The global Intravenous (IV) Catheters Market experienced significant growth in 2020 and is projected to maintain a steady increase in revenue between 2021 and 2028. The driving factors behind this growth include the rising adoption of these products in healthcare facilities for drug administration, fluid infusion, Parenteral Nutrition, and blood sampling from patients. These products have gained widespread popularity worldwide.
The growth of the global intravenous (IV) catheters market will be further propelled by the increasing use of needles and syringes for administering insulin and monitoring glucose levels through blood sampling. The introduction of various types of disposable medical devices will also contribute positively to market growth by reducing the risk of infections and the incidence of hospital-acquired infections (HAIs), which can occur due to medical professionals' and staff's negligence.
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Competitive Landscape:
Key companies in the global market include Allison Medical, APEXMED International, Argon Medical Devices, Artsana Group, Baxter International, CODAN Medizinische Geräte GmbH, CONMED, Connecticut Hypodermics, Cardinal Health, Catalent, DELTA MED, EXELINT International, Gerresheimer, Hamilton Company, Hi-Tech Medicare Devices, Hindustan Syringes & Medical Devices, ICU Medical, International Medsurg Connection, Merit Medical Systems, MedPro Safety Products, RenovoRx, Retractable Technologies, Ulticare, Unimed, Vetter, Vigmed, Vita Needle Company, Vygon, West Pharmaceutical Services, and Ypsomed Holding.
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The driving factors and restraints of the Intravenous Catheters Market can be summarized as follows:
Driving Factors:
- Increasing healthcare facilities: The growing number of healthcare facilities, including hospitals, clinics, and ambulatory surgical centers, is driving the demand for intravenous catheters. These facilities require catheters for various medical procedures, such as drug administration, fluid infusion, and blood sampling.
- Rising prevalence of chronic diseases: The increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, requires frequent intravenous therapy. This drives the demand for intravenous catheters as they are essential for delivering medications and fluids to patients.
- Technological advancements: Continuous technological advancements in intravenous catheters, such as the development of safety catheters and antimicrobial-coated catheters, enhance patient safety and reduce the risk of infections. These advancements attract healthcare providers to adopt these innovative catheter technologies.
- Growing geriatric population: The aging population is more prone to various health conditions and requires regular medical interventions. The increasing geriatric population globally fuels the demand for intravenous catheters to cater to their healthcare needs.
Restraints:
- Complications and infections: The use of intravenous catheters can lead to complications such as phlebitis, catheter-related bloodstream infections (CRBSIs), and catheter occlusions. These complications can negatively impact patient outcomes and increase healthcare costs, leading to concerns among healthcare providers.
- Stringent regulatory requirements: The manufacturing and marketing of intravenous catheters are subject to stringent regulatory requirements imposed by regulatory bodies such as the Food and Drug Administration (FDA). Compliance with these regulations adds to the complexity and cost of developing and commercializing intravenous catheters.
- Alternative delivery methods: In some cases, alternative delivery methods such as oral medications or non-invasive procedures may be preferred over intravenous therapy. This can limit the demand for intravenous catheters, especially for certain conditions where alternative options are available.
- High cost of advanced catheters: Technologically advanced intravenous catheters, such as those with safety features or antimicrobial coatings, often come at a higher cost compared to conventional catheters. The cost factor can pose a challenge for healthcare providers, particularly in resource-constrained settings.
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