The Peripherally Inserted Central Catheters market is estimated to be valued at US$ 978.2 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peripherally inserted central catheters, also known as PICCs, are thin and flexible intravenous catheters that are inserted through a peripheral vein, usually in the arm, and threaded through to the superior vena cava (SVC) or brachiocephalic vein. They are commonly used to administer medications like antibiotics, chemotherapy drugs, intravenous nutrition, or blood products. PICCs provide easy and long-term venous access for patients who need frequent or continuous infusions of medicines.
Market Dynamics:
The peripherally inserted central catheters market is mainly driven by the rising prevalence of chronic diseases such as cancer and cardiovascular diseases. According to the American Cancer Society, there were an estimated 1.8 million new cancer cases diagnosed in 2020 in the U.S. Further, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. PICCs are widely used for chemotherapy administration in cancer patients. Moreover, increasing demand for long-term venous access, minimal implantation time, low infection risk, and high patient comfort are other factors propelling the growth of this market. However, factors such as product recalls, catheter-related infections during use and steep cost of PICC lines could hamper the market growth over the forecast period.
SWOT Analysis
Strength: Peripherally inserted central catheters have high efficacy and are less invasive than central venous catheters. They reduce risk of complications and have a lower infection rate compared to other catheter types. PICCs are also more comfortable for patients and allow for early discharge from hospitals.
Weakness: PICCs have a steeper learning curve for nurses compared to peripheral IVs. They also require specialized techniques and equipment for insertion. In very rare cases, PICCs may cause complications like blood vessel damage or infection.
Opportunity: Rising prevalence of chronic diseases like cancer is driving the need for long-term vascular access devices. Advanced PICC designs with anti-microbial coatings provide an opportunity to reduce risk of infections.
Threats: Availability of alternative vascular access devices may hamper the market demand for PICCs. Economic slowdowns can negatively impact the volume of elective medical procedures.
Key Takeaways
The global peripherally inserted central catheters market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing prevalence of chronic diseases. rising geriatric population, and advantages of PICCs over other vascular access devices.
Regional analysis: North America currently dominates the PICCs market, with the US accounting for the major share. This is attributed to the growing elderly patient pool, rising healthcare spending, advanced healthcare infrastructure, and high adoption of novel technologies. Asia Pacific is poised to be the fastest growing market during the forecast period. This is fueled by improving access to healthcare facilities, increasing healthcare expenditure, and rising medical tourism in the region.
Key players operating in the peripherally inserted central catheters market are AngioDynamics Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Teleflex Incorporated., Argon Medical Devices, Inc., Cook Medical Inc., ICU Medical, Inc., Medical Components, Inc., Access Vascular, and Vygon (UK) Ltd. These players are focusing on new product development and launches. For instance, Teleflex launched a Peripherally Inserted Central Catheter called PICC ProSelect Secure. B. Braun Melsungen also provides the PowerPICC which can be inserted at the bedside.
The global Peripherally Inserted Central Catheters Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the peripherally inserted central catheters market include AngioDynamic, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, C. R. Bard, Inc., Teleflex Incorporated, Argon Medical Devices, Inc., Boston Scientific Corporation, COOK MEDICAL INC., ICU Medical Inc., Medical Components, Inc., and Medtronic, Inc.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Peripherally Inserted Central Catheters Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/peripherally-inserted-central-catheters-market/download-sampleMarket DynamicsThe need for durable central venous access in children with more prominent peripheral veins and patients with a need for 2-4 weeks of intravenous access, or those with pulmonary disease or dysfunction, is the main impetus for market growth.
The medical community, constantly on the lookout for a reliable alternative to short-term central venous catheters with a lower risk of complications, will benefit market growth.
The increased use of central venous access for patients, especially the pediatric population in acute care, home care, and skilled nursing care, will boost the market growth.
