Upgradation in process
Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Recent Trends and Developments in the Market
Cathetrix, a company involved in the development of smart Foley catheter fixations or urinary catheter fixations, recently revealed its plans to launch the world’s first Foley catheter stabilizer. This stabilizing device would prevent any possible damage to the urethra and bladder during removal of the catheter. The device, known as FoleySafe would be demonstrated in November, 2019 in Germany.
Introduction to Catheter Securement & Stabilization Devices
Catheter securement devices are required in order to ensure that the catheter stays in place. A catheter is a flexible tube which is inserted into the blood vessels, urethra or any other tube in the body. These devices secure the catheter in a suture-free manner and prevent it from moving from its place in children and well as adults, thereby reducing the risk of injuries, infections and other complications that might occur as a result of using catheters. Catheter securement and stabilization devices are much more efficient and safe than the conventional methods of supporting catheters which include taping the catheter and dressing. These devices are suitable for both short term as well as long term catheter systems.
Market Size and Forecast
The global catheter securement & stabilization device market is anticipated to record a significant CAGR over the forecast period, i.e., 2019-2027. The market is segmented by product, by end user and by region, out of which, the end user segment is further segmented into hospitals, ambulatory surgical centers, clinics, home care and others. Based on end user, the hospital segment is anticipated to hold the largest share in the global catheter securement & stabilization device market on account of rising number of medical procedures involving catheters at hospitals. The growing number of surgeries on account of rising prevalence of chronic health disorders as well as accidents is a major driver anticipated to raise the market growth. The Centers for Disease Prevention and Control reported that every patient using urinary catheter has a 3% to 7% increased risk of developing a catheter-associated urinary tract infection (CAUTI). On the basis of product, the market is segmented by central venous catheter securement, arterial catheter securement, peripheral catheter securement, urinary catheter securement and others. Out of these, the arterial catheter securement segment is anticipated to observe the highest growth during the forecast period as a result of high demand for the use of arterial lines. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Rise in Chronic Disease Incidences to Support the Market Growth
The growing number of chronic health disorders among a majority of the population, especially among the geriatric population gives rise to the demand for medical devices that provide better healthcare services. Further, increasing demand for minimally invasive surgical procedures is an additional factor resulting in a high demand for catheter securement and stabilization devices. As per the Australian Vascular Access Society, up to 25% of peripheral arterial catheters fail prematurely during the treatment as a result of accidental removal, dislodgement or infection. The rising number of surgeries and other healthcare practices that require the use of catheters is estimated to contribute towards the market growth.
Growing Research and Developments in the Healthcare Industry to Drive the Market Growth
Growing research and development activities in various regions across the world is leading to the development of highly advanced medical devices. The catheter securement and stabilization devices are increasingly being designed so as to make the medical procedures involving the use of various types of catheters safe and highly effective.
Restraints
Presence Of Substitute Products To Hamper The Market Growth
The presence of alternative devices and products for securement of catheters in one place is estimated to restrict the market growth. The other products, though might not be as effective as catheter stabilization devices, are widely and commonly used in majority of hospitals and clinics, thereby hampering the demand of these products.
Market Segmentation
Our in-depth analysis of the global catheter securement & stabilization device market includes the following segments:
By Product
By End User
By Region
On the basis of regional analysis, the global catheter securement & stabilization device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America region is anticipated to hold the largest share in the global catheter securement and stabilization devices market on account of greater advancements in healthcare sector in the region which results in the development of such devices. The increasing adoption of catheters during various medical procedures, especially those related to cardiovascular disorders and diabetes, is estimated to result in the market growth. Further, ensuring that the catheters are securely held is another factor supporting the market growth in this region. Moreover, the market is Asia Pacific is estimated to grow at the highest rate during the forecast period as a result of larger number of patients along with higher demands for improved healthcare in the region.
The global catheter securement & stabilization device market is further classified on the basis of region as follows:
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