As the prevalence of chronic diseases across the globe is increasing, the expenditure in the healthcare is also increasing. Since chronic diseases are harder to manage and often are incurable, the need for advanced solutions to deal with these problems is growing as well. Increased expenditure in the sector will facilitate the introduction of advanced healthcare solutions that can be afforded by a larger number of people.
This increased healthcare expenditure has led to the rising demand for peripheral I.V. catheter. As per a report by PS Intelligence, the global peripheral I.V. catheter market is predicted to reach a value of $5.5 billion by 2022, increasing from $3.7 billion in 2015, and is expected to advance at a 6.0% CAGR during the forecast period (20162022). Peripheral I.V. catheters are used for facilitating the intravenous administration of antibiotics, analgesics, psycholeptics, and intravenous fluids.
The incidence of bloodstream infections and hematoma-related complications has decreased to a certain extent owing to the introduction of these advanced catheters. The utilization of different types of peripheral I.V. catheters aids in preventing the transference of blood-borne pathogens in to other people present in the healthcare setting. There are two types of peripheral I.V. catheters, namely integrated/closed and short, between which, the demand for short peripheral I.V. catheters was higher in the past.
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Geographically, the North American region emerged as the major peripheral I.V. catheter market in the past and is further expected to create the largest demand for these medical devices in the coming years as well. The surging geriatric population, increasing requirement for injectable drugs, and rising healthcare expenditure are leading to the growing need for peripheral I.V. catheters in the region. Within the region, the U.S. has been creating the largest demand for peripheral I.V. catheters and the situation is likely to remain the same in the coming years as well.
In conclusion, the increasing healthcare expenditure and growing geriatric population are driving the market.
