Global Peripheral Intravenous Catheter Market's Key Growth Drivers: Enhancement in Technology and Rising Healthcare Expenditure

The global peripheral intravenous catheter market is projected to benefit greatly from the rising demand from emerging economies. Emerging economies with high unmet needs present a good growth opportunity to key players operating in the global peripheral intravenous catheter market. Terumo, Smith Medical, B. Braun Melsungen, Tangent Medical, and Vygon are some of the key players in the global peripheral intravenous catheter market.

Technological Advancement to Propel Global Peripheral IV Catheter Market

The global peripheral intravenous catheter market is driven by the rising number of diseases and infection among people. In addition to this, the enhancement in peripheral intravenous (IV) catheter technology will also boost the global peripheral intravenous catheter market. Moreover, the rising per capita healthcare expenditure will drive the global peripheral intravenous catheter market substantially. The global peripheral intravenous catheter market will also benefit from the rising geriatric population.

Peripheral intravenous catheters are used to infuse fluids and medication into the veins of patients or to draw blood samples. They are inserted into the patient’s body by a needle that can be removed once the catheter is placed properly. After this, a peripheral IV catheter can be attached to the skin by using a medical adhesive tape.

Although the global peripheral intravenous catheter market will expand significantly in the coming few years, it will be suppressed by the complications associated with these medical devices. Some of the complications related to peripheral IV catheters include blood exposure and needlestick injuries. Moreover, the high cost of advanced peripheral intravenous catheters in emerging regions such as MEA and APEJ will challenge the global peripheral intravenous catheter market.

North America to Dominate Global Peripheral Intravenous Catheter Market

The global peripheral intravenous catheter market will expand moderately at a 6.10% CAGR during the forecast period from 2015 to 2021. In 2014, the global peripheral intravenous catheter market was estimated at US$3.5 bn and by 2021, it is projected to be worth US$5.2 bn.

According to end use, the hospitals segment held the largest share of 61.4% in the global peripheral intravenous catheter market in 2014. The second largest share was held by the ambulatory surgical centers segment in the global peripheral intravenous catheter market in 2014. Product-wise, the short peripheral intravenous catheter segment held a 73% share in the global peripheral intravenous catheter market in 2014. By technology, the safety segment is projected to demonstrate good growth. This segment is expected to progress at a 7.10% CAGR during the forecast period.

Geography-wise, the global peripheral intravenous catheter market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominated the global peripheral intravenous catheter market with a share of more than 45% in 2014, followed by Europe. The Asia Pacific peripheral intravenous catheter market is expected to witness the highest CAGR of 6.70% during the forecasting horizon.

A rising number of players are investing in the Asia Pacific peripheral intravenous catheter market due to the rising demand observed from emerging economies of this region such as China and India. Leading companies in the market are collaborating with other key healthcare solution and services providers to drive their operational efficiency and offer better patient care.