Valued at $3.7 billion in 2015, the global peripheral I.V. catheter market is projected to reach $5.5 billion by 2022, progressing at a CAGR of 6.0% during the forecast period. Increase in prevalence of chronic and lifestyle-related diseases, growth in healthcare expenditure, surge in geriatric population, and advancements in technology related to peripheral intravenous catheterization are some of the major factors driving the market. Besides, the growing demand for injectable drugs is supporting the market growth.
Peripheral I.V. catheters facilitate intravenous administration of analgesics, antibiotics, intravenous fluids, and psycholeptics. The introduction of such advanced catheters has led to the reduction in the incidence of hematoma-related complications and bloodstream infections. In addition, the use of short and integrated/closed peripheral I.V. catheters helps prevent the transfer of blood-borne pathogens to other people in healthcare settings.
Insights into market segments
Based on end user, the peripheral I.V. catheter market is classified into hospitals, clinics, ambulatory surgery centers, home healthcare, and others. Among these, hospitals, as an end-user category, account for the largest revenue share in the market. It is also projected to be the fastest-growing end-user category in the market, registering a CAGR of 6.5% during the forecast period.
Short and integrated/closed peripheral I.V. catheters are the two types of products available in the peripheral I.V. catheter market. Of the two, integrated/closed peripheral I.V. catheters are expected to witness faster growth in demand during the forecast period. Globally, the peripheral I.V. catheter market is expected to witness the fastest growth in Asia-Pacific (APAC), with 6.8% CAGR, during the forecast period.
Increasing geriatric population and prevalence of chronic diseases driving the market growth
Globally, the prevalence of chronic diseases, such as stroke, diabetes, and cancer, is increasing on account of unhealthy lifestyle, age-related factors, and lack of access to preventive care. Moreover, increasing geriatric population is driving the growth of the peripheral I.V. catheter market, as the elderly people are more susceptible to chronic diseases and have weak regenerative ability. According to the National Institutes of Health (NIH), about 75% to 85% of the people in elderly care facilities in the U.S. suffer from chronic pain. Thus, geriatric population is expected to continue driving the demand for peripheral I.V. catheters, which, in turn, would support the market growth in the coming years.
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Competitive landscape of the market
Some of the key players operating in the global peripheral I.V. catheter market are Smiths Medical Inc., C.R. Bard Inc., Tangent Medical Technologies Inc., Terumo Corporation, B. Braun Melsungen AG, Teleflex Incorporated, VIGMED AB, Argon Medical Devices Inc., Medical Components Inc., and Becton, Dickinson and Company
PERIPHERAL I.V. CATHETER MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Technology
Market Segmentation by Clinical Area
Market Segmentation by End User
Market Segmentation by Geography