Global Peripherally Inserted Central Catheter Market - 2022-2029

Market Overview

Peripherally Inserted Central Catheter market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5% during the forecast period (2022-2029).

Peripherally Inserted Central Catheter (PICC) is a slim, soft, flexible tube inserted into a vein in the upper arm and guided (threaded) into a large vein above the right side of the heart called the superior vena cava. This intravenous line allows IV medication delivery and facilitates obtaining blood for laboratory testing.

Market Dynamics

The market is pushed by the increasing inclination by healthcare physicians for PICC because of the advantages offered by the PICC compared to other catheters. Also, the growing burden of chronic diseases leads to increased hospitalizations, thereby increasing the use of PICC and fueling the global market growth.

Healthcare physicians' increasing preference for PICC and the growing burden of chronic diseases propel global market growth.

Healthcare physicians' increasing preference for PICC over regular IV lines drives the global market growth. Because it offers a few advantages, such as a thicker and more durable PICC line than a regular IV, it's much more elongated and goes farther into the vein. Health care providers utilize a PICC line instead of a regular IV line because it can remain in place longer (up to 3 months and sometimes a bit more), decreasing the number of needle sticks a child requires for blood draws. Patients can get considerable amounts of fluids or medicines (like chemotherapy) that might not run via standard IVs; it can help someone with a serious infection so they can get IV antibiotics for a few weeks, helps those who need IV nutrition and is also very valuable in case of patients who will need numerous blood transfusions. Furthermore, the increasing burden of chronic diseases also accelerates using PICC. For instance, WHO data signifies that non-communicable diseases (NCDs) kill 41 million people yearly. They are being projected to escalate to 52 million, accounting for 75% of all deaths within just eight years by 2030, equivalent to 74% of all deaths globally; over 17 million people die from an NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries. Furthermore, per the NCD Alliance at the global level, it is estimated that between 2011-2030, the toll of cardiovascular disease, respiratory disease, diabetes and cancer alone could result in a cumulative global loss in productivity of an estimated USD 47 trillion.

The complications and lack of skilled professionals hinder the growth of the global peripherally inserted central catheter market.

However, the complications and associated risks are restraining the global market growth. For instance, the catheters may cause difficulties such as infection, deep venous thrombosis (DVT), thrombophlebitis, and dislodgement. Furthermore, line blockage may occur sooner or later. Severe complications or delayed treatment can lead to increased morbidity, suffering, and occasionally, even a fatal outcome. Furthermore, the lack of trained professionals is hampering the global market growth. For instance, as the placement of these tubes bears a significant risk for serious complications, e.g., pneumothorax, arterial puncture, haemothorax, stroke, arrhythmias and nerve damage, thus must be performed by a specially trained professional.

COVID-19 Impact Analysis

During COVID-19, the ICU admissions were spiked, which required central venous access for longer to draw blood samples and insert medication along with nutritional IVs. Also, as COVID-19 is ARDS, the prone positioning of the patients helped to enhance oxygenation in patients who need a mechanical ventilator. The least challenging and most feasible central venous catheter to place in prone patients is a PICC in an upper extremity vein. Thus, there was a steep rise in PICC sales during the COVID-19 pandemic, which impacted the market positively during the pandemic period.

Segment Analysis

The power-injected PICC segment is predicted to have a high demand during the forecast period (2022-2029).

The power-injected PICC segment dominated the global peripherally inserted central catheters market and is predicted to dominate throughout the forecast period (2022-2029). Because of their advantages in intensive care units such as according to a retrospectively reviewed study, they can be utilized as multipurpose central lines for any infusion, including high-flow infusion, hemodynamic monitoring, and for high-pressure injection of contrast media during radiological processes. Their insertion is successful in 100% of cases and is not associated with substantial risks, even in patients with coagulation disorders. Their upkeep is associated with an extremely low rate of infective and non-infective complications. Applications include high-flow infusions, high-pressure injections and hemodynamic monitoring during radiological procedures.

Geographical Analysis

North America is predicted to command the global peripherally inserted central catheter market.

North America has the largest share in the global market and is expected to dominate throughout the forecast period (2022-2029). Since there is the presence of key market players holding the majority of market share, a large number of hospitals, high healthcare spending, a growing geriatric population, and rising cases of non-communicable diseases like cancer, diabetes, and cardiovascular diseases. For instance, the American Hospital Association statistics 2022 report, financial data from 2020 shows that 6,093 U.S. hospitals with 920,531 total staffed beds had 33,356,853 hospital admission in 2020, causing $1,213,881,001,000 expenses. In addition, according to the Centers for Medicare & Medicaid Services, in 2020, National Health Expenditure grew 9.7% to $4.1 trillion, accounting for 19.7% of Gross Domestic Product (GDP).

Moreover, the growing incidences of non-communicable diseases with the growing geriatric population ensure North America's dominance over the global market. According to National Cancer Institute, in 2020, there were 1,806,590 cancer cases diagnosed and 606,520 cancer deaths reported; American Cancer Society 2021 estimated that over 1.9 million were diagnosed and 608,570 died of cancer. Also, according to the CDC, one person dies every 34 seconds of CVS, and around 6.2 million had heart failure till September 2020; over 37 million U.S. adults with diabetes and 1 out of 5 of them don't know they have it. In addition, over 55 million Americans are 65 or older, per the estimate from the Census Bureau's 2020 population.

Competitive Landscape

The major global peripherally inserted central catheter market players are: AngioDynamics, Inc., Bard Inc., Teleflex Incorporated, B. Braun Melsungen AG, Medtronic plc, Vygon S.A, Cook Medical, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Argon Medical Devices, Inc., Medical Component Inc., and Theragenics Corporation. Through strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, these market players contribute globally to the growth of the peripherally inserted central catheters market. For instance, in July 12, 2022, Medtronic announced a co-promotion agreement with CathWorks, with an acquisition plan. Also, in March 8, 2022, Vygon acquired Macatt Medica, a Peruvian distribution company.

Medtronic, Plc.

Overview:

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronics deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

The Medtronic, Plc product portfolio for peripherally inserted central catheters contains Chameleon PTA Balloon Catheter.

The global peripherally inserted central catheters market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages