Market Size of Umbilical Vessel Catheters Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Umbilical Vessel Catheters Market Analysis
The umbilical vessel catheters market is expected to register at a CAGR of 5.1% over the forecast period.
The COVID-19 pandemic had substantially impacted the umbilical vessel market. For instance, an article published by the journal Experimental and Therapeutic Medicine, in December 2021, reported that due COVID-19 lockdown, there was a shortage of umbilical catheters due to supply chain disturbance as a result the market witnessed significant challenges. However, in the current scenario due to a decrease in COVID-19 cases and the resumption of all services, the demand for umbilical catheters may increase compared to the beginning of the pandemic, and thus the market is expected to witness significant growth over the forecast period.
The factors that are driving the growth of the studied market are increasing neonatal care globally and the increasing number of premature births. For instance, an article published in the journal Seminars in Perinatology, in October 2022, reported that better access and quality of care at delivery are major determinants of the health and survival of newborn infants. Similarly, an article published by World Health Organization (WHO) in January 2022, reported the increase in facility births for providing essential newborn care and identifying and managing high-risk newborns is increasing the use of umbilical catheters in hospitals to protect the health of neonates and thus driving the growth of the studied market.
Furthermore, the increasing number of premature births is also increasing the demand for umbilical catheters. For instance, an article published by WHO in November 2022, reported that an estimated 15 million babies are born too early every year, that is more than 1 in 10 babies and approximately 1 million children die each year due to complications of preterm birth. Similarly, in November 2022, March of Dimes, the organization in mom and baby health, released its 2022 report, revealing that the U.S. preterm birth rate increased to 10.5% in 2021, a significant 4% increase from the previous year. Thus, high preterm birth is a major concern, and protect the health of newborns the demand for umbilical catheters may significantly increase, thereby driving the growth of the studied market.
Thus, due to increasing neonatal care globally and the increasing number of premature births the market is expected to witness significant growth over the forecast period. However, the high cost of catheters and the lack of skilled professionals may slow down the growth of the studied market.
