Peripheral Intravenous Catheters Market

Peripheral Intravenous Catheters Market Size (2023 to 2028)

The size of the global peripheral intravenous catheters market was worth USD 4.94 billion in 2023. It is expected to grow at a CAGR of 6.1% during the forecast period and be worth USD 6.64 billion by 2028.

MARKET DRIVERS:

The growing patient count suffering from chronic diseases such as cancer and CVDs is one of the key factors propelling the growth of the peripheral intravenous catheters market. According to the World Health Organization (WHO), around 17.9 million people died due to cardiovascular diseases in 2021, representing 31% of all global deaths, out of which 85% are heart attack and stroke. According to the Centers for Disease Control and Prevention (CDC), heart disease is the second leading cause of death in the United States. Approximately 647,000 people in the U. S die due to heart disease annually. Therefore, the increasing demand for intravenous catheters, rising awareness among the people, and easy availability of advanced catheters surge the market growth.

The growing incidence of needlestick injuries induces healthcare professionals to utilize drug delivery devices that decrease threat and raise patient comfort, which is expected to drive the peripheral intravenous catheters market growth. According to the Centers for Disease Control and Prevention (CDC), in the U.S., around 385,000 needlestick injuries occur every year in the U.S. The favorable reimbursement policies were relevant to catheters, such as reimbursement provided by the Center for Medicare and Medicaid in the U.S aid in engaging the market growth.

The growing aging population and advancements in surgical and treatment technologies propel the market growth of peripheral intravenous catheters. The increasing amount spent on healthcare and growing medical tourism is further fuelling the growth rate of the peripheral intravenous catheter market. The market participants have increased their focus on developing PIVC designs to conquer the difficulties concerned with early methods. Furthermore, the increasing adoption of PIVC products in developing economies is anticipated to generate lucrative growth opportunities for the market players operating in the peripheral intravenous catheters market. 

MARKET RESTRAINTS:

However, issues associated with the peripheral intravenous catheter and insufficient training for PIV catheters' usage obstruct market growth during the forecast period. In addition, the safety measures are relevant to the utilization of PIVC, like various infections impeding the market growth. Furthermore, the cost increase in conventional and safe PIVC catheters hinders the PIVC market growth. Additionally, painful insertion, the high cost of closed catheters, and a trained medical professional's need to use peripheral intravenous (IV) catheters are primary market growth restraints. In countries such as China, India, and Brazil, inadequate healthcare amenities and the high cost of catheters to purchase and maintain are expensive, some of the challenges the PIVC market is facing. 

REPORT COVERAGE:

This research report on the global peripheral intravenous catheters market has been segmented and sub-segmented based on the product, type, end-user, technology, and region.

Peripheral Intravenous Catheters Market – By Product:

• Short PIVC 
  • Ported
  • Non-ported
• Integrated/Closed PIVC

Based on the product, the short PIVC segment captured the largest share of the worldwide market in 2022 and the domination of the segment is expected to continue in the coming years. Factors such as the growing prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes, increasing number of hospital admissions, surgical procedures, and emergency care visits and technological advancements drive the growth of the short PIVC segment.

The integrated/closed PIVC segment is anticipated to showcase healthy growth during the forecast period. The growing emphasis on infection control and prevention in healthcare settings and increasing awareness among healthcare professionals regarding the potential complications associated with traditional PIVCs, such as catheter-related bloodstream infections and catheter propel the growth of the integrated/closed PIVC segment. The guidelines and recommendations for the prevention of catheter-related infections from regulatory agencies and healthcare organizations further boost the growth rate of the segment.

Peripheral Intravenous Catheters Market – By Type:

• Integrated/Closed
• Peripheral Insertion

The integrated/closed catheters segment is forecasted to dominate the global peripheral intravenous catheters market by type during the forecast period. The burgeoning approval of new products and the launch of technologically advanced products enlarge the segment growth globally. In addition, the rising adoption of closed catheters helps inject contrast media during computed tomography surge the market growth.

On the other hand, the peripheral insertion segment is predicted to be the fastest-growing segment in the global market during the forecast period. The Medicaid program's reimbursement provides 120 catheters per month per person, and the Medicare program reimburses a maximum of 200 catheters dominating the market growth. The factor above drives the segment as it reduces the expenditure of the patients.

Peripheral Intravenous Catheters Market – By End User:

• Hospitals
• Clinics
• Ambulatory Surgery Centers (ASCs)
• Home Use 
• Others 

Based on end-users, the hospital segment is estimated to hold the major share of the global market during the forecast period. The growing patient volume, increasing demand for peripheral intravenous catheters, rising number of advancements in healthcare technology supporting better patient outcomes and growing need for intravenous therapies in hospital settings drive the growth of the hospital segment in the global market. The growing focus on infection prevention and patient safety and rising emphasis on outpatient care and minimally invasive procedures further fuel the growth rate of the hospital segment.

