Peripheral Intravenous Catheters Market Projected To Gain Significant Value By 2024
Global Peripheral Intravenous Catheter Market: Overview
A small tube placed into peripheral vein in order to administer medication directly into the circulation is known as a peripheral intravenous (IV) catheter. In addition to medication administration, peripheral intravenous (IV) catheters are used to withdraw blood from veins for testing. Advanced peripheral intravenous (IV) catheters are equipped with additional safety features to avoid needlestick injuries. Due to their direct contact with the circulatory system, peripheral intravenous (IV) catheters are prepared with non irritant material such as silicone, which do not have side effects even when peripheral intravenous catheters are left in contact with the circulatory system for several months or weeks.
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Global Peripheral Intravenous Catheter Market: Drivers and Restraints
Peripheral intravenous (IV) catheters are commonly used for vascular access. Medicine administered through a peripheral intravenous (IV) catheter enters directly into the blood flow and thus shows rapid action. With the advantage of rapid action, peripheral intravenous (IV) catheters are commonly used in emergency patients, surgical patients and patients suffering from vomiting, pediatric patients, unconscious patients and the elderly population, who face difficulty in swallowing medicines. Factors such as aging of population and advancement in surgical and treatment technologies resulting in increased surgical procedures are driving the global peripheral intravenous (IV) catheters market towards growth. On the other hand, factors such as high cost of closed catheters, painful insertion and need of trained medical professional to use peripheral intravenous (IV) catheters are restraining the growth of the global peripheral intravenous (IV) catheters market. Based on the type of catheters commercially available, the global peripheral intravenous (IV) catheters market is segmented as follows:
- Integrated/Closed catheters
- Peripheral insertion catheters
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Use of integrated/closed intravenous (IV) catheters is rapidly increasing over conventional intravenous (IV) catheters due to capacity of integrated catheters to apply power while injecting medicine in the circulation. Integrated intravenous (IV) catheters are used for injecting contrast media into the circulation system prior to computed tomography (CT) imaging. On the other hand, high cost of the integrated peripheral intravenous (IV) catheters is restraining the growth of integrated peripheral intravenous (IV) catheters market in economically backward markets.
Global Peripheral Intravenous Catheter Market: Regional Dynamics
Geographically, the global peripheral intravenous (IV) catheters market is segmented into North America, Europe, Asia-Pacific and Rest of the world (ROW). Currently, North America is leading the global peripheral intravenous (IV) catheters market and is followed by Europe. Factors such as existence of a large pool of geriatric population, highly developed healthcare infrastructure, high healthcare spending and advancement in technology resulting in higher rates of surgical procedures in this region are boosting the growth of the peripheral intravenous (IV) catheters market in these regions. Asia-Pacific is the fastest growing market for peripheral intravenous (IV) catheters due to increasing disposable income, rapidly improving healthcare infrastructure and rapidly growing medical tourism industry in this region.
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In addition, countries such as China and India have the largest population pool in the world and thus the large geriatric population of both the countries will lead to an increasing patient population in the near future. Some of the players contributing to the peripheral intravenous (IV) catheters market include Terumo Corporation, B. Braun Melsungen AG, Smiths Medical, Becton, Dickenson and Co., Teleflex Inc., C.R. Bard Inc., Tangent Medical Technologies, Vygon SA, Argon Medical Devices Inc., Vascular Pathways Inc., Medical Components Inc. and VIGMED AB.
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