The rising incidence of lifestyle-related diseases and chronic diseases, surging elderly population, increasing technological advancements, and augmenting healthcare spending will drive the peripheral intravenous (I.V.) catheter market at a CAGR of 6.0% during the forecast period (2016–2022). Moreover, the spurring demand for injectable drugs will support the market growth from $3.7 billion in 2015 to $5.5 billion by 2022. Such catheters are threaded into the veins to administer drugs or draw blood for diagnosis and therapy evaluation.
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The usage of peripheral IV catheters has increased on account of the burgeoning cases of chronic disorders and mounting healthcare expenditure in developing and developed countries. An escalation in the healthcare spending has facilitated the accessibility to affordable treatments for different medical conditions. The World Health Organization (WHO) states that chronic diseases, namely cancer and cardiovascular diseases (CVDs), account for nearly 9.6 million and 17.9 million deaths, respectively, annually. Additionally, the Global Cancer Observatory (GLOBOCAN) estimates that around 783,000 deaths were caused due to gastric cancer in 2018.
Moreover, the booming geriatric population will act as a catalyst for the peripheral I.V. catheter market growth, as old people have a weak regenerative ability and are susceptible to chronic diseases such as cancer, CVDs, and diabetes. According to the National Institutes of Health (NIH), nearly 75%–85% of the individuals in the U.S. elderly care facilities suffer from chronic pain. According to the United Nations Department of Economic and Social Affairs (UNDSEA), by 2050, the U.S., India, Brazil, and China will host 84.8 million, 225.4 million, 52.0 million, and 356.6 million people aged 65 years and above, respectively.
Geographically, the North American peripheral I.V. catheter market generated the highest revenue in the past, and it is expected to maintain its dominance throughout the forecast period. This can be attributed to the growing geriatric population, soaring demand for injectable drugs, and rising healthcare spending. Additionally, the escalating awareness regarding innovative treatments, augmenting healthcare expenditure, and surging focus on curtailing needlestick injuries will encourage the usage of these catheters in developing countries like China, Brazil, and India. Thus, these nations are expected to generate huge opportunities for market players in the future.
Thus, the rising prevalence of chronic and lifestyle-related diseases and a huge geriatric population will increase the usage of peripheral IV catheters in the coming years.
