Peripheral intravenous catheter is a thin flexible tube inserted into the vein for administration of chemotherapy drugs, blood transfusion, and other drugs. Peripheral intravenous catheters are most commonly used for vascular access. These catheters are made of materials such as polyurethane, tetra-fluorethylene, hexa-fluoropropylene, and silicone. Increasing usage of peripheral intravenous catheters for the management of diseases is expected to drive growth of the global peripheral intravenous catheter over the forecast period. For instance, according to the reports published in 2019 by Australian Commission on Safety and Quality in Health Care, peripheral intravenous catheters are the most commonly used medical device with approximately 1.8 billion peripheral intravenous catheters used globally each year and around 25 million peripheral intravenous catheters used in Australia alone in 2018.
Market Dynamics
Increasing incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, rising adoption of inorganic growth strategies such as acquisition and collaboration, and increasing development of advanced peripheral IV catheters equipped with additional safety features to avoid needlestick injuries are expected to propel growth of the global peripheral intravenous catheter market. For instance, in July 2018, 3M launched Tegaderm Antimicrobial I.V. Advanced Securement Dressing and Tegaderm Antimicrobial Transparent Dressing to enhance its peripheral IV maintenance solution offerings.
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