Increasing expenditure in the healthcare sector, the rise in the incidence rate of chronic conditions have resulted in boosting the Peripherally Inserted Central Catheters market.
The global peripherally inserted central catheters market is forecast to reach USD 1.22 Billion by 2027, according to a new report by Reports and Data. A peripherally inserted central catheter (PICC or PIC line), which is also called a percutaneous indwelling central catheter, is a type of of intravenous access. It can be applied for a prolonged period like for extended antibiotic therapy, long chemotherapy regimens, and for administration of substances, among others. A PICC is inserted in the arm in a peripheral vein like basilic vein, brachial vein, or cephalic vein, followed by which it is advanced proximally towards the heart through increasingly larger veins till it reaches cavoatrial junction or distal superior vena cava. It is usually inserted by physician assistants, physicians, specially trained certified registered nurses respiratory therapists, radiologist assistants, and radiologic technologists using chest radiographs, fluoroscopy, and ultrasound to ascertain its insertion and ensure placement. The insertion process is a sterile procedure; however, it doesnot require an operating room. When it is performed in homecare, an appropriate sterile field is needed to be maintained throughout the procedure. Supporting market factors like the rise in the incidence rate of chronic conditions, favorable reimbursement policies, and increasing expenditure in the healthcare sector are propelling the growth of the market. In regards to region, Europe can be seen to occupy a prominent market share. The market share held by the region is attributed to expanding healthcare sector, rising geriatric population and high incidence rate of chronic conditions.
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Key participants include
Bard Inc., AngioDynamics, Inc., B. Braun Melsungen AG, Teleflex Incorporated, Vygon S.A, Medtronic plc, Becton, Dickinson and Company, Cook Medical, Inc., Medical Component Inc., and Argon Medical Devices, Inc.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Further key findings from the report suggest
The Peripherally Inserted Central Catheters market held a market share of USD 748.4 Million in the year 2018 that is forecasted to grow at a rate of 5.6% during the forecast period.
In context to Product Type, the Power injected Peripherally Inserted Central Catheters segment generated a higher revenue of USD 595.0 Million in 2018, with a CAGR of 6.1% during the forecast period. The rise in accident and emergency cases in hospitals and applicability of these catheters in the ICUs wherein it can be used for hemodynamic monitoring, multipurpose central lines for any infusion, and high-pressure injection of contrast media at the time of radiological procedures results in its high demand and the revenue generated by this segment.
In context to Application, the Chemotherapy segment is projected to witness the fastest growth rate of 6.9% during the forecast period, which is expected to occupy 19.0% by 2027. The rising incidence rate of cancer and associated elevated demand for chemotherapy results in increasing application of PICCs in this segment that contributes to the growth rate witnessed by this segment.
In regards to End-user, the Hospitals segment held the largest market share of 57.0% in 2018, with a CAGR of 5.7% during the forecast period. The market share held by the Hospitals segment is attributed to a large number of surgeries being performed in hospitals, which results in high demand for these catheters in this end-user. Furthermore, continuous development in the healthcare infrastructure in developing nations and increasing hospital admissions due to chronic conditions also contributes to the market share held by this segment.
In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 9.0% during the forecast, which is expected to hold 0% of the market by 2027. The growth rate witnessed by the region is resultant of developing healthcare infrastructure and increasing incidence rate of chronic diseases in this region.
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For the purpose of this report, Reports and Data have segmented the global Peripherally Inserted Central Catheters market, according to Product Type, Design Type, Application, End-user, and Region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Conventional Peripherally Inserted Central Catheters
Power injected Peripherally Inserted Central Catheters
Design Type Outlook (Revenue, USD Million; 2016-2027)
Application Outlook (Revenue, USD Million; 2016-2027)
End-user Outlook (Revenue, USD Million; 2016-2027)
Ambulatory Surgical Centers
Regional Analysis covers:
Middle East & Africa
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