LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global short peripheral intravenous catheter (PIVC) market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global short PIVC market for 2017-2021. The report also lists ported short PIVC and non-ported short PIVC as the two major segments based on the technology of which non-ported short PIVC, accounted for 67% of the total market share in 2016.
According to Barath Palada, a lead analyst at Technavio for medical devices research, “The growth of the market is primarily attributed to the increasing aging population, demand for IV drug delivery to treat cancer patients, adoption of MI procedures, and technological innovations resulting in better and improved products.”
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Technavio healthcare and life sciences analysts highlight the following four market drivers that are contributing to the growth of the global short PIVC market:
- Increasing hospitalizations fueling market growth
- Growing demand for safety short PIVCs
- Advances in technology
- Rising awareness of safety and best injection practices among end-users
Increasing hospitalizations fueling market growth
The growing hospitalizations are expected to increase the adoption rate of short PIVCs that drive the market growth. According to CDC statistics 2014, the percentage of persons with overnight hospital stays stood at 7.3%, and the number of outpatient department visits per 100 persons stood at 41. Also, there has been a growing number of emergency visits, which fuels the adoption of short PIVCs. Therefore, the growing number of hospitalizations will drive the growth in the market.
Growing demand for safety short PIVCs
The market witnessed a strong demand for safety short PIVCs owing to their ability to reduce complications during intravenous procedures. For instance, WHIN Safe Huber Needle protects clinicians from needle stick injuries. Safety Huber needles protect clinicians from accidental contact with the tip of the needle. Although the cost of safety PIVCs is 1.5 times higher than conventional short PIVCs, the increased need to reduce complications along with the increasing guidelines to adopt such devices will increase market growth.
Advances in technology
Rapid advances in medical technology are responsible for the development of more effective short PIVCs. Such products are widely used in hospitals to deliver fluids, electrolytes, and medication to most patients. The growing advances in technologies have led to the development of IV catheters that reduce hematoma-related complications and bloodstream infections. Also, vendors in the market are currently developing products that are efficient and provide greater patient comfort.
Rising awareness of safety and best injection practices among end-users
Needle stick injuries (NSIs) are the major cause of blood-borne diseases among healthcare workers around the world. Due to unsafe injection practices, annually three million healthcare workers are exposed to blood-borne infectious diseases. Various studies conducted in different hospitals show that half of the injuries occur during needle use, while 25% injuries occur during needle disposal. The rising incidence of needle stick injuries has spread awareness not only among the governments but also among the healthcare professionals.
“Various training sessions are being conducted at regular intervals to increase awareness and educate the nurses and mandating the use of non-ported short PIV catheters, which are the most preferred device for improving safety,” says Barath.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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