Peripheral Intravenous Catheters Market is expected to grow on an impertinent note in the next 10 years. It could witness a CAGR of 7% by 2030. Data processing through Big Data is on the anvil. Clinical software solutions are there to help out, taking the help of Big Data. Thus, data accumulation as well as analytics would be there in a precise manner. This would be the probable facts with healthcare vertical in future.
Increasing hospitalizations, anticipated rise in cancer incidence, and higher demand for infused chemotherapy agents are fuelling the need for higher quality catheters for safe usage. Furthermore, rising number of biologic approvals is increasing the demand for infusion therapies. The global peripheral intravenous catheters market was valued at US$ 4.9 Bn in 2020, and is expected to witness a healthy CAGR of 7% during the forecast period (2020–2030).
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Key Takeaways of Peripheral Intravenous Catheters Market Study
- Short peripheral IV catheters occupied nearly 70% of the market value share in the peripheral intravenous catheters market in 2019, owing to their increasing adoption in hospitals.
- Safety PIVC technology accounts for the highest market value share in global peripheral intravenous catheters market, due to the rising demand for safe devices.
- Hospitals hold a major share in the market, owing to the increasing number of in-patients, globally.
- North America and Europe hold over 70% revenue share in the global peripheral intravenous catheters market, primarily due to the presence of established players in these regions.
“Growing prevalence of chronic diseases such as cancer and increasing approvals of intravenous drugs are is expected to boost the growth of the peripheral intravenous catheters market over the next decade,” says a PMR analyst.
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Strong Regulations Driving Need for High Quality Peripheral Intravenous Catheters
Increasing safety legislations are being passed related to the use of PIVC for the infusion of medication and antibiotic fluids directly into peripheral veins and for drawing blood for testing and to treat diseases. A number of healthcare reforms have been passed, worldwide, to ensure safe and effective infusion therapy and improve the quality of healthcare services. The U.S. Food and Drug Administration (US FDA) is focused on increasing awareness about safety during the insertion of PIVC. The Needle-stick Safety and Prevention Act was passed in the U.S., in 2000, which further increased the demand for high quality peripheral intravenous catheters.
Impact of COVID-19 on Peripheral Intravenous Catheters Market
As COVID-19 infections spread like wildfire across the globe, the need for essential medical devices is higher than ever. On this premise, the demand for peripheral intravenous catheters will surge from healthcare institutions. Specifically, short peripheral intravenous catheters will gain high traction owing to ease of insertion. Similarly, integrated catheters will be used where there is the need for a high flow rate. Peripheral intravenous catheters are already among the most used appliances in the healthcare industry, and the high number of COVID-19 patients will only impel this demand.
More Valuable Insights on Peripheral Intravenous Catheters Market
Persistence Market Research offers a unique perspective and actionable insights on the peripheral intravenous catheters market in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030m on the basis of product (short peripheral IV catheters and integrated/closed PIVC), technology (conventional PIVC and safety PIVC), and end user (hospitals, ambulatory surgical centers, clinics, home use, and others), across five major regions.
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