The Global Peripheral Intravenous Catheter (PIVC) Market Size was valued at USD 5,182 Million in 2021 and is predicted to be worth USD 8,730 Million by 2030, with a CAGR of 6.2% from 2022 to 2030.
The high rate of needle stick injury is attempting to persuade medical professionals to use drug delivery equipment that reduces this risk while also increasing patient comfort. As a result of the increase in needle stick injury, the use of safe and secure devices is increasing, propelling the development of the peripheral intravenous catheters market size. Furthermore, a rise in the number of parenteral prescription medications in the piping system will lead to an increase in the amount of final transact business, propelling the peripheral intravenous catheters market shares.
The peripheral intravenous catheter is venous devices manufactures by using silicon and other user-friendly materials to avoid side effects. These characteristics help patients to retain PIVCs in their veins or body for extensive durations of time without suffering ill effects. Normally, it is used to infuse medication and different fluids directly into a vein of a patient. Superior peripheral intravenous (IV) catheters are ready with additional safety features to avoid needlestick injuries.
Global Peripheral Intravenous Catheter Market Analysis
Peripheral Intravenous Catheter Market Report Coverage:
|Peripheral Intravenous Catheter Market
|Peripheral Intravenous Catheter Market Size 2021
|USD 5,182 Million
|Peripheral Intravenous Catheter Market Forecast 2030
|USD 8,730 Million
|Peripheral Intravenous Catheter Market CAGR During 2022 - 2030
|Peripheral Intravenous Catheter Market Analysis Period
|2018 - 2030
|Peripheral Intravenous Catheter Market Base Year
|Peripheral Intravenous Catheter Market Forecast Data
|2022 - 2030
|By Product, By End-Users, And By Region
|Peripheral Intravenous Catheter Market Regional Scope
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Smiths Medical Inc., Teleflex Incorporated, Tangent Medical Technologies Inc., C.R. Bard Inc., Argon Medical Devices Inc., VIGMED AB, and Medical Components Inc.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
The increasing prevalence of different acute and chronic diseases and increasing the global population is likely to increase the rate of hospitalization, which therefore drives the growth of the growth of the peripheral intravenous (IV) catheters market size. Moreover, the other factors such as elderly population and improvement in surgical and treatment technologies is resulting in rising surgical procedures is propelling the growth of the peripheral IV catheters market trend.
Increasing disease incidence and illness rates will drive demand for catheterization in health facilities, healthcare facilities, clinics, ambulatory surgical centers, and home healthcare entities. The increasing intensity of epidemic diseases is expected to drive significant demand for peripheral intravenous catheters for a consultation sessions, diagnosis, and therapeutic interventions. When especially in comparison to other catheters, this is probable to include a higher proportion of PIVCs. Increased healthcare expenditure and breakthroughs in the healthcare system will continue to have a positive impact on the peripheral intravenous catheters market value. Furthermore, the introduction of PIVC innovation will boost sales even further. The increasing ability to afford costly medical treatment options such as catheter insertion will continue to be a key catalyst for the peripheral IV catheters market growth.
However, the high cost of the peripheral intravenous catheter is one of the major restraining factors hampering the growth of the peripheral intravenous catheters market.
Peripheral Intravenous Catheter Market Segmentation
The global peripheral intravenous catheter market segmentation based on the product, end-users and geographical region.
Market by Product
According to the peripheral intravenous catheter industry analysis, the short PIVCs segment is projected to dominate the market with significant shares in 2021. A short peripheral intravenous catheter (PIVC) is a narrow, tubular structure used to directly inject fluid or medications into a patient's vein. Furthermore, short PIVCs can be used to take a blood sample from the same vein. These catheters are made of non-irritant, medical-grade material properties like silicone or polyurethane. The major factor driving the growth of this segment is an increase in the number of hospitalized patients worldwide due to different problems. Due to the increasing spread of these diseases during COVID-19, the demand for these catheters dramatically rises.
Market by End-Users
In terms of end-users, the hospital segment is expected to have significant revenues in the market by the end of 2021, accounting for a commanding market share. The ambulatory surgical centers (ASC) segment is expected to remain the second-largest, contributing significantly to market revenues overall.
Peripheral Intravenous Catheter Market Regional Outlook
The Middle East & Africa (MEA)
North America is expected to dominate the market during the forecast period 2022-2030 owing to rising prevalence of chronic diseases. Moreover, rising demand for the injectable drugs, increasing aging population and growing healthcare expenditure are some of the other factors propelling the growth of the market in this region.
Europe is expected to witness a tremendous growth during the forecast period owing to the increase in hospitalization and economic condition. Moreover, the presence of large players demanding the peripheral IV catheter is thereby boosting the growth of the market in this region.
Asia Pacific is expected to be the largest region during the forecasted period owing to the increasing geriatric population and technological advancement is raising the market growth. Additionally, the LAMEA is expecting a steady growth rate due to poor economic condition.
Peripheral Intravenous Catheter Market Players
Some of the prominent global peripheral intravenous catheter market companies are Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Smiths Medical Inc., Teleflex Incorporated, Tangent Medical Technologies Inc., C.R. Bard Inc., Argon Medical Devices Inc., VIGMED AB, and Medical Components Inc.
The global peripheral intravenous catheter market size in 2021 was accounted to be USD 5,182 Million.
The projected CAGR of peripheral intravenous catheter during the analysis period of 2022 to 2030 is 6.2%.
The prominent players of the global peripheral intravenous catheter market involve Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Smiths Medical Inc., Teleflex Incorporated, Tangent Medical Technologies Inc., C.R. Bard Inc., Argon Medical Devices Inc., VIGMED AB, and Medical Components Inc.
North America held the dominating share for peripheral intravenous catheter during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for Peripheral Intravenous Catheter during the analysis period of 2022 to 2030.
Increasing incidence of chronic illnesses and a rise in the demand for various infusion-based chemotherapy agents are the prominent factors that fuel the growth of global peripheral intravenous catheter market.
Based on product, short PIVCs segment held the maximum share for peripheral intravenous catheter market in 2021.