Catheter Stabilization Devices Market Size

Catheter Stabilization Devices Market Analysis

Over the next few years, the market for catheter stabilization devices is expected to grow at a CAGR of 6.5%.

The pandemic has significantly impacted the market for catheter stabilization devices. Due to the increasing number of COVID-19 patients, the demand for intubation, ventilators, and ventilation stabilization supplies such as catheter securement devices increased to a great extent. However, the number of surgical procedures decreased during the pandemic, which reduced the demand for catheter stabilization devices during the COVID-19 pandemic. For instance, according to the NCBI research article published in June 2021, it was observed that post-lockdown daily out-patient visits were reduced to four patients per day in India, and around 77.0% of the professionals did not perform even a single surgical procedure during the pandemic. Furthermore, only urgent surgeries were allowed during the pandemic, and most cardiac procedures were canceled or postponed due to the diversion of resources toward the affected patients. Thus, the pandemic imposed a slight negative impact on the market. However, with the declining cases of COVID-19 and the resumption of surgical procedures, the market started to gain momentum and is anticipated to maintain the upward trend over the forecast period.

The growing burden of lifestyle diseases, the increasing demand for minimally invasive surgeries, and growing awareness pertaining to catheter-related complications are the major factors propelling market growth. For instance, according to the data published by the European Heart Network in 2021, in the European Union, more than 60.0 million people live with cardiovascular disease, and close to 13.0 million new cases of cardiovascular disease are diagnosed every year. Similarly, according to a study published by the British Heart Foundation in July 2021, there were more than 7.5 million people with heart disease in the United Kingdom and nearly 170,000 deaths each year, an average of 460 fatalities each day or one death every three minutes, in the United Kingdom due to cardiovascular disorders (CVDs). As catheter stabilization devices are frequently used in cardiovascular surgeries, the high prevalence of cardiovascular diseases indicates that the demand for such devices is expected to increase over the forecast period, thereby spurring market growth.

In addition, several market players are implementing strategic initiatives, which are contributing to market growth. For instance, in June 2021, STARBOARD MEDICAL, INC., a medical technology company focused on improving the securement of patient catheters, announced that the United States Patent and Trademark Office (USPTO) recently issued another United States Patent, No. 11,020,566 B2, for Starboard's Clik-FIX catheter securement line. The awarded patent further strengthens the company's intellectual property portfolio, expanding its patent claims and solidifying new design improvements. Therefore, such a scenario may create new opportunities in the market, which may favor market growth over the forecast period.

However, the preference for alternative products and product recalls may likely restrain market growth over the forecast period.