Peripheral intravenous catheters refer to the medical devices that are used for infusing medications and fluids directly into the veins or drawing blood samples for testing purposes. A needle is used to insert peripheral intravenous catheters into the patient’s body. The needle is removed once the catheter is in place, which is thereafter attached over the patient’s skin using medical adhesive tape.
Peripheral intravenous catheters are a vital tool used in the delivery of patient care and are commonly used in care facilities or hospitals. Usually considered low risk devices, peripheral intravenous catheters are sometimes associated with certain complications such as phlebitis, hematoma, infection, and pain.
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The market had a valuation of US$3,663.7 mn in 2015. Expected to expand at a healthy 6.1% CAGR between 2015 and 2021, the market is projected to rise to US$5,224.7 mn by 2021 (as per a market research report on global peripheral intravenous catheter market by Persistence Market Research).
Rising Prevalence of Diseases and Healthcare Expenditure Drive Market
The global market for peripheral intravenous catheters is chiefly driven by the rising number of a variety of diseases and infections on a global level, mounting global geriatric population, rising per capita expenditure on healthcare, and advancements in catheter technology. Certain factors such as the complications arising from the use of peripheral intravenous catheters such as needlestick injuries and blood exposure, coupled with the high price of advanced peripheral intravenous catheters, are expected to hamper the overall growth of the market to a certain extent.
Some of the key end-use segments of peripheral intravenous catheters are hospitals, clinics, home healthcare facilities, and ambulatory surgical centers. Of these, the hospital section accounted for the leading share at an estimated 61.4% in the global market in 2014. The sector also contributed the highest share of revenue to the global market, with nearly US$2,147.6 mn in 2014. Ambulatory services accounted for 19.6%, the second-largest share, in the global peripheral intravenous catheter market in the same year.
Demand in North America Accounts for Nearly Half of the Global Demand
The common types of peripheral intravenous catheters available in the market are short peripheral intravenous catheters and integrated/closed peripheral intravenous catheters. Of these, the segment of short catheters is expected to expand at the fastest pace over the period between 2015 and 2021.
Technology-wise, the segment of safety peripheral catheters is expected to surpass the demand for conventional peripheral intravenous catheters as the global consumer, with increased disposable incomes, emphasizes more on safety than the cost of healthcare services. The trend is also expected to prevail in developing regions of the globe which are exhibiting improved GDPs and a continuous rise in the population of middle-class people.
On the geographic front, North America led the global peripheral intravenous catheters market by accounting for a 45% share in 2014. Europe stood as the second-largest with over 27% share in the same year.
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Leading device manufacturers in the global peripheral intravenous catheter market are constantly involved in extending collaborations with major providers of healthcare solutions and services. Some of the key vendors in the market are Becton Dickinson and Company, Terumo Corporation, Tangent Medical, B. Braun Melsungen AG, Vygon Group, C. R. Bard, Inc., and Smith Medical.