Peripheral Intravenous Catheters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Peripheral Intravenous Catheters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global peripheral intravenous catheters market was anticipated to grow with a CAGR of nearly 6.5% during the forecast period. Cardiovascular, urology, and neurology diseases have become the most dominant cause of mortality and morbidity in the world during the last three decades. Increasing utilization of peripheral intravenous catheters in the treatment of these chronic diseases, leading to hospitalization is anticipated to drive the market over the forecast period. According to 2015 statistics by the Department of Health, more than 40% of New York adults suffer from a chronic disease, and chronic diseases are responsible for 23% of all hospitalizations in New York State. Six out of every 10 deaths in New York State are caused by chronic diseases. This results in growing need for peripheral intravenous catheters in disease treatment, thereby propelling market growth.

Rising awareness about the minimally invasive surgeries coupled with rising usage of advanced materials such as Teflon and polytetrafluoroethylene in product has also boosted its demand. Some other key factors such as availability of improved catheters, growing awareness among the public, and increasing cases of surgeries is expected to boost the market growth. Furthermore, the reimbursement policies related to catheters, such as reimbursement provided by Center for Medicare and Medicaid in the U.S., helps in expanding the market.

However, risks and complications associated with the peripheral intravenous catheters may hinder the growth of the global peripheral intravenous catheter market.

Key Market TrendsIntegrated/Closed Catheters Dominates the Market and is Expected to Continue the Same during the Forecast Period

• Integrated/Closed catheters is expected to dominate of the peripheral intravenous catheter market through the forecast period. Increasing adoption of closed catheters that help inject contrast media during computed tomography (CT) is acting as a driving factor for this segment’s growth. These catheters are made of polyurethane material and can withstand pressures that may exceed 300 pounds per square inch (psi).
• On the other hand, peripheral insertion catheters segment is expected to be the fastest growing segment during the forecast period as they are non invasive. The reimbursement by the Medicaid program that provides 120 catheters per month for a person and Medicare program that reimburses maximum of 200 catheters also governs the growth. Such reimbursement policies contribute to the large share of the segment, as they reduce the out-of-pocket expenditure of the patients.

The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period

North America held majority of the market share. The region suffers from the burden of rising chronic diseases and growing geriatric population. North America has sophisticated healthcare facilities, and the reimbursement coverage contributes to the large market share of the region. According to the National Center for Chronic Disease Prevention and Health, 6 in 10 adults of the US have a chronic disease at some point in their lives. Chronic disease is leading causes of death and disability and Leading Drivers of the Nation’s $3.5 Trillion in Annual Health Care Costs. The aforementioned factors are expected to boost the regional growth.

Asia Pacific is anticipated to witness a lucrative growth rate over the forecast period. The target population comprising individuals with chronic conditions such as neurological disorders, diabetes, and infectious disorders is on the rise in these developing regions. This provides avenues for players in this vertical to carry out campaigns and awareness programs with regards to disease treatment thereby increasing product penetration in the regional verticals.

Competitive Landscape

The market for peripheral intravenous catheter is highly competitive and consists of the global as well as local players. Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share. Some of the companies which are currently present in the market are B. Braun Melsungen AG, BD, ICU Medical, Smiths Medical, Teleflex Incorporated, Terumo IS, Vygon SA. New product launches, collaborations, mergers, and acquisitions are the key initiatives undertaken by the leading players in this vertical to sustain the competition. For instance, In November 2019, Terumo Corporation has acquired Aortica Corporation, a U.S.-based company dedicated to advancing the science of personalised vascular therapy to transform the treatment of aortic disease worldwide.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

B. Braun Melsungen AG
BD
ICU Medical
Smiths Medical
Teleflex Incorporated
Terumo IS
Vygon SA

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