Peripheral Intravenous Catheter Market: Asia Pacific Regional Market to Witness the Fastest Growth Throughout the Forecast Period: Global Industry Analysis & Opportunity Assessment, 2016-2021
NEW YORK, Feb. 1, 2017 /PRNewswire/ -- Peripheral intravenous catheter is a sophisticated medical device widely used to deliver certain fluids, especially medicines, into a patient's body through a vein. It is a critically important part of a medical treatment procedure that facilitates drug delivery through an intravenous route. It can also be used in body fluid collection for a patient's physical examination. PIVC is considered ideal for easy, direct administration of antibiotics, IVs, analgesics, and psycoleptics. It plays a vital role in prevention of blood-borne pathogenic infections. These attributes are currently driving the market for peripheral intravenous catheter on a global level.
FMI indicates that the global peripheral intravenous catheter market will see steady growth over the next few years. The market is predicted to expand at a CAGR of 6.1% over 2016-2021. The revenues are estimated to reach US$ 5.22 Bn by the end of 2021.
Disease Prevalence and Frequent Epidemics Spur Demand for PIVC
Increasing disease prevalence and rising incidences of infection will continue to spur the demand for catheterisation in hospitals, healthcare centres, ambulatory surgical centres, clinics, and home healthcare units. Soaring frequency of disease epidemics is anticipated to generate substantial demand for peripheral intravenous catheters in order to accomplish patient examination, diagnosis, and treatment. This is likely to include a larger share of PIVCs, compared to other catheters.
Increasing Preference for Safety IV Catheters Primarily Drive Market
Increased spending on healthcare and advancements in healthcare infrastructure will continue to hold a positive influence on market growth. Moreover, the advent of PIVC technology will further boost the sales. Rising ability to afford expensive medical treatments, such as catheterization, will remain a key driver to market growth. User-friendly material composition of peripheral intravenous catheters compared to other counterparts, is another factor that makes them a preferred choice among physicians as well as patients.
Improvisation of PIVC Material and Design Favour Market Growth
Technological innovations in catheterization technique are also expected to propel the demand for peripheral intravenous catheters. Growing usage of non-irritant, harmless, and user-friendly materials in manufacturing of PIVC can reportedly eliminate associated ill effects and risks, extending the expected PIVC access. Moreover, manufacturers have already started improving PIVC design to overcome the complications associated with previous designs. This is considered to be an important factor influencing the market growth.
Expensive PIVC Price Hampers Market Growth, Especially in Developing Regions
Despite having a wide range of advantages, the PIVC market has to face certain technological and qualitative complications, as well as price restraints. Higher costs and reported complications and ill effects of PIVC, such as needle-stick injuries and exposure of blood, may remain a longstanding barrier to mass adoption of peripheral intravenous catheter in near future. Unaffordable catheterisation procedure can hamper PIVC penetration in developing markets in Asia Pacific, Middle East and Africa, and Latin America. Conventional PIVC sales is likely to witness a significant drop owing to stringent regulatory measures related to medical devices in some regions, including EU, Japan, China, Brazil, and Russia.
Short PIVC Continue to Gain Higher Traction
On the basis of product, the global peripheral intravenous catheter market is segmented into the short peripheral intravenous catheter and integrated/closed peripheral intravenous catheter. Short PIVC segment is sub-segmented into ported peripheral IV catheter and non-ported peripheral IV catheter, and will dominate market with nearly 67% value share, expanding at a moderate CAGR over 2016-2021. However, integrated/closed PIVC segment will witness the highest CAGR of 5.5% during the forecast period.
Safety PIVC Highly Preferred over Other Catheter Products
Based on technology, safety PIVC segment is estimated to dominate the market, accounting for the largest revenue share by 2021 end. This segment will witness a promising CAGR during the forecast period, attributed to user-friendly material composition and extended access.
Hospitals Continue to Generate Highest Demand for PIVC, Followed by Ambulatory Surgical Units
By end-user, the global market for peripheral intravenous catheter is segmented into hospitals, ambulatory surgical centres, clinics, home use, and others. Hospitals segment is expected to register the highest revenues by the end of 2021, accounting for a dominating market share. Ambulatory surgical centres segment is likely to remain the second-largest segment, contributing significantly to the entire market revenues.
North America Remains the Largest Shareholder, Asia Pacific Witnesses the Fastest Growth
North America will continue to represent over 45% of the entire market value, reaching the revenues of around US$ 2.37 Bn over 2016-2021. Europe is expected to remain the second largest regional market. APAC will demonstrate the fastest growth rate over the assessment period. This growth is primarily due to burgeoning geriatric population and increasing healthcare expenditure.
Product Innovation Remains at the Centre Stage for Key Market Players
Key companies in the global peripheral intravenous catheter market are B. Braun Melsungen AG, Becton Dickinson and Company, Vygon Group, C. R. Bard, Inc., Smith Medical, Tangent Medical, and Terumo Corporation. B. Barun recently featured one of their latest product advancements - Ster-ASSIST™ i.e. Sterile Peripheral IV Catheter Insertion Kit (30th Association for Vascular Access (AVA) Annual Scientific Meeting).
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