Peripheral Intravenous Catheters Market Size

Peripheral Intravenous Catheters Market Analysis

The global peripheral intravenous catheters market is anticipated to grow with a CAGR of nearly 6.5% during the forecast period.

The escalating number of COVID-19 cases worldwide, as well as the lockdown scenario, had a substantial influence on the market, initially due to on-hold services such as treatment, diagnostic, and surgical services, to prevent the spread of COVID-19. However, the growing number of COVID-19 cases worldwide contributed to an increase in the number of in-patient admissions. Catheters were in high demand in hospitals and emergency clinics as governments and healthcare institutions sought to improve the efficiency of medical treatment for COVID-19 patients. According to the study published in the National Library of Medicine in July 2021, in ambulatory care and outpatient clinics, 89.2% of vascular surgeons reported changes to their practice, including fewer hours (71%) and the use of telehealth services (81.1%). Thus, the decline in vascular procedures and non-COVID-19 patient admission hampered the growth of the market during COVID-19. Additionally, the market is anticipated to resume its expansion throughout the projection period as all restrictions are eliminated, and the number of outpatient treatments rises.

The market is driven by the rising prevalence of cardiovascular, neurology, and urology disorders, rising usage of advanced materials in the catheter, and growing demand for minimally invasive surgeries. Cardiovascular, urology, and neurology diseases have become the most dominant cause of mortality and morbidity in the world during the last three decades. Increasing utilization of peripheral intravenous catheters in treating these chronic diseases, leading to hospitalization, is anticipated to drive the market over the forecast period. For instance, per the study article published in Circulation in July 2021, peripheral artery disease (PAD) affects over 230 million persons globally and is linked to an elevated risk of various adverse clinical outcomes, including coronary heart disease, stroke, and others. As a result, the high global incidence of PAD and its associated risk factors are projected to drive demand for peripheral IV catheters over the forecast period.

Additionally, according to data published by the United Nations, in February 2021, in 2020, over 1 billion individuals, or nearly one in every six persons on the planet, would suffer from neurological disorders such as Alzheimer's and Parkinson's disease, strokes, multiple sclerosis, epilepsy migraine, brain traumas, and neuro infections. According to the same source, in 2020, 62 million individuals suffered from cerebrovascular disease, 50 million from epilepsy, 326 million from migraine, and 24 million from Alzheimer's disease and other dementias across the globe. Thus, the growing prevalence of cardiovascular and neurological diseases is expected to boost market growth.

Thus, all aforementioned factors are expected to boost market growth over the forecast period. However, risks and complications associated with peripheral intravenous catheters may hinder the growth of the global peripheral intravenous catheter market.