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Peripherally Inserted Central Catheters Market Growth to be fuelled by 2024
According to a report published by Mindaspire Market Research (MAMR), the global market for peripherally inserted central catheters is anticipated to surpass market valuation of US$ 673 Million by 2016 end. In terms of revenue, the global market for peripherally inserted central catheters is expected to witness a significant CAGR of over 5% during the forecast period (2016 – 2024).
Factors such as the rise in healthcare expenditure, credible reimbursement policies, higher preference for peripherally inserted central catheters by clinicians and healthcare providers are likely to fuel the demand for such catheters during the forecast period. On the other hand, lack of expertise, concerns over bloodstream infections and growing preference for deep vein thrombosis and midline catheters are likely to inhibit the growth of overall market.
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Innovation in peripherally inserted central catheters and advanced technology of anti-thrombogenic peripherally inserted central catheters and anti-microbial peripherally inserted central catheters will define new market opportunities for manufacturers.
By product type, the global market for peripherally inserted central catheters is bifurcated into conventional peripherally inserted central catheters and power injected peripherally inserted central catheters. Amongst the two, the latter is the predominant segment of the market, accounting for more than 80% value share in 2015. Further, the segment is anticipated to remain dominant through 2024. This is mainly due to the rapid adoption of newer products and convenient compensation policies.
Based on design, the market is segmented into multiple lumen, double lumen, and single lumen. Demand for multiple lumen catheters is projected to be the highest in 2016, accounting for more than half of the total revenue share of the market. The segment will reflect a CAGR of over 6% during the forecast period primarily due to increasing prevalence of carcinogenic disorders that entail such lumen catheters.
By end user, the market is segmented into ambulatory surgical centers, hospitals, and catheterization laboratories. In 2015, hospitals were the largest end user segment, accounting for over 68% share in terms of value. In addition, the segment is expected to account for 72% value share of the market by the end of 2024.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe Latin America, and the Middle East & Africa (MEA). North America is the predominant market for peripherally inserted central catheters and is maintain similar position during the forecast period. The market in North America is expected to witness an absolute $ opportunity of over US$ 19 Million in 2017 over 2016. The region is projected to account for nearly 81% value share of the market by 2016 end. The market in Europe is anticipated to account for 10.5% value share of the market by the end of 2016. Asia Pacific is foreseen as one of the emerging market, which is expected to reflect a CAGR of over 11% during the forecast period.
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Key players operating in the market include C. R. Bard Inc., B. Braun Melsungen AG, Cook Medical Inc., Medical Component Inc., AngioDynamics Inc., Theragenics Corporation. Teleflex Incorporated, Medtronic plc, Vygon S.A, and Argon Medical Devices Inc. These companies are implementing strategies such as improvement of distribution networks and further product development in order to tackle market impediments.
