The latest market report published by Credence Research, Inc. “Global Intravascular Catheters Market– Growth, Future Prospects, Competitive Analysis, 2019- 2027,” the global intravascular catheters market was valued at US$ 4,034.7 Mn in 2018, and is expected to reach US$ 8,051.7 Mn by 2027, expanding at a CAGR of 8.0% from 2019 to 2027.
- Integrated/Closed PIVC,
- Short PIVC
- Renal Disease,
- Infectious Disease,
As per the research citing provided by World Health Organization (WHO), in 2016 approximately 56.9 million people died worldwide, 71% of them occurring due to non communicable disease and the rest owing to communicable diseases. Rising public health awareness and proactive government policies to provide optimum healthcare services to its citizens drive the market growth for intravascular catheters.
Short PIVC holds the largest market in the product segment for intravascular catheters market. The inherent features associated with it that increases its demand among healthcare professionals are low cost and easy insertion technique required at recommended sites such as antecubital veins and wrist etc. The limitations associated with short PIVC are occurrence of phlebitis and catheter dislodgement due to frequent movement of inserted needle in the blood veins. Integrated PIVC are gaining increasing demand on account of its inherent features such as advanced stabilization frame which reduces movement of inserted catheters, drastically reducing the occurrence of catheter associated blood stream infection (CABSI).
The other applications segment is dominating the intravascular catheters market. The primary reasons for its supremacy in the applications segment are significant rise in the number of trauma cases due to accidents and rising prevalence of cardiovascular complications requiring immediate surgical intervention. 31% of global deaths occurring due to cardiovascular diseases are due to lack of early surgical intervention. Infectious disease are going to claim a huge impact in the near future owing to the rising prevalence of hospital acquired infection and rise in bacterial infections in tropical and subtropical countries.
North America is the clear leader in global intravascular catheters market holding a market share of 32%. Rising prevalence of hospital acquired infection and existence of sophisticated healthcare facilities together drive the market growth in North America region. Affordable reimbursement scenario pertaining to intravascular catheters further triggers it market growth in the region. Europe is representing 30% share on account of favorable reimbursement scenario provided by European Medical Agency (EMA). Existence of key players such as Coloplast A/S, Getinge AB, Medtronic, Plc. Etc. further propel the market growth in Europe region. Asia Pacific is currently projecting 20% market share owing to rise in medical tourism and increasing demand for minimal surgical procedures utilizing intravascular catheters in ambulatory surgical centers.
Medical device manufacturers providing intravascular catheters are Boston Scientific Corporation, Terumo Corporation, Medtronic, Plc., Getinge AB, Cook Medical, Johnson & Johnson, C.R.Bard, Inc., McKesson Medical Surgical, Inc., Edwards, Life Sciences Corporation and Coloplast A/S.
Key Market Movements:
- Significant rise in the number of surgeries performed for patients receiving treatment of chronic diseases in hospitals
- Increasing demand for minimal invasive surgical procedures utilizing catheters in ambulatory surgical centers
- Supportive regulatory environment catered for intravascular catheters by regulatory agencies worldwide