Advancement in PIVC (Peripheral Intravenous Catheter) Technology to Drive Market Growth
The global market of PIVC is expected to exhibit a healthy CAGR in a forecast period from 2015 to 2021. And by 2021 end, the market of PIVC is anticipated to reach for US$ 5,000 Mn.
Manufactured from silicon and various other user friendly materials, the PIVC device is used to avoid side effects which in turns helps patients to retain PIVCs for long durations in their body. Mainly, these devices are used for infusing various medicines and fluids directly into patient’s vein.
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Factors that are globally driving the market growth of PIVC include enhanced peripheral IV catheter technology, growing expenditure on healthcare, rising prevalence of diseases among the population and growing rate of hospitalization in various emerging countries. Also, growing usage of non-irritant material along with technological advancements in peripheral intravenous catheters in order to ill effects associated with them is also fueling the market growth of peripheral intravenous catheters.
However, complications like blood exposure, venous puncture, and needle-related injuries as well as rising cost peripheral IV catheter in developing areas is anticipated to hinder the market growth of peripheral intravenous catheters during the forecast period.
Globally, the segmentation of PIVC market has been done based on product, technology, end use and regions. On the basis of product, the global market of PIVC is classified as short PIVC and integrated peripheral intravenous catheter. The segment of short PIVC is further segmented as ported PIVC and non-ported peripheral intravenous catheter. Among these, the segment of integrated PIVC will exhibit a highest CAGR of 8.9% while the segment of short PIVC will contribute maximum share of the global PIVC market during the forecast period. Also, the segment of non-ported PIVC will generate highest CAGR during the forecast period.
Based on technology type, the global market of the PIVC is segmented into safety PIVC and conventional PIVC. Among these, the segment of safety PIVC will dominant the market and is estimated to value for 66% of revenue share during the forecast period.
Based on end user type, the global market of the PIVC is segmented into home use, ambulatory surgical centers, clinics and hospitals. Among these, the segment of hospitals segment will generate highest CAGR during the forecast period.
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Regionally, the global market of PIVC is classified as the MEA, North America, Europe, Latin America, and Asia Pacific. During the forecast period, Asia-Pacific region is expected to exhibit highest CAGR of 6.7% in the PIVC market.
The key players in the market of PIVC are Smith Medical, Vygon Group, C. R. Bard, B. Braun Melsungen AG, Becton Dickinson and Company, Terumo Corporation and Tangent Medical.
Long-term Outlook: The global PIVC market is expected to exhibit a healthy CAGR in a forecast period from 2015 to 2021.
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Summary: Global PIVC market is expected to value for US$ 5,224.7 Mn. Advancement in PIVC technology will drive the market growth.
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