Peripheral Iv Catheter Market

Global Market Study on Peripheral Intravenous Catheters: Safety Concerns Due to Increase in Needlestick Injuries Surging Demand

  • April-2020
  • PMRREP3324
  • 153 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Introduction

Needlestick injuries due to injection needles are a key concern for patients that require regular injections. Percutaneous wound injury can be caused by needle tips during handling, disassembling, or even during disposal of needles and syringes. According to the Centers for Disease Control and Prevention (CDC), U.S., approximately 385,000 needlestick injuries occur in the U.S. each year.

High incidence of needlestick injuries is persuading healthcare professionals to use drug delivery devices that reduce such a risk and increase patient comfort. Thus, rise in needlestick injuries is promoting the use of safer devices, thereby surging the growth of the peripheral intravenous catheters market.

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Companies

  • Becton, Dickinson and Company
  • B. Braun Melsungen AG
  • Smiths Group plc.
  • Terumo Corporation
  • Venner Medical
  • Vygon
  • Teleflex Incorporated
  • C. R. Bard, Inc.
  • NIPRO Medical Corporation
  • Argon Medical Devices, Inc.

Increasing Parenteral Drug Approval to Drive Peripheral Intravenous Catheters Market

In 2016, nearly 59% of new molecular entities (NMEs) were approved as parenteral drugs, and this has since trended near to 40% over the past several years. A large amount of new therapies are orphan drugs and monoclonal antibodies for cancer. Increase in parenteral drug approvals will drive the growth of the peripheral intravenous catheters market.

The ratio of drugs in the pipeline that require parenteral administration has increased from 53% to 55%, from 2018 to 2019 (as of October 2019). This is primarily due to the rise in biologic drugs in the market. Most biologic drugs are available in the injectable form, and thus, rise in biologic drugs in the pipeline also results in increase in parenteral drugs in the pipeline.

Increase in parenteral drugs in the pipeline will result in increase in the number of final market products, thereby driving the growth of the peripheral intravenous catheters market.

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Lack of Awareness on Safe Usage Leading to Secondary Infections and Unfavorable Pricing Competition

Inadequate information on the safe usage of PIVC is fuelling secondary infections due to needlestick injuries and HAIs, particularly in developing nations, which may lead to low adoption of peripheral intravenous catheters. In countries where access to healthcare is limited, the demand for PIVC is low, and alternate modes of drug administration are being used. Absence of laws mandating the safe usage of medical devices is further aggravating this issue.

Vascular access accessories, being essential commodities, experience inelastic pricing. There is very little margin on these products, and, as such, competition is high. In such a scenario, unfavorable price cuts are expected to lead to price wars and decline in producer margins. Apparently, the broader the distribution channel, the higher the ability for making profits.

Pricing pressure and cost cutting is a major concern for peripheral intravenous catheter manufacturers. Pricing pressure due to government regulations, competitive pricing, etc., compels manufacturers to cut cost. This pricing pressure on both, conventional and safety peripheral intravenous catheters, hampers a company’s overall growth, further restraining growth of the peripheral intravenous catheters market.

In 2014, Smith Medical’s revenue declined by 2% as compared to the previous year, due to pricing pressure on peripheral intravenous catheters in developed markets.

global peripheral intravenous catheters market

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Peripheral Intravenous Catheters Market: Competition Landscape

Companies in the PIVC market are mainly focusing on geographic expansion and consolidation of existing manufacturing capabilities to gain larger market share. Big pharma companies are focusing on acquiring local distributors as well as expanding manufacturing presence in Asia pacific and Latin America to strengthen their market position and create sustainable positioning.

Among the end users, hospitals accounted for maximum revenue share in the overall market, owing to increasing hospitalizations and availability of skilled manpower.

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Impact of COVID-19 on Peripheral Intravenous Catheters Market

It is plausible that the coronavirus outbreak is having a positive influence on the growth of the global peripheral intravenous market. The exploding number of COVID-19 cases all around the world is transmuting into an upsurge in the number of in-patient admissions. As governments and healthcare institutions strive to render efficient medical treatment to COVID-19 patients, the usage of peripheral intravenous catheters will behold an upsurge in hospitals and emergency clinics.

Patients with suspected or confirmed diagnosis of COVID-19 are 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, the demand for these devices will remain huge throughout the pandemic.

Analysts’ Viewpoint

Developed regions such as North America and Europe are expected to experience the highest adoption rate for peripheral intravenous catheters, owing to high consumption in hospitals, availability of reimbursement, and consolidation of the healthcare industry.

However, the adoption of peripheral intravenous catheters is also significantly rising in Asia Pacific and Latin America, due to the availability of a large patient pool and increasing number of local manufacturers offering products at a lower cost. The adoption of peripheral intravenous catheters has significantly increased in 2020 due to the large patient pool of COVID-19 patients being admitted to hospitals and other healthcare settings.

Key Segments of Peripheral Intravenous Catheters Market

PMR’s study on the peripheral intravenous catheters market offers information divided into four important segments - by product, technology, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Product

  • Short Peripheral IV Catheters
    • Ported PIVC
    • Non-ported PIVC
  • Integrated/Closed PIVC
    • Closed with Extension Set
    • Closed PIVC

Technology

  • Conventional PIVC
  • Safety PIVC
    • Closed with Extension Set
    • Active PIVC with Blood Control
    • Passive PIVC with Blood Control
    • Active PIVC
    • Passive PIVC

End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Home Use
  • Others

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Key Questions Answered in Report

  • How much is the peripheral IV catheter market worth?

    The global peripheral IV catheter market is estimated to be worth US$ 5.4 Bn in the year 2021.

  • What will be the demand outlook?

    The global peripheral IV catheter market is expected to witness a CAGR of 7.5% between 2021 and 2031.

  • What was the last 5 year market CAGR?

    The peripheral IV catheter market witnessed a CAGR of 6% between 2015 and 2020.

  • What are the key trends of peripheral IV catheter market?

    The latest trend is that of growing number of hospitalizations coupled with an increasing demand for various infused chemotherapy agents.

  • What is driving the demand for peripheral IV catheters?

    The fact that peripheral IV catheters can administer medicine into the blood on direct basis is driving the demand for peripheral IV catheters.

  • What is the market share of top 5 players?

    The top 5 players such as Becton, Dickinson and Company, B. Braun Melsungen AG, Smiths Group plc, Terumo Corporation, and Venner Medical hold more than 50% of the market share.

  • What are the top 5 countries driving demand?

    The top 5 countries driving demand include the US, UK, Russia, India, and China.

  • What is North America’s market Outlook?

    North America holds more than 30% of the market share, thanks to the US.

  • At what percentage peripheral IV catheter market is going to register growth in Europe?

    Europe is expected to register growth at the rate of 5% in the peripheral IV catheter market between 2021 and 2031.

  • Which countries are key producers of peripheral IV catheter?

    The US is the key producer of peripheral IV catheter.

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