Market Trends of Peripheral Intravenous Catheters Industry
This section covers the major market trends shaping the Peripheral Intravenous Catheters Market according to our research experts:
Integrated/Closed Catheters Dominates the Market and Expected to Continue the Same during the Forecast Period
Integrated/closed catheters are expected to dominate the peripheral intravenous catheter market through the forecast period. The increasing adoption of closed catheters that help inject contrast media during computed tomography (CT) is acting as a driving factor for this segment's growth. These catheters are made of polyurethane material and can withstand pressures exceeding 300 pounds per square inch (psi).
According to the study published in the British Journal of Nursing in August 2022, a close/integrated catheter decreases the risk of the healthcare professional coming into contact with the patient's blood and allows for the safe collection of blood samples. It can help prevent backflow into the cannula tip, lowering the danger of blockage and the requirement for several insertions. It is also vital that the device remains stable after insertion to minimize micro-movements within the vessel (which can damage the tunica intima, which can result in mechanical phlebitis. Thus, due to the above benefits, the close/integrated catheter is expected to increase its demand over the forecast period, thereby boosting segment growth.
Furthermore, various strategic activities by market players, such as product launches, mergers, acquisitions, and partnerships, are likely to boost segment growth over the forecast period. For instance, in July 2022, B. Braun Medical Inc. (B. Braun) introduced the Introcan Safety 2 IV Catheter with one-time blood control. The Introcan Safety 2 IV Catheter is B. Braun's latest innovation for making IV access safer for clinicians by lowering the risk of needlestick injuries and blood exposure.
Thus, all the above-mentioned factors are expected to boost segment growth over the forecast period.
North America Dominates the Market and Expected to Continue the Same during the Forecast Period
North America held the majority of the market share. The region suffers from rising chronic diseases and a growing senior population. North America has sophisticated healthcare facilities, and the reimbursement coverage contributes to the large market share of the region. For instance, according to data from Alzheimers.org, 6.2 million Americans aged 65 and older were thought to have Alzheimer's-related dementia in the United States in 2021. Also, the Parkinson's Foundation estimated that nearly 1 million Americans were living with Parkinson's disease (PD) in 2020. As per the same source, nearly 60,000 Americans are diagnosed with Parkinson's disease every year. Thus, the growing prevalence of neurological diseases is expected to boost the demand for peripheral IV catheters, thereby boosting the market growth.
Furthermore, the geriatric population is more prone to cardiovascular and neurological diseases, and thus growing this population is likely to support the growth of the market. As per the Government of Canada Statistics report, as of July 2021, around 18.5% of the Canadian population was aged above 65 years, increasing from 17.5% in July 2020. Additionally, according to the World Population Ageing in 2020, in the United States, there are more than 46 million older adults aged 65 and up; by 2050, that number is expected to rise to nearly 90 million. The number of older adults is expected to rise by nearly 18 million between 2020 and 2030. Thus, the rising geriatric population more prone to cardiac diseases is expected to rise in demand for peripheral IV catheters, thereby driving the market growth in the region.
Furthermore, product launches by the key market players support market expansion. For instance, in September 2022, B. Braun Medical Inc. (B. Braun) reported the acquisition of Starboard Medical, Inc.'s unique Clik-FIX catheter securement device portfolio. The acquisition by B. Braun expands on the company's history of product and program innovation to improve the patient experience and outcomes with peripheral intravenous (IV) therapy. Thus, all the above-mentioned factors are expected to drive market growth in the region.
