Peripheral intravenous (IV) catheter contains a slim flexible plastic tube that can be inserted in the peripheral vein in a patient’s arm using a hollow needle, which can then be withdrawn, and medication or fluids thereafter administered. The approach is also used to take blood samples without the need for additional insertions.
The global peripheral intravenous catheter market is estimated to account for US$ 7,535.5 Mn in terms of value by the end of 2027.
Global Peripheral Intravenous Catheter Market: Drivers
Increasing prevalence of chronic diseases is expected to propel growth of the global peripheral intravenous catheter market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
People aged 65 years or above are at high risk of various diseases and require peripheral IV catheters for administration of antibiotics and other medicines and for drawing blood for testing. Therefore, increasing geriatric population is also expected to boost growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
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North America region held dominant position in the global peripheral intravenous catheter market in 2018, accounting for 45.2% share in terms of volume, followed by Europe.
Global Peripheral Intravenous Catheter Market: Restraints
Use of peripheral intravenous catheters is associated with complications such as blood exposure, which can occur due to needlestick injury and is especially hazardous during the treatment of patients with HIV and hepatitis. Other complications include, skin infections, redness, itching, and pain. Moreover, inadequate catheter stabilization can cause nerve injury. Such factors are expected to hinder growth of the global peripheral intravenous catheter market.
Moreover, high cost of advanced catheters is expected to hamper the market growth, especially in emerging regions such as Asia Pacific and Africa.
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Global Peripheral Intravenous Catheter Market: Opportunities
Integration of new alarm algorithm in healthcare settings can offer lucrative growth opportunities for players in the global peripheral intravenous catheter market. For instance, in October 2019, a study in Advances in Neonatal Care, the official journal of the National Association of Neonatal Nurses, reported that a ‘fuzzy logic’ alarm system may help nurses in the neonatal intensive care unit (NICU) predict impending catheter infusion failure.
Increasing funding for R&D in peripheral intravenous catheter is also expected to boost growth of the market. For instance, in December 2019, Griffith University received US$ 1.5 million in funding from the National Health and Medical Research Council for R&D in peripheral intravenous catheters.
Short PIVC segment in the global peripheral intravenous catheter market was valued at US$ 3,025.4 Mn in 2018 and is expected to reach US$ 4,693.7 Mn by 2027 at a CAGR of 4.9% during the forecast period.
Market Trends/Key Takeaways
In the recent past, the use of integrated/closed catheters has increased compared to short peripheral IV catheters, owing to enhanced patient outcomes. Integrated/closed catheters offer improved safety from various infections such as blood infection, skin infection, and vein injuries. Companies such as Becton, Dickinson and Company, B. Braun Medical Inc., and Tangent Medical Technologies manufacture integrated/closed catheters with safety technology.
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The market is witnessing increasing use of polyurethane material for manufacturing of peripheral IV catheters compared to Teflon and silicone as polyurethane offers superior strength and additional qualities such as softening at body temperature and good flexibility.
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