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The global Peripherally Inserted Central Catheters Market is estimated to be valued at US$ 978.2 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peripherally Inserted Central Catheters (PICCs) are minimally invasive intravascular catheters that are inserted through a peripheral vein like basilic or brachial and advanced into the central veins to deliver medications, blood products, total parenteral nutrition and fluids directly into the superior vena cava and right atrium. PICCs eliminate the risks involved with unnecessary needle sticks and also reduce the complications associated with repeated insertions of short peripheral catheters. PICCs also help in long-term intravenous therapy, especially in cancer patients undergoing chemotherapy treatment.
Market key trends:
Growing prevalence of cancer and rise in adoption of PICCs for chemotherapy is a key factor driving the growth of PICC market. According to the National Cancer Institute, in 2022, around 1.9 million new cancer cases are expected to be diagnosed in the U.S. Moreover, increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases that require long-term IV medication is further propelling the demand for PICCs. Technological advancements in PICC products with improved safety, comfort and efficacy are positively impacting the market growth. However, risks of infection and thrombosis associated with PICC lines may hamper the market growth to some extent.
Porter’s Analysis
Threat of new entrants: The peripherally inserted central catheters market requires high R&D investments and regulatory compliances which act as a barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes like central venous catheters.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials which gives them moderate bargaining power.
Threat of new substitutes: The threat of substitutes like central venous catheters is moderate as they have their own set of pros and cons compared to peripherally inserted central catheters.
Competitive rivalry: The global peripherally inserted central catheters market is highly consolidated with major players differentiating through product innovation.
Key Takeaways
The global peripherally inserted central catheters market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing prevalence of chronic diseases requiring long term intravenous therapies.
Regionally, North America is expected to dominate the peripherally inserted central catheters market during the forecast period. This is attributed to the growing geriatric population, rising healthcare expenditure, and increasing hospital investments in the region. However, Asia Pacific is anticipated to exhibit the fastest growth rate owing to expanding healthcare infrastructure and rising medical tourism in the region.
Key players operating in the peripherally inserted central catheters market are AngioDynamics Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Teleflex Incorporated., Argon Medical Devices, Inc., Cook Medical Inc., ICU Medical, Inc., Medical Components, Inc., Access Vascular, and Vygon (UK) Ltd. Major players are focusing on new product launches and strategic collaborations to strengthen their market position
