Market Overview:
The peripheral catheter is a small flexible tube which is inserted into a peripheral vein for the delivery of medicines and nutritional supplements. These catheters are widely used in the collection of blood samples for diagnostic purpose. The peripheral intravenous catheters can be divided into peripheral intravenous catheters (PIVC), midline peripheral catheters, central venous catheters (CVC).
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Market Size Growth Rate:
According to the research report published by the DataM Intelligence, the North America peripheral catheters market size was valued at USD XX billion in 2021, it is projected to reach at USD XX billion by 2029, with growth at a CAGR of XX% over the forecast period 2022-2029.
North America is the most lucrative market for peripheral catheters. The growth in the region is due to the well- established healthcare infrastructure, favorable government initiatives, and numerous of private and government hospitals which is providing facility for catheterization. Rising awareness about the minimally invasive surgeries coupled with rising usage of advanced materials such as Teflon and polytetrafluoroethylene in product has also boosted its demand.
Market Drivers:
Technological advancements in PICCs and recent demand based innovations such as the introduction of anti-microbial PICCs and anti- thrombogenic PICCs is increasing. In addition, increasing utilization of peripheral intravenous catheters in the treatment of these chronic diseases, leading to hospitalization is anticipated to drive the market over the forecast period. Chronic disease is leading causes of death and disability and leading drivers of the United States $3.5 Trillion in Annual Health Care Costs. As per the National Center for Chronic Disease Prevention and Health, 6 in 10 adults of the US have a chronic disease at some point in their lives. Hence, increasing burden of chronic diseases, including coronary artery diseases, is anticipated to boost the usage of peripheral catheters and drive the market over the forecast period.
Market Restraints:
However, some of the factors hindering the market growth include high risk of catheter related bloodstream infection in patients who undergo catheter insertions and need for trained healthcare professionals and the pain associated with the insertion procedure along with the expense of closed catheters.
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Market Opportunities
Growing R&D in peripherally inserted catheters is expected to offer lucrative growth opportunities for players in India catheters market. Also companies in this region are focusing on entering new markets especially in emerging countries with innovative technologies and diversified product portfolio. This will increase its sales and revenue in target countries and also consolidate their position in the market.
COVID-19 Impact Analysis
The key players operating in the peripheral intravenous catheter market has faced several challenges due to the COVID-19 pandemic. One of the major challenges is disruption in supply chain and lack of raw materials required for manufacturing peripheral intravenous catheter due to irregularities in transportation facility. In addition, distributors in the market has faced an irregular demand for products from the retailers owing to high number of COVID-19 cases. Patients with suspected or confirmed diagnosis of COVID-19 were being treated with peripheral intravenous catheters, which are employed for hydration and supportive therapies, and to infuse drugs and solutions compatible with the peripheral venous route. Owing to this, there was rise in demand for these devices during the pandemic.
Recent Developments in the Industry:
Market Segmentation:
As per the research analysis, the peripheral catheters market is segmented by product type into peripheral intravenous catheters (PIVC), midline peripheral catheters, central venous catheters (CVC). Based on design type, the market is classified into single lumen, double lumen, multiple lumen. Further on the basis of clinical area, the market is segmented into oncology, renal disease, gastroenterology, infectious disease, others. On the basis of patient age group, it is dived into adult, pediatric, neonatal and by end user it is further segmented into hospitals, ambulatory surgery centers, home healthcare, clinics, diagnostic centers, others.
Geographical Classification:
The North America Peripheral Catheters market is segmented into major countries including US, Canada, and Mexico.
US Peripheral Catheters Market:
In North America region, the United states holds the dominant share of about 43% in 2020, followed by Canada. The United States is the most lucrative market for peripheral catheters. The growth in the region is due to growing chronic diseases and technological advancements in the products. In addition, the United States has sophisticated healthcare facilities, and the reimbursement coverage which contributes to the large market share of the region.
Competitive Analysis:
The North America peripheral catheters market is a highly competitive market. The established as well as emerging companies are increasingly focusing on the launch advanced products to expand their market share. Companies are also focusing on gaining approval for innovative technological catheters in the market, which is likely to expand their penetration rate in the market.
Major Companies:
Some of the companies which are currently dominating the peripheral catheters market are B. Braun Melsungen AG, BD, ICU Medical, Smiths Medical, Teleflex Incorporated, Terumo IS, Vygon SA, among others.
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