The ambulatory surgical centers segment was the second-largest segment in the worldwide market in 2022 and is anticipated to witness a healthy CAGR during the forecast period. The growing preference for minimally invasive procedures and same-day surgeries, increasing demand for cost-effective and efficient healthcare services and rising number of advancements in surgical techniques and technologies supporting ASC procedures drive the growth of the ASCs segment in the worldwide market. Shorter waiting times and reduced hospital stays compared to traditional healthcare facilities, growing patient awareness and acceptance of ASCs as a viable healthcare option and government initiatives and reimbursement policies further fuel the growth of the segmental growth.

The clinics segment is estimated to account for a considerable share of the global market during the forecast period. The growing number of outpatient visits, rising need for peripheral intravenous catheters, convenience and cost-effectiveness of peripheral intravenous catheters in clinic settings primarily support the segmental growth. The growing demand for intravenous therapies and treatments, rising emphasis on infection prevention and patient safety and the expansion of clinic networks and services further boost the growth rate of the clinics segment in the global market.

Peripheral Intravenous Catheters Market – By Technology:

• Conventional
• Safety

Based on technology, the conventional segment is expected to lead during the forecast period. The wide adoption and familiarity of conventional technology among healthcare professionals, the cost-effectiveness compared to other technologies and the availability of a variety of options and sizes to meet diverse patient needs drive the growth of the conventional segment in the worldwide market. Established manufacturing processes and supply chains, compatibility with existing healthcare infrastructure and practices and ease of use and familiarity among healthcare staff that require minimal additional training further propel the growth of the conventional segment in the worldwide market.

The safety segment is anticipated to account for a considerable share of the worldwide market during the forecast period owing to the growing emphasis on patient safety and infection control measures, and stringent regulations promoting the use of safety devices to prevent needlestick injuries and associated infections. The rising awareness and concerns among healthcare professionals about occupational hazards, increasing advancements in safety catheter technologies, growing demand for improved patient experience and reduced healthcare-associated complications and rapid adoption by healthcare facilities aiming to enhance their safety protocols and minimize potential legal liabilities majorly drive the growth of the safety segment in the worldwide market.

Peripheral Intravenous Catheters Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the peripheral intravenous catheters market in North America was the regional market leader worldwide in 2022 and the lead of the North American region is anticipated to continue throughout the forecast period. The presence of a well-established healthcare infrastructure, high adoption of advanced medical technologies, the growing prevalence of chronic diseases and a large patient pool requiring intravenous therapy drive the growth of the North American market. Favorable reimbursement policies, government initiatives promoting patient safety, technological advancements and product innovations by key market players, rising awareness among healthcare professionals about the importance of infection control measures and the strong presence of major market players driving market competition and innovation further fuel the growth rate of the North American market. The U.S. captured the major share of the North American regional market in 2022.

The European peripheral intravenous catheters market was the second-largest regional segment in the global market in 2022 and is predicted to account for a substantial share of the global market during the forecast period. The growing geriatric population and the associated rise in chronic diseases requiring intravenous therapy, increasing demand for home healthcare services and self-administration of intravenous medications and rising emphasis on patient safety and infection control measures in healthcare settings propel the growth of the European market. Favorable government regulations and reimbursement policies supporting the adoption of advanced medical devices, increasing advancements in healthcare infrastructure, growing healthcare expenditure in the European region and a growing number of collaborations between healthcare providers and manufacturers for product development and distribution further fuel the growth rate of the European market. The UK, Germany and France are predicted to hold the major share of the European market during the forecast period.

The Asia-Pacific peripheral intravenous catheters market is the fastest-growing regional market during the forecast period and is predicted to grow at the highest CAGR during the forecast period. The rapidly growing healthcare sector, increasing investments in healthcare infrastructure, growing prevalence of chronic diseases and a large population base requiring intravenous therapy promote the APAC market growth. The rising awareness about advanced medical devices and technologies among healthcare professionals, growing disposable income and healthcare spending in emerging economies, government initiatives to improve healthcare access and quality in developing countries, rising medical tourism and increasing adoption of home healthcare services further promote the PIVC market in the Asia-Pacific region.

The Latin American peripheral intravenous catheters market is anticipated to hold a considerable share of the global market during the forecast period. The growing healthcare expenditure, improving healthcare infrastructure in the Latin American region, rising prevalence of chronic diseases and the need for intravenous therapy drive the Latin American market growth. The growing awareness about patient safety and infection control measures in healthcare facilities, government initiatives to expand healthcare access and improve medical device regulations and rising demand for cost-effective medical devices and growing adoption of home healthcare services drive the growth of the Latin American market.

The peripheral intravenous catheters market in MEA is predicted to showcase a steady CAGR in the coming years.

KEY MARKET PARTICIPANTS:

Notable companies dominating the global peripheral intravenous catheters market profiled in this report are Smith Medical, Terumo Corporation, C. R. Bard, Inc., Becton Dickinson and Company, B. Braun Melsungen AG, Tangent Medical, and Vygon Group.

KEY MARKET HAPPENINGS:

• In February 2019, the Food and Drug Administration (FDA) cleared WavelinQ 4French endovascular arteriovenous fistula system for people with end-stage renal disease by Becton Dickinson.
• In March 2018, Smiths Medical won FDA clearance and released its Deltaven Closed System Catheter. The catheter consists of a needle and extension tubing in one system. The clinicians can feel the insertion of the catheter into the vein during the threading time.