PORTLAND, Ore., Nov. 16, 2023 /PRNewswire/ — Rise in prevalence of chronic diseases, surge in number of surgical procedures, and technological advancements in intravenous equipment are factors that drive the growth of the global IV catheters market.
Allied Market Research published a report, titled, “IV Catheters Market by Product (18G, 20G, 22G, 24G, and Others), Type, (Peripheral IV Catheters, Central Venous Catheters, and Others), and End User, Hospitals, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global IV catheters industry generated $8.6 billion in 2022, and is anticipated to generate $17.8 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of chronic diseases, surge in number of surgical procedures, and technological advancements in intravenous equipment drive the growth of the global IV catheters market. However, risk of complications is expected to restrict the market growth. Moreover, the growth opportunities in emerging countries presents new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$8.6 billion |
|
Market Size in 2032 |
$17.8 billion |
|
CAGR |
7.5 % |
|
No. of Pages in Report |
303 |
|
Segments covered |
Product, Type, End User, and Region |
|
Drivers |
Rise in prevalence of chronic diseases Surge in number of surgical procedures Technological advancements in intravenous equipment |
|
Opportunity |
Growth opportunities in emerging countries |
|
Restraint |
Risk of complications |
Economic Downturn Analysis: Impact of Recession in 2023 on the IV Catheters Market
- During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patients’ ability to access and afford IV catheters products, potentially leading to decreased demand for these products. In addition, economic recessions often lead to reduced healthcare spending by individuals, healthcare providers, and governments. This may result in a decrease in the volume of medical procedures and treatments, including those that require IV catheters.
- However, the innovation in healthcare industry, rise technological advancements, and increase in prevalence of chronic diseases is experiencing a moderate positive impact from the global recession.
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The 22G segment to maintain its dominance during the forecast period
By product, the 22G segment held the largest market share in 2022, around one fourth of the global IV catheters market revenue and is estimated to maintain its dominance during the forecast period, owing to its versatility, patient comfort, reduced risk of complications, wide availability, and cost-effectiveness associated with these catheters. However, the 24G segment is projected to attain the highest CAGR of 8.2% from 2023 to 2032, owing to well-suited for specialized medical procedures, and increase in advancements in catheter technology that have made it possible for smaller-gauge catheters such as 24G gauze size.
The peripheral IV catheters segment to maintain its leadership during the forecast period
By type, the peripheral IV catheters segment held the largest market share in 2022, accounting for around three-fifths of the global IV catheters market and is estimated to maintain its dominance during the forecast period. This is attributed to its ease of use, high safety profile, and suitability for short-term treatments. These advantages make peripheral IV catheters the preferred choice in a wide range of medical scenarios, contributing to their significant market share. However, the central venous catheters segment is projected to attain the highest CAGR of 7.9% from 2023 to 2032, owing to its crucial role in genomics, infectious disease detection, cancer management, and its application in various healthcare settings.
The hospitals segment to maintain its lead position during the forecast period
By end user, the hospitals segment accounted for the largest share in 2022, contributing to three-fifths of the global IV catheters market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to advanced treatments provided by hospitals, their focus on patient care and safety, and rise in the number of surgical procedures performed in hospitals. The same segment is expected to register the highest CAGR of 7.8% during the forecast period.
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North America to maintain its dominance by 2032
Region-wise, North America held the largest market share in terms of revenue in 2022, accounting for around two-fifths of the global IV catheters market revenue and is expected to dominate the market during the forecast period. Well-developed healthcare infrastructure and rise in prevalence of chronic diseases promoted the growth of the IV catheters market in North America.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.2% from 2023 to 2032. High prevalence of geriatric population with increase in need of diagnostic procedures, surge in prevalence of chronic diseases, rise in research and development activities, and surge in healthcare expenditure in the Asia-Pacific region, is expected to drive the growth of the IV catheters market.
Leading Market Players:
- Angiodynamics, Inc.
- Terumo Corporation
- Teleflex Incorporated
- Icu Medical Inc.
- Becton, Dickinson and Company
- B. Braun Se
- Bl Group of Companies
- Poly Medicure Ltd.
- Vygon
- Nipro Corporation
The report provides a detailed analysis of these key players in the global IV catheters market. These players have adopted strategies such as acquisition, product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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