Business Wire07.27.21
According to Coherent Market Insights, the global peripheral intravenous catheter market is estimated to be valued at $4.81 billion in 2020 and is expected to exhibit a compound annual growth rate of 6.1 percent through 2027.
Key trends in the market include increasing incidence of chronic and life threatening diseases such as chronic kidney diseases, cancer, cardiovascular diseases, and others, increasing approval and launch of novel products, increasing collaborations and acquisitions among key players. These are expected to drive the market growth.
According to 2018 annual report of the U.S. Renal Data System (USRDS), around 750,000 patients per year in the United States are affected by kidney failure, which is also called end stage renal disease (ESRD). Moreover, according to the same source, around 2 million people worldwide suffer from end stage renal disease (ESRD).
Moreover, increasing approval of novel products is expected to drive the market growth over the forecast period. For instance, in March 2018, Smiths Medical received U.S. Food and Drug Administration clearance for its DeltaVen Closed System Catheter, a product developed by Delta Med SpA. It provides an alternative means of infusion for adult and pediatric patients who need comfortable, adequate hydration in hospital or homecare settings.
Furthermore, key players operating in the global peripheral intravenous catheter market are focusing on adoption of inorganic growth strategies such as acquisition and collaboration in order to increase their presence in the global market. In November 2019, ICU Medical Inc. acquired Pursuit Vascular, a medical device manufacturing company. As a result of this acquisition, ICU Medical expanded its catheter portfolio in the global market.
The global peripheral intravenous catheter market is expected to grow over the forecast period, owing to increasing incidence of chronic diseases such as cardiovascular diseases, which is expected to drive the market growth over the forecast period. According to a World Health Organization 2017 report, approximately 17.9 million people died due to cardiovascular diseases (CVDs) in 2016, representing 31 percent of all global deaths, out of which around 85 percent of deaths are caused due to heart attack and stroke.
Among product type, integrated/closed PIVC segment is estimated to account for the largest market share in 2020, owing to increasing approval of novel products and launches of technologically advanced products.
Among end user, hospital segment is estimated to account for the largest market share in 2020, owing to increasing patient population suffering from chronic diseases.
Key players operating in the global peripheral intravenous catheter market include Becton, Dickinson and Company, B. Braun Melsungen AG, Smith Medical, Terumo Corporation, Vygon S.A., ICU Medical, VOGT Medical, RenovoRx Inc., Retractable Technologies Inc., Nipro Corporation, MedSource Labs, Argon Medical Devices Inc., Intra Special Catheters GmbH, Greiner Bio-One International GmbH, Medical Components Inc, Ares Medikal, Ace Medical Co. Ltd., Merit Medical Systems Inc., Heka s.r.l., RAUMEDIC Inc., Qingdao Sinoland International Trade Co. Ltd, Cook Group, and Teleflex Incorporated.
Key trends in the market include increasing incidence of chronic and life threatening diseases such as chronic kidney diseases, cancer, cardiovascular diseases, and others, increasing approval and launch of novel products, increasing collaborations and acquisitions among key players. These are expected to drive the market growth.
According to 2018 annual report of the U.S. Renal Data System (USRDS), around 750,000 patients per year in the United States are affected by kidney failure, which is also called end stage renal disease (ESRD). Moreover, according to the same source, around 2 million people worldwide suffer from end stage renal disease (ESRD).
Moreover, increasing approval of novel products is expected to drive the market growth over the forecast period. For instance, in March 2018, Smiths Medical received U.S. Food and Drug Administration clearance for its DeltaVen Closed System Catheter, a product developed by Delta Med SpA. It provides an alternative means of infusion for adult and pediatric patients who need comfortable, adequate hydration in hospital or homecare settings.
Furthermore, key players operating in the global peripheral intravenous catheter market are focusing on adoption of inorganic growth strategies such as acquisition and collaboration in order to increase their presence in the global market. In November 2019, ICU Medical Inc. acquired Pursuit Vascular, a medical device manufacturing company. As a result of this acquisition, ICU Medical expanded its catheter portfolio in the global market.
The global peripheral intravenous catheter market is expected to grow over the forecast period, owing to increasing incidence of chronic diseases such as cardiovascular diseases, which is expected to drive the market growth over the forecast period. According to a World Health Organization 2017 report, approximately 17.9 million people died due to cardiovascular diseases (CVDs) in 2016, representing 31 percent of all global deaths, out of which around 85 percent of deaths are caused due to heart attack and stroke.
Among product type, integrated/closed PIVC segment is estimated to account for the largest market share in 2020, owing to increasing approval of novel products and launches of technologically advanced products.
Among end user, hospital segment is estimated to account for the largest market share in 2020, owing to increasing patient population suffering from chronic diseases.
Key players operating in the global peripheral intravenous catheter market include Becton, Dickinson and Company, B. Braun Melsungen AG, Smith Medical, Terumo Corporation, Vygon S.A., ICU Medical, VOGT Medical, RenovoRx Inc., Retractable Technologies Inc., Nipro Corporation, MedSource Labs, Argon Medical Devices Inc., Intra Special Catheters GmbH, Greiner Bio-One International GmbH, Medical Components Inc, Ares Medikal, Ace Medical Co. Ltd., Merit Medical Systems Inc., Heka s.r.l., RAUMEDIC Inc., Qingdao Sinoland International Trade Co. Ltd, Cook Group, and Teleflex Incorporated.
