The size of the North America Peripheral Intravenous Catheters Market was around USD 2.10 billion in 2022. It is expected to grow at a CAGR of 6.3% to reach USD 2.86 billion by 2027. It captures 45% of the market share.
The expansion of the peripheral intravenous catheters market in the North American region is fuelled by an increase in chronic diseases such as cancer and cardiovascular disorders and advances in surgery and therapeutic technologies.
According to the World Health Organization (WHO), 17.9 million people died in 2016 from cardiovascular illnesses, accounting for 31% of all worldwide fatalities, with heart attacks and stroke accounting for 85% of deaths. Heart disease is the second biggest cause of mortality in the United States, according to the Centres for Disease Control and Prevention (CDC). Heart disease claims the lives of around 647,000 individuals in the United States each year. The market is growing due to the rising demand for intravenous catheters, increased public awareness, and the simple availability of improved catheters.
Rising healthcare spending and medical tourism are accelerating the market's expansion. To overcome the obstacles associated with early efforts, market participants focus on developing PIVC designs. Each year, approximately 385,000 needlestick injuries occur in the United States, according to the Centres for Disease Control and Prevention (CDC). In addition, market expansion has been encouraged by favorable payment standards for catheters, such as those granted by the Centre for Medicare and Medicaid in the US.
Peripheral intravenous catheters market participants may anticipate benefiting from the increased popularity of PIVC devices in emerging nations.
However, issues with the peripheral intravenous catheter and insufficient training for PIV catheters during the forecast period hamper the market growth. Furthermore, the safety measures related to the use of PIVC, such as different infections, are inhibiting market expansion. In addition, the rising cost of both conventional and safe PIVC catheters is impeding the development of the PIVC industry. Furthermore, painful insertion, the expensive cost of closed catheters, and the requirement of a skilled medical practitioner to utilize peripheral intravenous (IV) catheters are also significant market limitations. In addition, inadequate healthcare facilities in some countries and the high cost of catheters acquiring and maintaining are some of the issues the PIVC market faces in this region.
This research report on the North American peripheral intravenous catheters market has been segmented and sub-segmented into the following categories.
By Product:
By Type:
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By Technology:
By Country:
Geographically, North America is the market leader. Augmenting the geriatric population, high healthcare spending, and advancement in technology resulting in higher rates of surgical procedures and highly developed healthcare infrastructure are the reasons attributable to the observable trend mentioned above. North America dominated the majority of the share in the global market in 2020. The burden of chronic illnesses is increasing in the region, as is the elderly population. North America boasts modern healthcare facilities, and the region's substantial market share is due to its payment coverage. According to the National Centre for Chronic Disease Prevention and Health, six out of ten persons in the United States suffer from a chronic illness at some time in their lives. Chronic illness is the primary cause of mortality and disability and the $3.5 trillion in annual healthcare costs in the United States. The variables mentioned above are predicted to aid regional development.
During the forecast period, the United States is likely to lead the market in North America. Because of the rising number of geriatrics with infectious diseases and chronic illnesses, there has been an increase in ICU and emergency room admissions, necessitating the use of PIVCs. In addition, the increased need for safety PIVCs and technological improvements in PIVCs are contributing to the market's rise in this area.
Behind the United States, Canada has the largest market share in North America. Canada's sophisticated hospital infrastructure emphasizes using PIVCs such as closed/integrated IV catheters and midline catheters to reduce the risk of infection and cross-contamination. Because there is such a high level of awareness about PIVCs and the issues they might cause, the use of safety PIVCs is fast rising in the region.
KEY MARKET PLAYERS:
Companies playing an influential role in the North American peripheral intravenous catheters market include Smith Medical, Terumo Corporation, C. R. Bard, Inc., Becton Dickinson and Company, B. Braun Melsungen AG, Tangent Medical, and Vygon Group.
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