Global Peripheral Intravenous Catheter Market, By Product Type (Short PIVC (Ported PIVC and Non-ported PIVC) and Integrated/Closed PIVC), By Technology (Conventional and Safety), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 4,814.6 million in 2020 and is expected to exhibit a CAGR of 6.1% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Raising funding for research and development of peripheral intravenous catheter is expected to boost the market growth over the forecast period
For instance, in December 2019, Griffith University received funding of US$ 1.5 million from the National Health and Medical Research Council for R&D in peripheral intravenous catheters.
Moreover, increasing launch of novel peripheral intravenous catheter is expected to drive the market growth over the forecast period.
For instance, in February 2017, Teleflex Inc. launched TrapLiner catheter in the U.S. The product is meant to be used with guide catheters also knows as extension catheter to get access to distinct areas of the peripheral vasculature.
Global Peripheral Intravenous Catheter Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has impacted the global economy and in turn, the peripheral intravenous catheter market. Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the second quarter of 2020. Moreover, peripheral intravenous catheters are used for administration of medication and nutrients in hospitals and healthcare facility. An increase in patient population suffering from COVID-19 and increasing in the number of patients admitted in the hospital are expected to increase the demand for peripheral intravenous catheter.
Browse 84 Market Data Tables and 44 Figures spread through 249 Pages and in-depth TOC on “Peripheral Intravenous Catheter Market”- Global Forecast to 2027, By Product Type (Short PIVC (Ported PIVC and Non-ported PIVC) and Integrated/Closed PIVC), By Technology (Conventional and Safety), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as acquisition and collaboration in order to expand their product portfolio and increase their presence in the global market. For instance, in November 2019, ICU Medical, Inc. entered into a collaborative agreement to acquire Pursuit Vascular, Inc., a privately-held medical device company that develops catheters.
Key Takeaways of the Global Peripheral Intravenous Catheter Market: