PUBLISHER: Allied Market Research | PRODUCT CODE: 1397024
PUBLISHER: Allied Market Research | PRODUCT CODE: 1397024
The IV catheters market was valued at $8.6 billion in 2022 and is estimated to reach $17.8 billion by 2032, exhibiting a CAGR of 7.5% from 2023 to 2032. An intravenous (IV) catheter, also known as an IV line or IV cannula, is a medical device used to administer fluids, medications, or blood products directly into a patient's bloodstream. It consists of a thin, flexible tube typically made of plastic or other biocompatible materials with a sharp needle or catheter at one end. The needle is used to puncture a vein, and once the catheter is in place, the needle is removed, leaving the catheter securely in the vein.
The major factors driving the growth of the IV catheters market are the increase in the number of people suffering from chronic conditions, rise in geriatric population, and continuous advancements in IV catheters. The surge in prevalence of chronic diseases such as cancer, diabetes, cardiovascular disorders, and infectious diseases drives the demand for IV catheters. Intravenous administration allows for the direct and efficient delivery of medications, fluids, and nutrition, making it a crucial treatment method for patients with chronic conditions.
In addition, ongoing technological advancements in IV catheter designs, materials, insertion techniques, and related medical equipment have made IV therapy more efficient, comfortable, and safe, which is expected to drive the market growth. Innovations encourage healthcare providers to utilize IV catheters for a broader range of treatments, further driving the market expansion.
Further, the trend toward home-based healthcare and outpatient services has increased the use of IV catheters outside traditional hospital settings, thereby driving the market growth. Patients with chronic conditions or those requiring post-operative care may receive IV therapy at home, leading to higher demand.
However, the risk of complications and infections and stringent regulatory requirements are the factors that hamper the growth of IV catheters market. The use of intravenous equipment carries a certain degree of risk, including the potential for complications and infections. Improper insertion, handling, or maintenance of IV catheters may lead to catheter-related bloodstream infections (CRBSIs) or other complications such as phlebitis or infiltration, thereby restraining the market growth. However, the growing aging population, increase in surgical procedures, and rise in technological advancements are expected to offer opportunities to the key players of the market.
The IV catheters market is segmented into product, type, end user, and region. By product, the market is classified into 18 G, 20G, 22G, 24 G, and others. By type, the market is classified into peripheral IV catheters, central venous catheters, and others. By end user, the market is classified into hospitals, ambulatory surgical centers, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, Malaysia, Thailand, Philippines, Singapore, Indonesia, Vietnam, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global IV catheters market are Becton Dickinson & Company, B Braun SE, AngioDynamics, Inc., Terumo Corporation, Poly Medicure Ltd., Teleflex Incorporated, Vygon, BL Group of Companies, and ICU Medical Inc. Key players operating in the market have adopted acquisition, product launch and others as their key strategies to expand their product portfolio.
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