Peripheral intravenous catheters are medical devices used to infuse fluids into the blood of a patient or to draw blood for examination. They are inserted using a needle, which is then removed, and the catheter is left attached to the patient’s body with the help of medical adhesive tape. Peripheral IV catheters help in carrying out various medical procedures and have gained a prominent role in the healthcare sector due to the rising prevalence of diseases in the modern world. According to data released recently by Persistence Market Research, the global peripheral IV catheter market was valued at around US$3.6 bn in 2015 and is expected to rise to a valuation of US$5.2 bn by 2021, exhibiting a robust 6.10% CAGR therein.
Browse the full Global Peripheral Intravenous Catheter Market report at http://www.mrrse.com/peripheral-iv-catheter-market
Increasing Prevalence of Diseases Drives Peripheral IV Catheter Market
As mentioned before, one of the prime drivers of the global peripheral IV catheter market is the rising prevalence of a wide variety of diseases that require blood examination or IV administration of medication. Due to increasing pollution, widespread consumption of an unhealthy diet, and other lifestyle factors, diseases are becoming commonplace all over the world, which has propelled the peripheral IV catheter market in recent years. The rising geriatric population around the world complements this driving factor, since the elderly have weaker immune systems than younger patients and are thus more likely to fall ill.
The rising sophistication of peripheral IV catheters, brought about by technological innovation funded by government as well as private agencies, is also responsible for the rising demand for peripheral intravenous catheters. Modern peripheral IV catheters carry very little risk of side effects and other complications, which has helped boost the consumers’ confidence in the devices.
Safety Catheters to Retain Majority Share in Global Peripheral IV Catheter Market
On the basis of technology, there are two major types of catheters in the global peripheral intravenous catheters market: conventional peripheral IV catheters and safety peripheral IV catheters. Of these, safety peripheral IV catheters dominated the global market in 2014, accounting for more than US$2.1 bn in 2014. Safety peripheral IV catheters are expected to remain the dominant segment through the forecast period and are estimated to reach a valuation of more than US$3.4 bn by 2021. The segment is expected to exhibit a strong 7.10% CAGR over the forecast period.
Among the several end users of peripheral IV catheters, hospitals comprised the largest end user segment, accounting for a dominant 61.4% of the market in 2014. Ambulatory surgical centers were the second largest segment of the market in 2014, with a share of 19.6%.
Regionally, North America and Europe led the global peripheral IV catheter market, with the two collectively accounting for 72% of the global market in 2014. However, the Asia Pacific market for peripheral IV catheters is expected to exhibit the highest growth rate in the forecast period, followed by the North America market. The rising prosperity of patients in emerging Asia Pacific countries such as India, China, Thailand, Malaysia, etc., allied to increasing government efforts to modernize the healthcare scenario in these countries, is driving the APAC peripheral IV catheter market.