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The Peripheral Intravenous Catheters Market is estimated to be valued at US$ 7.4 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peripheral intravenous catheters, also known as short peripheral catheters, are flexible thin tubes that are inserted into peripheral veins in the arm, hand, leg or foot to deliver medication, fluids or for blood collection. They are made of durable yet flexible materials like plastic, silicon or thermoplastics which can withstand repeated cannulation procedures. These catheters are disposable, single-use medical devices available in various configurations and sizes depending on the treatment requirement.
Market Dynamics:
One of the key drivers propelling the growth of peripheral intravenous catheters market is the rising prevalence of chronic and lifestyle diseases worldwide necessitating long-term medical therapies involving peripheral cannulation procedures. According to World Health Organization, chronic diseases accounted for 71% of global deaths in 2019. Furthermore, increasing number of surgical procedures and greater focus on timely intervention and resource optimization in healthcare systems is driving the demand for short peripheral intravenous catheters that ensure timely delivery of therapeutics at lower costs compared to central venous catheters. Although highly skilled professionals are needed for central line placements, short peripheral catheters allow nurses and paramedics to start treatment immediately at the patient’s bedside or even before reaching hospital. This has resulted in wider acceptance and preference for peripheral intravenous catheters in critical care settings.
Read More Insights: https://www.coherentmarketinsights.com/market-insight/peripheral-intravenous-catheters-market-3208
Segment Analysis
Peripheral intravenous catheters can be segmented into short peripheral intravenous catheters and midline catheters. Short peripheral intravenous catheters are the most commonly used and dominating sub-segment as they are cost-effective and find widespread applications in administering fluids, blood products, medications and total parenteral nutrition. These catheters are inserted into superficial veins in lower arms and hands and are versatile with low risk of complications.
PEST Analysis
Political: Regulations regarding safety and efficacy of medical devices are becoming more stringent globally which will drive demand for high quality catheters compliant with quality standards.
Economic: Rising healthcare spending coupled with growing geriatric population prone to chronic diseases will augment the market growth.
Social: Increasing incidence of chronic diseases and enhanced patient awareness regarding vascular access devices is propelling the peripheral intravenous catheters market.
Technological: Adoption of advanced materials for enhanced safety, comfort and dwell time of catheters along with miniaturization is gaining traction.
Key Takeaways
The global Peripheral Intravenous Catheters market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of chronic diseases and rising surgical procedures worldwide.
The North American region is expected to dominate the market owing to growing geriatric population, higher healthcare expenditure, increasing rate of hospital admissions and surgical procedures in the region.
Key players operating in the Peripheral Intravenous Catheters market are BD, ICU Medical, Inc., Surmodics, Inc., B. Braun SE, Greiner Bio-One International GmbH, Terumo Corporation, Vygon, Healthline Medical Products, Retractable Technologies, Inc., Nipro Medical Corporation, Medsource Labs., Argon Medical Devices., Integral Lifesciences Holdings Corporation, Intra Special Catheters GmbH, Medical Components, Inc., Merit Medical Systems., Heka s.r.l., RAUMEDIC AG, Cook, Teleflex Incorporated.
