July 17, 2024

Single-use Peripherally Inserted Central Catheters is fastest growing segment fueling the growth of Peripherally Inserted Central Catheters Market.

The global Peripherally Inserted Central Catheters Market is estimated to be valued at US$ 978.2 Mn or Million 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 or PICCs are long, thin, flexible tubes inserted through a patient’s arm vein for the purpose of administering chemotherapy, antibiotics, and other intravenous medications. With flexible soft tips, they can be inserted with less discomfort and can remain in place for several weeks, reducing the need for multiple insertions of an intravenous catheter.

Market key trends:
The increasing prevalence of chronic diseases such as cancer, heart diseases and diabetes are fueling the growth of the PICCs Market. It is estimated that by 2040, the global burden of cancer will increase to 27.5 million new cancer cases annually. Also, according to the World Health Organization, cardiovascular diseases accounted for over 17 million deaths in 2015, representing 31% of all global deaths. PICCs are commonly used for chemotherapy and antibiotic treatments in cancer and infection patients. Furthermore, growing geriatric population worldwide is another major factor boosting the demand for PICCs, as older adults are more prone to chronic illnesses. It is projected that the population aged 65 years and above will grow from 703 million in 2019 to 1.5 billion by 2050.
Segment Analysis
The peripherally inserted central catheters market is segmented into PICC, non-tunnelled catheters and tunnelled catheters. Among these, the tunnelled catheters segment dominates the market owing to its ability to stay in veins for extended periods and minimum chances of displacement compared to non-tunnelled catheters. The tunnelled catheters can remain inside patient’s body for weeks or months without the risk of infection and removal.

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 demand for long term vascular access devices and growing requirement of chemotherapy.

The market size is expected to reach US$ 978.2 Mn in 2023. North America dominates the global market and is expected to continue its dominance over the forecast period owing to growing prevalence of oncology diseases. Europe is also a major region for PICC market due to advanced healthcare infrastructure and rising adoption of PICC devices.

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. The key players are focusing on new product launches and strategic collaborations to strengthen their market positions. For instance, in 2022 AngioDynamics launched a new single lumen PICC called Avanti with FlexTip technology for enhanced navigation and placement.