The global peripheral I.V. catheter market was valued at $3,702.2 million in 2015, and it is expected to grow at a CAGR of 6.0% during the period 2016 – 2022. The global market is increasing, due to growing geriatric population and increasing incidence of chronic diseases. In addition, the growing demand for injectable drugs in comparison to the oral medications, increasing healthcare expenditure and technological advancements in peripheral I.V. catheter is encouraging the growth of the global peripheral I.V. catheter market.
Based on type of devices, the integrated/closed peripheral I.V. catheter segment is expected to witness the faster growth during the forecast period. Among the end users, the hospital segment accounted for the largest share in the global market in 2015; and the segment is expected to witness the fastest growth, at 6.5% CAGR during 2016 – 2022.
The aging population is playing a key role in the growth of the global peripheral I.V. catheter market. The elderly people are more susceptible to diseases, sickness and syndromes, due to less regenerative abilities, as compared to adults. According to the National Institutes of Health (NIH), an organization that conducts and supports medical research activities across the world, about 75% to 85% of older people in elderly care facilities suffer from chronic pain, which is boosting the demand of peripheral I.V. catheters.
The prevalence of chronic diseases, such as heart disease, cancer, stroke, respiratory disease and diabetes, is increasing due to the alteration in lifestyle and lack of access to preventive care. According to the CDC, in 2012 approximately 117 million people in the U.S. had one or more chronic health conditions.
Peripheral I.V. catheter helps in directly administering antibiotics, analgesics, intravenous fluids, and psycholeptics into the veins. Moreover, the introduction of technologically advanced catheter has led to the reduction in hematoma-related complications and bloodstream infections. For instance, the usage of short peripheral I.V. catheter helps in the reduction of mucocutaneous blood exposure amongst people in hospitals. In addition, it also prevents the transfer of blood-borne pathogens to healthcare workers, housekeeping staff, and visitors in hospitals and clinics, which is acting as a major growth driver for the global peripheral I.V. catheter market.
However, the availability of alternative treatments such as oral drug therapies, and injections and complications associated with the usage of peripheral I.V. catheter acts as major restraint in the growth of the global market. In addition, the high cost of peripheral I.V. catheter is further restraining the growth of the market. The Asia-Pacific market is expected to witness the fastest growth, at a CAGR of 6.8% during the period 2016 – 2022.
The key companies operating in the global peripheral I.V. catheter market include Becton, Dickinson and Company, Terumo Corporation, B. Braun Melsungen AG, Teleflex Incorporated, Smiths Medical Inc., C.R. Bard Inc., Tangent Medical Technologies Inc., VIGMED AB, Argon Medical Devices Inc., and Medical Components Inc.
News Courtesy: P&S Market Research