters hold a primary market share. Arterial securement is deployed in various surgeries and also extensively used for cancer and cardiovascular diseases. Owing to these, there has been a huge demand for arterial securement thus resulting in expansion of the market size. On the basis of application, cardiovascular procedures are expected to inflate the market size. Increasing prevalence in cardiovascular diseases and heart diseases is contributing to the growth of the market. In terms of region, hospitals subjugate the market. Increasing prevalence of catheter-associated urinary tract infections is increasing the demand for hospitals. The rapid expansion of hospitals worldwide coupled with improving healthcare services is positively impacting the market.
Based on the region, North America is the global front runner of the market. The region is home to some of the advanced technologies in terms of hospital infrastructure, management, and surgical procedures. The increasing patient pool is significantly inflating the market share. The Joint Commission has published that over 80,000 Central Line-Associated Bloodstream Infections (CLABSIs) occur in the ICUs in US every year. The number increases to approximately 240,000 cases of CLABSIs each year if patients outside the ICUs are taken into consideration. The increase in such infections is accelerating the growth of the market in the region. Beckmen Coulter in 2018 launched IQ Workcell 2000 and 3000 DIRUI Industrial Co. Ltd in 018 launched the FUS 1000 Automated Urine Analyzer. Arkay and Beckman Coulter collaborated to deliver integrated urine analyzer.