The global Peripheral Intravenous Catheters Market is estimated to be valued at US$ 7.4 Bn or Billion 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 are medical devices used to deliver fluids, medications and blood products into veins located near the surface of the skin on the arms, hands, legs and feet. They are beneficial for patients requiring frequent venous access for medications, intermittent therapy, fluid administration and blood sampling.
Market key trends:
One of the key trends in the peripheral intravenous catheters market is increasing preference for safety engineered intravenous catheters. Safety engineered intravenous catheters feature integrated safety mechanism to prevent needle stick injuries and are emerging as popular alternatives to conventional peripheral intravenous catheters. According to the Center for Disease Control and Prevention, the U.S., needle stick injuries pose a serious threat of transmitting infections. To prevent exposure to bloodborne pathogens and reduce needle stick injuries, hospitals and healthcare institutions are increasingly adopting safety engineered intravenous catheters launched by market players. In 2020, BD launched BD Nexiva closed IV catheter system featuring passive needle protection. These developments are expected to drive the growth of safety engineered catheters in the market.
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Market key trends:
The peripheral intravenous catheters market is witnessing increased adoption of safety peripheral intravenous catheters. Safety peripheral intravenous catheters are integrated with safety mechanisms to prevent needlestick injuries and exposure to bloodborne pathogens. These catheters come with mechanisms such as self-retracting needle, sliding clamp, anti-reflux valve, and flash chamber. Growing concern over safety of healthcare staff from needlestick injuries has been driving the demand for safety peripheral intravenous catheters.
SWOT Analysis
Strength: Safety peripheral intravenous catheters possess safety mechansims that prevent needlestick injuries to healthcare staff.
Weakness: Higher cost of safety peripheral intravenous catheters compared to conventional catheters.
Opportunity: Increasing healthcare spending in developing regions provides growth opportunities.
Threats: Stringent regulatory framework and reimbursement issues pose challenges.
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 number of surgical procedures.
Regional analysis: North America holds largest share in peripheral intravenous catheters market due to growing geriatric population in the region which is more prone to chronic diseases. Asia Pacific is fastest growing market driven by expanding healthcare infrastructure and increasing healthcare spending in the region.
Key players operating in the peripheral intravenous catheters market include 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.
