Peripherally Inserted Central Catheters Market is Estimated To Witness High Growth Owing To Rising Demand for Minimally Invasive Procedures

 

The 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 tubes inserted through a small incision in an arm, thigh or chest wall into a large vein leading to the heart. PICCs help provide long term intravenous access to deliver chemotherapy drugs, antibiotics, or IV fluids directly into the circulation for a few weeks or months. they are commonly used for extended administration of medications, blood draws, and frequent blood tests. PICCs provide safe and convenient access for intravenous therapies with minimal risk of complications as compared to other central venous access devices.

Market key trends:
The rising prevalence of cancer and increasing number of chemotherapy procedures are major factors expected to drive the growth of the peripherally inserted central catheters market over the forecast period. According to the American Cancer Society, around 1.9 million new cancer cases are diagnosed in the US each year. Additionally, the growing preference for minimally invasive procedures over conventional catherter insertion methods is also expected to boost the adoption of PICCs. Minimally invasive PICCs reduce complications, improve patient comfort and satisfaction, and have lower insertion cost as compared to central venous catheters. The increasing demand for ambulatory care services is further anticipated to propel the PICC market growth during the forecast period.

Porter’s Analysis

Threat of new entrants: Entry barriers are moderate as manufacturing peripherally inserted central catheters require precision and stringent regulatory approvals. Regulations from bodies like FDA also act as deterrents.

Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players offering peripherally inserted central catheters. However, differentiated products and services increase switching costs.

Bargaining power of suppliers: The peripherally inserted central catheters market is reliant on a few component suppliers. This enables suppliers to influence prices. Established players try to mitigate this risk by developing alternative supplier networks.

Threat of new substitutes: There is low threat from substitutes as peripherally inserted central catheters have distinct advantages over other central venous access devices in terms of cost, comfort, and feasibility of administration.

Competitive rivalry: The market is consolidated with key players differentiating based on product portfolios and service quality. Margin pressures exist due to pricing competitions.

SWOT Analysis
Strength: Peripherally inserted central catheters offer minimally invasive administration of medications and are preferred for long-term therapies. Advantages include reduced infection risks, cost savings, and greater patient mobility compared to other central lines.
Weakness: Training requirements and relative complexity of insertion procedures can increase costs. Catheter dislodgements or occlusions remain concerns.
Opportunity: Growing incidence of chronic diseases necessitating long-term venous access presents opportunities. Expanding applications in chemotherapy, total parenteral nutrition, and blood transfusion also fuel the market.
Threats: Stringent regulations around product approvals can delay market entry. Reimbursement challenges in certain regions also act as a threat.

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 incidence of chronic diseases requiring long-term medical treatment and venous access.

Regionally, North America dominates peripherally inserted central catheters market and is expected to maintain its lead over the forecast period. This can be attributed to growing cases of cancer and an increasing number of chemotherapies. The Asia Pacific region is anticipated to witness the fastest growth rate owing to rising healthcare spending and improving access to advanced treatment options.

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.

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