Global Peripheral Intravenous Catheters (PIVC) Market Overview
Leading market research firm Straits Research has recently published a report titled ""Peripheral Intravenous Catheters (PIVC) Market Global Size, Share, Growth, Industry Trends, Opportunity, and Forecast 2023-2031."" This comprehensive study provides an in-depth analysis of the market, including competitive and geographical assessments, with a focus on the latest technological advancements. The report extensively covers current and future opportunities, profitability, revenue growth rates, pricing, and recent industry trends.
According to Straits Research, the global Peripheral Intravenous Catheters (PIVC) Market was valued at USD 3.06 billion in 2022 and is projected to grow at a modest pace, reaching USD 3.38 billion by 2031. The market is expected to witness a compound annual growth rate (CAGR) of 1.12% during the forecast period from 2023 to 2031. As healthcare systems around the world evolve and demand for intravenous (IV) therapies continues to grow, PIVCs remain a vital component in patient care.
Market Dynamics
Market Key Trends
The Peripheral Intravenous Catheters (PIVC) market is experiencing several noteworthy trends that are shaping its growth and development:
Rising Use in Homecare Settings: One of the most significant trends is the increasing use of PIVCs in homecare settings. As patients with chronic conditions require prolonged IV treatments, there is a shift towards at-home care. This trend is particularly prevalent in the aging population who prefer receiving treatments at home rather than in hospitals, driving the demand for PIVCs designed for long-term use.
Technological Advancements in Safety Features: The market is also seeing advancements in safety features for PIVCs. Safety peripheral IV catheters are being developed with features that reduce the risk of needle-stick injuries, a common occupational hazard for healthcare professionals. These innovations aim to improve the safety of both patients and medical staff, which is expected to positively influence the market.
Growing Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as diabetes, cancer, and kidney disorders is contributing to the market growth, as these conditions often require long-term intravenous therapy for treatment or symptom management. This growing demand for continuous medical treatments is driving the need for more reliable and efficient PIVC solutions.
Driving Factors Behind Market Growth
Several factors are driving the growth of the Peripheral Intravenous Catheters (PIVC) market:
Rising Healthcare Expenditures: As global healthcare spending continues to rise, investments in medical technologies, including PIVCs, are expanding. Healthcare providers are increasingly investing in advanced intravenous solutions to improve patient care and operational efficiency.
Increased Demand for Hospital-Acquired Infections Prevention: With a growing focus on infection control, hospitals and healthcare facilities are turning to PIVCs with advanced safety mechanisms to help reduce hospital-acquired infections (HAIs). These advanced solutions minimize the risk of infections that can result from poor catheter insertion techniques or improper handling.
Increasing Surgical Procedures: The rise in the number of surgical procedures, including ambulatory surgeries and emergency surgeries, is also propelling the demand for PIVCs. As a standard method for delivering fluids and medications during surgeries, the need for high-quality, reliable catheters is essential in ensuring smooth procedural outcomes.
Opportunities in the PIVC Market
The global market for Peripheral Intravenous Catheters is also brimming with opportunities for manufacturers and healthcare providers:
Emerging Markets: Growing healthcare infrastructure in emerging economies offers significant opportunities for PIVC manufacturers. As countries in Asia-Pacific, Latin America, and Africa develop their healthcare systems, the demand for quality PIVCs is increasing. By expanding their presence in these markets, manufacturers can tap into a large, untapped customer base.
Product Innovation and Customization: There is a rising demand for customizable solutions in the PIVC market. Manufacturers can explore opportunities for product innovation, such as the development of PIVCs with enhanced features like longer durability, ease of insertion, and minimized risks of complications. Customizing PIVCs for different patient needs and improving comfort can drive customer satisfaction and loyalty.
Peripheral Intravenous Catheters (PIVC) Market Segmentation
The global PIVC market can be divided into several segments based on product, technology, and end-user categories:
By Product:
Short Peripheral IV Catheters: These are the most common types of catheters used for short-term IV access. They are primarily used for delivering fluids, blood products, and medications for a short duration.
Peripheral Midline IV Catheters: These are longer than short peripheral catheters and are used for medium-term access (from several days to weeks). They are preferred for administering more irritating medications or for patients requiring longer-term infusion therapy.
By Technology:
Conventional Peripheral IV Catheters: Traditional IV catheters with basic functionality used widely in clinical settings for general use.
Safety Peripheral IV Catheters: These catheters come equipped with safety features, such as automatic shields, to protect healthcare professionals from needle-stick injuries, which have become a growing concern in hospitals worldwide.
By End-User:
Hospitals: The largest segment, as hospitals remain the primary location for most intravenous treatments, ranging from routine hydration to life-saving surgeries and emergency treatments.
Ambulatory Surgical Centers: With the increasing preference for outpatient procedures, these centers represent a growing market for PIVCs as they offer more cost-effective and convenient treatment options for patients.
Homecare: The homecare segment is gaining traction, driven by the preference for at-home treatment, especially among the elderly population and those with chronic illnesses.
Others: This includes segments like long-term care facilities and rehabilitation centers.
Key Players in the Peripheral Intravenous Catheters (PIVC) Market
The PIVC market is competitive, with several key players striving to innovate and maintain a strong market position. The top players in the market include:
BD (Becton, Dickinson and Company)
Smiths Medical
Medtronic
Baxter International Inc.
Vygon
Terumo Corporation
Nipro Corporation
Cook Medical
Fresenius Kabi
Amsino International, Inc.
These companies are investing in research and development to introduce advanced PIVCs that offer improved safety, ease of use, and enhanced performance, which helps to reduce complications associated with intravenous treatments.
Conclusion
The global Peripheral Intravenous Catheters (PIVC) Market is set to grow at a steady pace over the forecast period, driven by factors such as increasing healthcare needs, demand for safety innovations, and the rising prevalence of chronic diseases. The shift towards homecare treatments and the increasing number of surgeries are expected to further contribute to market expansion. Additionally, innovations in PIVC products, such as safety catheters and customizable options, provide numerous opportunities for growth in both developed and emerging markets.
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