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 (Hospital, 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$ 7.4 Bn in 2023 and is expected to exhibit a CAGR of 8.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adoption of growth strategies such as acqusitions, and this is expected to drive the global peripheral intravenous catheter market. For instance, in September 2022, B. Braun Medical Inc., a medical device manufacturing company, announced that it acquired a suite of products used to secure catheters from Starboard Medical, INC., a manufacturing company that develops medical devices and healthcare products.
Global Peripheral Intravenous Catheter Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding the transportation of things from one place to another.
COVID-19 had negative impact on the global peripheral intravenous catheter market due to decrease in hospital admissions. For instance, in April 2022, according to data published by National Center for Biotechnology Information (NCBI), the number of in-patient admissions decreased by 10.9% due to COVID-19.
Furthermore, key players operating in the global peripheral intravenous catheter market faced major challenges on various fronts due to the COVID-19 pandemic. The major challenges included supply of raw materials required for manufacturing peripheral intravenous catheter due to irregularities in transportation facility. Moreover, distributors of the products experienced irregular demand for products from the retailers due to increasing number of patients suffering from COVID-19 and other life threatening disorders.
Global Peripheral Intravenous Catheter Market: Key Developments
In January 2022, ICU Medical Inc., a company that develops, manufactures, and sells medical technologies used in vascular therapy, oncology, and critical care applications, announced the completion of acquisition of Smiths Medical from Smiths Group plc, an industrial technology company. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products.
In December 2021, Koninklijke Philips N.V., a diversified technology company that develops and manufactures medical systems and consumer electronics products, announced that it had signed an agreement to acquire Vesper Medical, Inc., a U.S.-based medical technology company that develops minimally-invasive peripheral vascular devices.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Peripheral Intravenous Catheter Market”- Forecast to 2030, 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).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/peripheral-intravenous-catheters-market-3208
Key Takeaways of the Global Peripheral Intravenous Catheter Market:
- Global peripheral intravenous catheter market is expected to exhibit a CAGR of 8.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global peripheral intravenous catheter market.
- Among technology, the safety segment is expected to hold a dominant position in the global peripheral intravenous catheter market during the forecast period due to the advantages of safety PIVC. For instance, in October 2022, according to a report published by John Wiley & Sons, Inc., a research and education company, the safety peripheral intravenous catheters had shorter functional dwell time, with higher incidence of post-insertion failure compared to midline catheters.
- Among region, North America is expected to be the dominant region in the global peripheral intravenous catheter market as key players are focusing on organic strategies such as product launches. For instance, in September 2022, B. Braun Medical Inc., a leader in infusion therapy and pain management, announced that the company had acquired the innovative Clik-FIX catheter securement device portfolio from Starboard Medical, Inc., a manufacturing company that develops medical devices and healthcare products.
- Major players operating in the global peripheral intravenous catheter market are BD, ICU Medical, Inc., Surmodics, Inc., B. Braun SE, Greiner Bio-One International GmbH, Terumo Corporation, Vygon, Healthline Medical Products, Retractable Technologies, Inc., Nipro Medical Corporation, Medsource Labs., Argon Medical Devices., Integral Lifesciences Holdings Corporation, Intra Special Catheters GmbH, Medical Components, Inc., Merit Medical Systems., Heka s.r.l., RAUMEDIC AG, Cook, Teleflex Incorporated