Newark, NJ, Aug. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global peripherally inserted central catheters market is expected to grow from USD 0.83 billion in 2019 to USD 1.22 billion by 2027, at a CAGR of 5% during the forecast period 2020-2027.
Factors such as an increase in healthcare expenditure, supportive reimbursement policies, and increasing preference for PICC by healthcare professionals are a few of the key factors that are driving the growth of the global peripherally inserted central catheters market.
A peripherally inserted central catheter or PICC is a thin, long tube that's inserted via a vein in the arm and passed in through to larger veins that reside near the heart. Also known as PICC line, they are usually placed in the arm and, in rare cases, in the leg. The purpose of a peripherally inserted central catheter is to deliver liquid nutrition or medication to the central veins near the heart. A PICC line gives the doctor access to the large veins near the heart. The benefit of using PICC is that it helps in avoiding the pain of needle sticks and also reduce irritation of smaller veins. Other than PICC lines, there are other types of central venous catheters like central lines and implantable ports. Peripherally inserted central catheters are commonly used for cancer treatment, liquid nutrition delivery (total parenteral nutrition), infection treatment (antifungal medicines & antibiotics delivery), and other medications.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the peripherally inserted central catheters market. With less disposable income and broken supply chains, the market's growth is expected to slow down. The lack of skilled professionals, rising cases of deep vein thrombosis, and the risk of bloodstream infection are some other factors that are hindering the market growth.
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Key players operating in the global peripherally inserted central catheters market include Teleflex Incorporated, Medical Component Inc., Becton, Dickinson and Company, Vygon S.A, Cook Medical, Inc., Boston Scientific Corporation, Argon Medical Devices, Inc., AngioDynamics Inc., B. Braun Melsungen AG, Medtronic plc, Medical Component Inc., C. R. Bard Inc., and Theragenics Corporation among others. To gain a significant market share in the global peripherally inserted central catheters market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. B. Braun Melsungen AG and Teleflex Incorporated are some of the biggest manufacturers and suppliers of peripherally inserted central catheters in the global market.
Power Injected Peripherally Inserted Central Catheters dominated the market and held the largest market share of 83.56% in the year 2019
The product type segment consists of Power Injected Peripherally Inserted Central Catheters, and Conventional Peripherally Inserted Central Catheters. Power Injected Peripherally Inserted Central Catheters dominated the market and held the largest market share of 83.56% in the year 2019. This is primarily due to the fact that PICCs are minimally invasive and give long-term access along with lowered risk.
Multiple lumen dominated the market and valued at USD 0.51 billion in the year 2019
The design segment includes single lumen, double lumen, and multiple lumen. Multiple lumen dominated the market and valued at USD 0.51 billion in the year 2019. This is mainly due to the increasing occurrence of carcinogenic disorders that call for multiple lumen catheters.
Hospitals dominated the market and held the largest market share of 69.31% in the year 2019
Based on end-user, the global market has been divided into hospitals, ambulatory surgical centers, and catheterization laboratories. Hospitals dominated the market and held the largest market share of 69.31% in the year 2019. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and a broad range of services.
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Regional Segment Analysis of the Peripherally Inserted Central Catheters Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global peripherally inserted central catheters market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 74.82% in the year 2019. The growth is mainly due to key factors such as increasing cases of diseases, viral infections, cancer, a rise in the elderly population, and increasing demand for rapid diagnosis & better treatment. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. The growth rate of the APAC region is estimated to be over 10%.
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About the report:
The global peripherally inserted central catheters market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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