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The global Peripheral Intravenous Catheters Market is estimated to be valued at US$ 7.4 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peripheral intravenous catheters are medical devices used to deliver medications, fluids and blood components into peripheral veins in circulatory systems. They can be inserted into veins located in the hands, arms or feet. Peripheral intravenous catheters are available in various designs such as short peripheral catheters, integrated/closed catheter systems and midline catheters. They offer advantages such as ease of insertion into peripheral veins, reduced infection risk and longer dwell time in veins compared to conventional catheters. The increasing prevalence of chronic diseases and technological advancements in peripheral catheter designs are creating high demand for peripheral intravenous catheters globally.
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Market key trends:
One of the key trends in the peripheral intravenous catheters market is the development of smart and advanced catheter technology. Manufacturers are investing in research to develop technology enabled peripheral catheters integrated with sensors and data analytics capabilities. For instance, companies are developing catheters embedded with biosensors to monitor vital parameters like temperature and blood chemistry in real-time. Some players are focused on developing radio-frequency identification enabled catheters for enhanced tracking and monitoring of patients. Such advanced catheter technologies are expected to improve treatment outcomes and patient safety, thereby fueling the demand significantly during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement for starting peripheral intravenous catheters manufacturing poses a minor threat. Bargaining power of buyers: Large buyer base with no dependency on few large buyers reduces their bargaining power. Bargaining power of suppliers: Well established supply networks and availability of raw material suppliers at competitive prices maintains moderate supplier power. Threat of new substitutes: Limited availability of alternatives increases the threat of new substitutes in the market. Competitive rivalry: Intense competition among existing players leads to pricing wars and new product innovations.
Key Takeaways
The global peripheral intravenous catheters market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis
North America dominated the peripheral intravenous catheters market in 2022 due to advanced healthcare infrastructure and high volume of surgical procedures. Asia Pacific is anticipated to register fastest growth rate during the forecast period owing to rising healthcare expenditure, huge patient pool and increasing government initiatives.
Key players operating in the peripheral intravenous catheters 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. Key players are focusing on partnerships, mergers, acquisitions and new product launches to strengthen their market position.
