LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global catheter stabilization devices market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Growing emphasis on reducing catheter-related infections is one of the major trends being witnessed in the global catheter stabilization devices market 2019-2023. Catheter securement in catheter stabilization devices is generally performed by sutures and tapes for reducing catheter-related infections, which are conventional methods followed in healthcare centers. Though sutures are considered a long-lasting method to secure catheter placement, they can cause various complications such as suture wound oozing and catheter-related infections. Thus, the use of sutures in catheter stabilization devices for securing catheters and reducing catheter-related infections is declining. The awareness about adhesive-based catheter stabilization devices is increasing among patients and physicians owing to their advantages over traditional suturing methods which is driving the global catheter stabilization devices market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global catheter stabilization devices market is the increasing aging population:
Global catheter stabilization devices market: Increasing aging population
The rising aging population is expected to drive the growth of the global catheter stabilization devices market. The aging population or baby boomers create a huge demand for medical devices since they are prone to obesity, diabetes and other chronic diseases, which drive the sales of catheter stabilization devices.
According to a senior analyst at Technavio, “As per CDC report, chronic diseases such as heart diseases, cancer, and diabetes are the leading causes of death and accounts for $2.7 trillion in annual healthcare costs in the US. Thus, the increase in the prevalence of chronic diseases because of an aging population is likely to drive the demand for and adoption of advanced catheter stabilization devices.”
Global catheter stabilization devices market: Segmentation analysis
The global catheter stabilization devices market research report provides market segmentation by application (general surgery and gastrointestinal procedures, cardiovascular procedures, urological procedures, respiratory procedures, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for 45% share. It was followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the growing aging population and increasing emphasis on reducing catheter-related infections.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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