Peripheral I.V. Catheter Market Identifies the Key Drivers of Growth and Challenges of the Key Industry Players
From $3.7 billion in 2015, the global peripheral I.V. catheter market is expected to grow to $5.5 billion by 2022, registering a 6.0% CAGR during the forecast period (2016–2022). Peripheral I.V. catheters are intravenous devices that are made of user-friendly, non-irritant material, such as silicon.
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These devices are used for either infusing medication directly into the veins or drawing blood; being made of a safe material, they can remain in contact with the patient’s skin or vessels for extended period. The market is witnessing growth due to the rising geriatric population and increasing lifestyle-disease prevalence.
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However, the availability of alternative treatments such as oral drug therapies, and injections and complications associated with the usage of peripheral I.V. catheter acts as major restraint in the growth of the global market. In addition, the high cost of peripheral I.V. catheter is further restraining the growth of the market. The Asia-Pacific market is expected to witness the fastest growth, at a CAGR of 6.8% during the period 2016 – 2022.
The key companies operating in the global peripheral I.V. catheter market include Becton, Dickinson and Company, Terumo Corporation, B. Braun Melsungen AG, Teleflex Incorporated, Smiths Medical Inc., C.R. Bard Inc., Tangent Medical Technologies Inc., VIGMED AB, Argon Medical Devices Inc., and Medical Components Inc.
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