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Peripheral I.V. Catheter Market Overview
The global peripheral I.V. catheter market is projected to generate revenue worth $5.5 billion by 2022, registering a CAGR of 6.0% during the forecast period (2016–2022). Increasing prevalence of chronic and lifestyle-related diseases, growing healthcare expenditure, surging geriatric population, and technological advancements with respect to peripheral intravenous catheterization are some of the major factors driving the market. Besides, the rising demand for injectable drugs is supporting the market growth, worldwide.
On the basis of technology, the peripheral I.V. catheter market is bifurcated into safety and conventional peripheral I.V. catheters. Of the two, safety peripheral I.V. catheters are expected to continue holding the larger market share, accounting for 70.2% revenue in 2022. Moreover, during the forecast period, the market is expected to witness faster growth in this category.
GLOBAL PERIPHERAL I.V. CATHETER MARKET SIZE BY TYPE $M (2012-2022)
Based on type, the peripheral I.V. catheter market is classified into short and integrated/closed peripheral I.V. catheters. Between the two, short peripheral I.V. catheters are expected to occupy the larger market share, accounting for 74.2%, in 2022. Integrated/closed peripheral I.V. catheters, on the other hand, are expected to register higher CAGR in the market during the forecast period.
North America led the peripheral I.V. catheter market during the historical period and is expected to hold 45% market share in 2022. High demand for injectable drugs, increasing geriatric population, and growing healthcare expenditure are the factors responsible for the growth of the market in the region. The U.S. is the largest market for peripheral I.V. catheters in the region and is expected to generate revenue of $2.1 billion by 2022, advancing at a CAGR of 6.5% during the forecast period.
Peripheral I.V. Catheter Market Dynamics
Increasing adoption of closed catheters that help inject contrast media during computed tomography (CT) is a key trend observed in the peripheral I.V. catheter market. These catheters are made of polyurethane material and can withstand pressures that may exceed 300 pounds per square inch (psi). Since they can withstand high pressures, with minimal reduction in flexibility, they are increasingly being used for CT imaging applications.
Increasing prevalence of chronic ailments and growing healthcare expenditure in developed and developing countries are the two most important factors driving the growth of the peripheral I.V. catheter market. Moreover, the introduction of advanced medical treatments that involve the use of peripheral I.V. catheters is driving the market growth. Rise in healthcare expenditure is facilitating introduction of affordable healthcare and accessibility to various treatment options for medical conditions, which, in turn, is fueling the product demand in the market.
Growing adoption of these products in emerging economies is expected to provide a huge growth opportunity to the players operating in the peripheral I.V. catheter market. The product adoption in these countries is driven by factors such as growing awareness on advanced methods of treatment, increased focus on curtailing needlestick injuries, and rising healthcare expenditure. Also, the lack of adequate healthcare facilities in countries such as China, India, and Brazil, which is encouraging market players to invest in these economies. Moreover, various initiatives are being taken to spread awareness about the advantages of new, improved peripheral intravenous catheters, including safety I.V. catheters.
The high cost of catheters is hindering the growth of the peripheral I.V. catheter market to some extent. The high price of catheters increases the overall treatment cost, due to which patients, at times, prefer taking oral medications, instead to opting for treatment that involves the use of these catheters.
Peripheral I.V. Catheter Market Competitive Landscape
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. are some of the key players operating in the global peripheral I.V. catheter market.
Key Questions Answered in the Report