Peripheral Intravenous Catheter Market Size Is Anticipated To Reach US$ 7,535.5 Million at a CAGR of 4.9% By 2027
Peripheral Intravenous Catheter Market – Insights
Peripheral intravenous (IV) catheter contains a slim flexible plastic tube that can be inserted in the peripheral vein in a patient’s arm using a hollow needle, which can then be withdrawn, and medication or fluids thereafter administered. The approach is also used to take blood samples without the need for additional insertions.
The global peripheral intravenous catheter market is estimated to account for US$ 7,535.5 Mn in terms of value by the end of 2027.
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Global Peripheral Intravenous Catheter Market: Drivers
Increasing prevalence of chronic diseases is expected to propel growth of the global peripheral intravenous catheter market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
People aged 65 years or above are at high risk of various diseases and require peripheral IV catheters for administration of antibiotics and other medicines and for drawing blood for testing. Therefore, increasing geriatric population is also expected to boost growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global peripheral intravenous catheter market in 2018, accounting for 45.2% share in terms of volume, followed by Europe.
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Figure 1. Global Peripheral Intravenous Catheter Market Value (US$ Mn), by Region, 2018
Global Peripheral Intravenous Catheter Market: Restraints
Use of peripheral intravenous catheters is associated with complications such as blood exposure, which can occur due to needlestick injury and is especially hazardous during the treatment of patients with HIV and hepatitis. Other complications include, skin infections, redness, itching, and pain. Moreover, inadequate catheter stabilization can cause nerve injury. Such factors are expected to hinder growth of the global peripheral intravenous catheter market.
Moreover, high cost of advanced catheters is expected to hamper the market growth, especially in emerging regions such as Asia Pacific and Africa.
Global Peripheral Intravenous Catheter Market: Opportunities
Integration of new alarm algorithm in healthcare settings can offer lucrative growth opportunities for players in the global peripheral intravenous catheter market. For instance, in October 2019, a study in Advances in Neonatal Care, the official journal of the National Association of Neonatal Nurses, reported that a ‘fuzzy logic’ alarm system may help nurses in the neonatal intensive care unit (NICU) predict impending catheter infusion failure.
Increasing funding for R&D in peripheral intravenous catheter is also expected to boost growth of the market. For instance, in December 2019, Griffith University received US$ 1.5 million in funding from the National Health and Medical Research Council for R&D in peripheral intravenous catheters.
Short PIVC segment in the global peripheral intravenous catheter market was valued at US$ 3,025.4 Mn in 2018 and is expected to reach US$ 4,693.7 Mn by 2027 at a CAGR of 4.9% during the forecast period.
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Market Trends/Key Takeaways
In the recent past, the use of integrated/closed catheters has increased compared to short peripheral IV catheters, owing to enhanced patient outcomes. Integrated/closed catheters offer improved safety from various infections such as blood infection, skin infection, and vein injuries. Companies such as Becton, Dickinson and Company, B. Braun Medical Inc., and Tangent Medical Technologies manufacture integrated/closed catheters with safety technology.
The market is witnessing increasing use of polyurethane material for manufacturing of peripheral IV catheters compared to Teflon and silicone as polyurethane offers superior strength and additional qualities such as softening at body temperature and good flexibility.
- As per the U.S. FDA norms the Premarket Notification 510(k) for medical devices cover:
- Peripheral IV catheter is classified by the FDA in 21 CFR, section 880.5200 intravascular catheter
- The submitter who submitted the 510(k) to the FDA for introducing the device into the U.S. market can be a domestic manufacturers, specification developers, repackers or relabelers and foreign manufacturers/exporters.
- Peripheral IV catheter is included among class II devices, which requires special control. Class II devices are considered as moderate to high risk devices and general controls alone are insufficient to provide reasonable assurance of the safety and effectiveness of the device. The special control requirements include declaration of device-specifications such as: performance standards, post-market surveillance, special labeling requirements, patient registries, premarket data requirements and guidelines.
- The submitter may market the device immediately after 510(k) clearance is granted
- As per the FDA part 820 quality system regulation for medical devices, subpart c design control, under the section 21 CFR 820.30, the devices need to meet specific design requirements.
- As per the FDA, 21 CFR 807.92, the section 807.92(a), the medical device, which is submitted to the FDA for getting clearance, can refer to the safety and effectiveness of the other medical devices that perform similar function that FDA has already cleared and are not subjected to Premarket approval.
Global Peripheral Intravenous Catheter Market: Competitive Landscape
Major players operating in the global peripheral intravenous catheter market include, Becton, Dickinson and Company, B. Braun Melsungen AG, Smith Medical, Terumo Corporation, C. R. Bard, Inc., Tangent Medical, Velano Vascular Inc., and Vygon Group.
Global Peripheral Intravenous Catheter Market: Key Developments
Key players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Velano Vascular Inc. raised US$ 25 million for the commercialization of its peripheral intravenous catheter device that uses an existing peripheral IV line for a blood draw.
Key players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in November 2019, ICU Medical, Inc. entered into a definitive agreement to acquire Pursuit Vascular, Inc., a privately-held medical device company that develops catheters.About Us:
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