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.
Market Size – USD 748.4 Million in 2018, Market Growth – CAGR of 5.6%, Market Trends – The elevating demand for Peripherally Inserted Central Catheters in developing countries
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.
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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.
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.
- Key participants include R. 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.
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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)
- Multiple Lumen
- Double Lumen
- Single Lumen
Application Outlook (Revenue, USD Million; 2016-2027)
- Intravenous Fluids
- Blood Transfusions
- Other drugs
End-user Outlook (Revenue, USD Million; 2016-2027)
- Nursing Facility
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
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Key Questions Answered in the Report:
- What is the expected market size of the Peripherally Inserted Central Catheters market by 2028?
- What are the key factors expected to drive and restrain Peripherally Inserted Central Catheters market growth over the forecast period?
- What are the key products and applications offered by the Peripherally Inserted Central Catheters market?
- Which region is expected to account for largest revenue share in the market in the coming years?
- What are the current and future market trends of the Peripherally Inserted Central Catheters market?
- Which segment is expected to show lucrative growth throughout the forecast period?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the key challenges and limitations the new entrants and companies will have to face in the Peripherally Inserted Central Catheters market over the forecast period?
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