LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global catheter stabilization device market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The top three emerging trends driving the global catheter stabilization device market according to Technavio healthcare and life sciences research analysts are:
- Adoption of integrated or closed catheter systems
- Increase in strategic alliances
- Growing focus on emerging countries
Adoption of integrated or closed catheter systems
Integrated or closed catheter systems come with in-built catheter stabilization devices. These advanced, high-performance catheters consist of a closed system for controlling the flow of blood and a smooth, tapered hub for easy insertion. These catheters are incorporated with an in-built safety system that does not require user activation, but gets activated automatically, resulting in minimized chances of accidental needle stick injury. They provide benefits such as enhanced safety of patients, high stability with a 360-degree stabilization frame, and maximum patient comfort. For example, products such as NovaCath integrated IV catheter system manufactured by Tangent Medical Technologies and BD Nexiva closed IV catheter system by Becton, Dickinson and Company offer benefit such as advanced catheter stabilization. The acceptance of such integrated stabilization system is high among consumers.
Barath Palada, a lead analyst at Technavio for research on cardiovascular devices, says, “Integrated or closed catheter devices reduce procurement costs of healthcare providers by 25%, compared to procurement of catheters and catheter stabilization devices as separate entities. Therefore, many vendors are now focusing on the development of integrated catheter systems.”
Increase in strategic alliances
The catheter stabilization device market is saturated, with the presence of numerous vendors. This has necessitated the formation of strategic alliances to retain market share. Strategic alliances, such as partnership agreements, sales agreements, and distribution agreements, also help manufacturers of catheter stabilization devices to increase their presence in untapped markets.
“Centurion Medical and Medline Industries have entered into a sales agreement to facilitate expansion of their catheter stabilization devices business. Such alliances between vendors and regional, small, and large distributors is expected to increase considerably during the forecast period,” says Barath.
Growing focus on emerging countries
Many companies are expanding their businesses in emerging countries, as these economies provide immense growth potential. The implementation of government initiatives to improve healthcare infrastructure, increase in healthcare budgets, and advances in technology are some of the factors that are propelling market growth in emerging countries. For example, in 2013, the Chinese government spent around USD 371 billion on healthcare reforms, of which USD 100 billion were invested in providing insurance to the masses, and improving the infrastructure of public hospitals and community healthcare facilities. Increasing expenditure on healthcare will lead to an increase in the demand for quality healthcare treatments. Also, lifestyle-related changes have led to a high incidence of chronic diseases. Growing awareness of MI surgical procedures and treatment options for these diseases provide tremendous growth opportunities for global vendors.
Estimated healthcare spending in BRIC countries in 2015 (USD billions)
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