The intravenous catheters market is anticipated to grow at a steady pace during the forecast period.
Intravenous catheters, also known as IV catheters or cannulas, are essential medical devices that are used to directly provide blood products, nourishment, medicine, or fluids to a patient. IV catheters are made up of flexible tubing, a hub, and frequently a detachable needle or stylet. They are available in different sizes, which are usually indicated by their gauge, where smaller numbers correspond to bigger catheter diameters. Nurses and physicians are among the healthcare professionals who implant these catheters into veins, usually in the hand or arm. The patient's age, health, and planned usage all play a role in the catheter size selection.
Growth drivers for the intravenous catheters market
The demand for intravenous catheters continues to rise rapidly due to several factors that are altering the healthcare landscape. Intravenous catheter sales are primarily fuelled by global healthcare spending growth, which is being driven by an increased focus on patient care and state-of-the-art medical technology. The aging population and rise in chronic diseases make these devices even more necessary since frequent or continuous IV medication administration depends on them. Technological advancements including enhanced catheter design and safety features are further expected to drive market growth.
Growing prevalence of chronic diseases
The need for intravenous catheters is heightened by the rising incidence of chronic illnesses, which frequently require long-term or regular intravenous treatment. For instance, as per the International Trade Administration, Mexico's leading causes of premature death from January to June 2022 were heart disease (30.6%), diabetes (27.6%), malignant tumors (11%), influenza and pneumonia (6%), liver disease (5.8%), cerebrovascular disease (3%), homicides and accidents (10%), and pulmonary disease (6%). These figures are according to the Mexican National Institute of Statistics and Geography (Instituto Nacional de Estadística y Geografía, or INEGI).
Technological Advancements
Intravenous catheter technological innovations, such as integrated safety systems and antimicrobial coatings, raise the bar for safety and improve overall effectiveness. By addressing important issues with catheter usage, these technologies are being used widely in healthcare settings. Better designs provide more user-friendly experiences, which fuel market expansion. Cutting-edge technologies are essential for satisfying the changing needs of medical professionals, which in turn helps the intravenous catheter market grow.
Surge in healthcare expenditure
The surge in healthcare expenditure is propelling the demand for intravenous catheters as it addresses the challenges posed by an aging population, and enhances patient care. With more financial resources at their disposal, healthcare institutions are utilizing intravenous catheters to deal with various diseases. According to the database OECD Health Statistics 2023, preliminary estimates for a group of 20 countries witnessed an increase of around 6% in healthcare spending on average in 2021. Moreover, as per the Health Expenditure and Financing in OECD. Stat, the average health spending as a share of GDP jumped to 9,7% across OECD countries in 2020.
Increasing surgical procedures
The need for intravenous catheters is directly impacted by the rise in surgical operations as these tools are essential for administering fluids, delivering medications, and providing post-operative care. These catheters are often used in surgery since intravenous access is frequently needed for anesthesia and therapeutic reasons. The increasing number of surgical procedures conducted worldwide highlights the crucial role that dependable and effective intravenous catheters play in perioperative treatment. The market for intravenous catheters is growing steadily as surgical practices do, which is consistent with their function in enabling a range of medical procedures.
Peripheral catheters are anticipated to be the fastest-growing segment
Peripheral catheters are temporary intravenous devices that are frequently used in a variety of medical situations to deliver fluids and drugs into veins in the hands or arms. They give medical personnel an easy and practical way to ensure patient comfort while administering necessary therapies. Peripheral catheter growth is driven by the increased demand for home-based healthcare and the increasing frequency of outpatient treatments. In addition, peripheral catheter usage is further fueled by technological improvements that minimize problems and increase ease of use in a variety of healthcare settings. For instance, in March 2023, after receiving approval from the US Food and Drug Administration (FDA), Shockwave Medical, Inc., a leader in the development of intravascular lithotripsy (IVL) to treat severely calcified cardiovascular disease, announced the peripheral IV catheters’ full commercial availability in the US.
Prominent growth is anticipated in the North American region
The intravenous catheters market in North America is expected to grow rapidly in the next years due to a strong combination of economic, demographic, and technical factors. An aging population that suffers from life-threatening conditions like diabetes and heart disease is in desperate need of the fluids and drugs that are supplied through these small tubes. Manufacturers create ever-sleeker catheters with safety measures, like alchemists of contemporary medicine, all to pamper patients and fend off bothersome infections. The demand for these vascular gateways is further increased by the push towards minimally invasive operations, which is the antithesis of scalpels and sutures, further fueling the market.
Market Key Developments
Segmentation: