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.
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.
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.
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.
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.
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.
Peripheral Intravenous Catheters Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global peripheral intravenous catheters market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the peripheral intravenous catheters market structure. The market study presents exclusive information about how the peripheral intravenous catheters market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR), are explained in PMR’s study in a comprehensive manner. Other information includes market share analysis by region and by product, which helps in deep understanding of the market by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the peripheral intravenous catheters market during the forecast period.
The study is relevant for manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the peripheral intravenous catheters market. Furthermore, small businesses and new entrants in the peripheral intravenous catheters market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
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.
Key Questions Answered in PMR’s Peripheral Intravenous Catheters Market Report
Peripheral Intravenous Catheters Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the peripheral intravenous catheters market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the peripheral intravenous catheters market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the peripheral intravenous catheters market, and makes PMR’s projections on the growth prospects of the peripheral intravenous catheters market more accurate and reliable.