Global Peripheral Intravenous Catheters (PIVC) Market Grows Steadily at a CAGR of 1.12%

Introduction

IV therapy involves the insertion of vascular access devices into veins via peripheral or central vessels for diagnostic or therapeutic purposes, such as medication administration, blood sampling, central venous pressure readings, fluids, total parenteral nutrition, and blood transfusions. Peripheral intravenous catheters (PIVCs) are small tubes inserted into a patient's peripheral veins to administer medication and fluids directly into the bloodstream. Additionally, they are used to withdraw blood from veins for diagnostic purposes. PIVCs are classified as either short or midline. In healthcare facilities, the most prevalent peripheral access devices are short PIVCs. Patients requiring intravenous therapy for four to six weeks should use a midline catheter. A central catheter inserted peripherally is a stable, safe, and efficient method for administering IV medications.

Market Dynamics

Increased Need to Reduce Needlestick Injuries Drives the Global Market

Numerous studies have identified various risk factors for NSIs among healthcare workers. In several developing nations, NSIs are caused by the absence of several factors, including vaccination rates among healthcare workers, access to appropriate worker protection equipment and post-exposure prophylaxis, and compliance with precautionary infection control standards. In recent years, IV catheter devices have incorporated safety mechanisms to safeguard healthcare professionals and patients against NSIs. Conventional catheters had a 25-fold higher risk of NSIs than safety IV catheters. Therefore, safety IV catheters are gradually replacing conventional catheters. In the United States, approximately two billion conventional syringes are sold annually for over fifty percent of all NSIs. As a result, there is an increase in demand for safe IV catheters to reduce injuries during injections and IV catheter placement, propelling the market growth.

Rising Approval of Parenteral Drugs Creates Tremendous Opportunities

The Center for Drug Evaluation and Research (CDER) of the US Food and Drug Administration supports parenteral drugs as new molecular entities (NMEs). The number of these NMEs has increased over the years. From 2015 to 2019, 40% to 50% of NME approvals involved parenteral drugs. In 2019, the FDA approved 48 NMEs, of which 20 (or 42%) were parenteral drugs. The demand for parenteral drugs has increased due to the expanding pharmaceutical industry and the recent catalysis caused by COVID-19. Parenteral drugs allow for gradual or instantaneous controlled release, which is impossible with oral medications. A clinician must administer these medications, reducing the likelihood of errors and the resulting costly and dangerous consequences. Consequently, the increase in approval of novel parenteral products administered intravenously contributes to the growth opportunities for PIVCs.

Regional Analysis

North America is the most significant global peripheral intravenous catheters (PIVC) market shareholder and is anticipated to boost at a CAGR of 0.42% during the forecast period. Population growth has increased in infectious and chronic diseases like heart disease, cancer, and others, which has boosted the demand for PIVCs in the region. This further contributes to the increasing hospitalization rates, the number of surgical procedures, the need for supplying drugs and nutrients intravenously to patients, and the demand for injectable drugs over oral drugs. In addition, by opting for PIVCs such as closed/integrated IV and midline catheters, hospitals in North America have an advanced infrastructure that prioritizes avoiding infection and cross-contamination risks. As knowledge of PIVCs and their associated complications is widespread, the use of safety PIVCs is increasing rapidly in the region.

Europe is estimated to exhibit a CAGR of 1.27% over the forecast period. The region's prevalence and incidence of chronic disease-related aging have dramatically increased. In addition, the prevalence of chronic diseases among adults and the elderly has increased due to various risk factors, such as smoking, pollution, and underlying diseases. The highly advanced healthcare system and the growing number of vendors offering a variety of PIVCs contribute to the region's market expansion. In addition, the European healthcare system is highly developed, regulated, sophisticated, and evolved, with a standardized reimbursement structure. The increase in chronic diseases has contributed to the expansion of the market for PIVCs. Additionally, the increasing demand for retractable and safety needles is driving the expansion of PIVCs in Europe.

Key Highlights

• The global peripheral intravenous catheters (PIVC) market was valued at USD 3.06 billion in 2022. It is estimated to reach USD 3.38 billion by 2031, growing at a CAGR of 1.12% during the forecast period (2023–2031).
• Based on the product, the global peripheral intravenous catheters (PIVC) market is bifurcated into short peripheral IV catheters and peripheral midline IV catheters. The short peripheral IV catheters segment dominates the market and is projected to exhibit a CAGR of 0.21% over the forecast period.
• Based on technology, the global peripheral intravenous catheters (PIVC) market is divided into conventional peripheral intravenous catheters and safety peripheral intravenous catheters. The conventional peripheral intravenous catheters segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 0.73% over the forecast period.
• Based on end-user, the global peripheral intravenous catheters (PIVC) market is segmented into hospitals, ambulatory surgical centers, homecare, and others. The hospital segment owns the highest market share and is estimated to exhibit a CAGR of 0.64% during the forecast period.
• North America is the most significant global peripheral intravenous catheters (PIVC) market shareholder and is anticipated to boost at a CAGR of 0.42% during the forecast period.

Competitive Players

Competitive Players

The key players in the global peripheral intravenous catheters (PIVC) market are Becton Dickinson and Company, Smiths Medical, Vygon, B. Braun Melsungen, Teleflex Incorporated, Terumo, AngioDynamics, Argon Medical Devices, Dukwoo Medical, Nipro, and Shanghai Puyi Medical Instruments.

Recent Developments

Market News

• In February 2023, MedSource Labs was granted a group purchasing agreement for Peripheral Intravenous Catheters (PIVC) Solutions through Premier's AscenDriveTM program is designed to drive the highest level of member commitment and savings through aggregated purchasing of high-quality products and services.

• In March 2023, Skydance Vascular, a medical device company that redesigned the peripheral intravenous catheter (PIVC), published in the Journal of Vascular Access the results of a study titled "The Potential Role of through the Needle PIVC Insertion in Reducing Early Catheter Contamination." The company's Osprey PIVC, which reduces skin bacteria exposure during insertion, is featured in the study.

Segmentation

Global Peripheral Intravenous Catheters (PIVC) Market: Segmentation

By Product

• Short Peripheral IV Catheters
• Peripheral Midline IV Catheters

By Technology

• Conventional Peripheral IV Catheters
• Safety Peripheral IV Catheters

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Homecare
• Others

By Regions

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