Sep 13, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Peripheral IV Catheters Market.
It was estimated prior to this unanticipated outbreak that the Peripheral IV Catheters Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Peripheral IV catheters are defined as a medical device used for various purposes including administration of medications, blood products, blood sampling, and fluids. It is inserted into a small peripheral vein. It is the most widely used intravenous device in hospitals for patients. The commonly used peripheral IV catheters include short and integrated/closed Peripheral Intravenous Catheters.
The global market growth is primarily driven by increased spending on the healthcare industry coupled with rising geriatric populations. It is being widely used in emergency cases, surgeries, and paediatric patients among others. Growing advancement in surgical and other medical treatment technologies is likely to propel market growth at a significant rate. The rising popularity of integrated /closed peripheral intravenous catheters is the prominent trend noticed in the global market. Increasing demand for advanced solutions for medical problems is likely to create lucrative opportunities for the players operating in the global market.
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Based on end-user, the market has been divided into hospitals, ambulatory surgical centres, clinics, home use and others. Hospitals accounted for the largest share in 2020 due to widespread product use for various purposes including emergency cases, surgeries, and for people who face difficulty in swallowing medicines. The clinics segment is likely to register healthy growth during the review period.
The market in Europe accounted for largest share in 2020 due to presence of established healthcare industry coupled with high spending on R&D activities to develop advanced medical solutions. Rising geriatric population in the developed markets is another factor fuelling the product demand. The market in Asia-Pacific region is projected to register healthy growth rate with rapidly expanding healthcare industry particularly in the countries including India and China.
Key players operating in the global Peripheral IV Catheters market are-
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