Summary
The European Peripherally Inserted Central Catheter (PICC) Market, a sector within healthcare industry, revolves around the usage and distribution of PICC, a type of central line or central venous catheter. PICCs are inserted into a deep vein of the upper arm and allow for the administration of medication, fluids, blood, or nutrition. This market is characterized by the variety of devices available, including power-injectable and conventional PICCs, with an increasing trend towards the use of the former due to their affordability. The European market is noted for its maturity, particularly when compared to the market for midlines, and is seeing growth largely due to the transition towards premium-priced power injectable PICCs. However, the growth is expected to be tempered by pricing pressures as European healthcare facilities often favor lower-cost products.
While the PICC markets in Europe are comparatively newer than markets for implantable ports, central venous catheters (CVCs), and peripheral intravenous catheters (PIVCs), their growth is spurred by the cannibalization of procedures from these catheter types and the introduction of new indications for PICCs. Italy is one prominent example where PICCs usage is high, due to successful nurse training programs for PICC insertion and the establishment of nursing teams specializing in this area. The market also sees innovation in PICC insertion devices, contributing to advancements in patient care. Despite the challenges posed by pricing pressures and regulatory complexities, the European PICC market remains a dynamic area of growth and competition, propelled by a diverse group of stakeholders and the increasing demand for innovative PICC products.
Overview of the European Peripherally Inserted Central Catheter (PICC) Market
A peripherally inserted central catheter (PICC) is a type of central line or a central venous catheter, which is a long, thin tube inserted into a deep vein of the upper arm. This allows patients to receive medicine, fluids, blood, or nutrition. The PICC market in Europe is diverse and includes devices such as power-injectable and conventional PICCs. It has been observed that there is an increasing trend towards the use of power-injectable PICCs, due to the affordability of these devices.
The utilization of PICCs in European countries like Italy is particularly high due to successful training programs for nurses, teaching them to insert PICCs, and the establishment of nursing teams specializing in PICC insertion. This is in contrast with other European markets where the insertion of PICCs is typically performed by physicians.
The market for PICCs in Europe is mature, more so than for midlines. The growth in the market value is primarily driven by the conversion towards premium-priced power injectable PICCs, as well as those PICCs sold with tip-placement disposables. However, market growth is expected to be limited by pricing pressures across Europe, as European healthcare facilities often trend towards lower-cost products, thereby forcing many competitors to lower their prices. There is still developing preference for high-cost, premium-priced versions of products, such as those with antimicrobial coatings.
The market trend reveals innovative advances in PICC insertion devices, which are redefining patient care. While the PICC markets across Europe are relatively new when compared to other catheter markets such as implantable ports, central venous catheters (CVCs), and peripheral intravenous catheters (PIVCs), growth in the PICC market has resulted from PICCs cannibalizing procedures from ports, CVCs, and PIVCs, as well as new indications for PICCs.
Key Growth Drivers in the European PICC Market
The European market for Peripherally Inserted Central Catheters (PICCs) is more mature than that of midlines, with a substantial portion of the market value growth originating from an increased shift towards premium-priced power injectable PICCs and PICCs sold with tip-placement disposables. However, market growth could potentially be constrained by pricing pressures across Europe, as European healthcare facilities often favor lower-cost products, thereby forcing many competitors to lower their prices.
Comparatively newer than other catheter markets such as implantable ports, central venous catheters (CVCs) and peripheral intravenous catheters (PIVCs), the PICC markets across Europe have witnessed growth as a result of PICCs partially cannibalizing procedures from ports, CVCs and PIVCs, in addition to the introduction of new indications for PICCs. A notable example is the well-developed Italian PICC market, where the high utilization of PICCs is due to the success of training programs that teach nurses to insert PICCs and the formation of nursing teams specializing in PICC insertion.
The European PICC market comprises of conventional and power-injectable PICCs, with a trend indicating an increasing use of power-injectable PICCs as these devices become more affordable. Valved PICCs, designed to reduce the risk of catheter occlusion, have seen growth due to the severe implications of catheter occlusion, such as delaying or interrupting infusion therapy, which can lead to serious complications like catheter-related bloodstream infections (CRBSI).
Furthermore, the benefits of PICCs over other catheters have resulted in their increased adoption among healthcare professionals. These benefits include a more durable and thicker PICC line that can stay in place for a longer duration, thereby reducing the necessity for multiple needle sticks for blood draws. By 2024, the PICC segment is expected to dominate the market, accounting for 40.2% of the market share. The lower risk of complications associated with PICCs compared to traditional central venous catheters is a major contributing factor to this trend.
Market Limitations and Challenges
One of the main constraints is the prevalent pricing pressure across Europe. Healthcare facilities in the region often lean towards lower-cost products, compelling many competitors to lower their prices, which potentially hampers market growth.
Additionally, the preference for high-cost, premium-priced versions of products, such as PICCs with antimicrobial coatings, is still developing in many markets. This trend could limit the market value growth derived from increased conversion towards these premium-priced, power injectable PICCs and PICCs sold with tip-placement disposables.
The complexity and challenges of the market situation in Europe are further amplified by the broader economic and regulatory landscape. Over the past two decades, forces like globalization, technological change, deregulation, and integration have fundamentally altered the European and global financial industry. As a result, policy makers need to improve the banking and financial regulatory framework, the credit allocation process, and banking competition to promote more efficient economic development in the European Union.
Lastly, the process of European standardisation also influences the market. Since the development of standards is primarily initiated by market needs, industry plays a significant role in the process. However, achieving consensus among the various players involved can be challenging and time-consuming. On the regulatory side, the European Commission’s ability to obtain timely, comprehensive, and reliable information from selected market players, as a last resort, can help address serious difficulties with the application of EU single market legislation.
Major Players in the European PICC Market
The competitive landscape of the PICC market in Europe is characterized by the increasing presence of corporations, institutions, banks, and public accounting entities. Their roles in the market can be multifaceted, ranging from financial reporting, auditing financial statements, taxes, consulting on accounting systems, M&A advisory, to capital raising. This diversity of stakeholders has contributed to the dynamic nature of the market and the increasing demand for innovative PICC products.
Market players also need to comply with the evolving regulatory environment for medicinal products and medical devices. The regulations on medical devices (Regulation (EU) 2017/745) and on in vitro diagnostic devices (Regulation (EU) 2017/746) introduced new responsibilities and requirements for national competent authorities in the assessment of certain categories of medical devices used in combination with medicines.
Amid these changes and opportunities, the European Union is making efforts to stimulate innovation and technological advancements. These include policies aimed at accelerating the modernization of EU industry, uptake of product and service innovations, use of innovative manufacturing technologies, and introduction of new business models.
As the market progresses, stakeholders in the European PICC market will need to stay responsive to these evolving dynamics and regulatory requirements, while continuing to prioritize patient safety and efficacy of their products. This, in turn, is expected to contribute to the continued growth and maturity of the European PICC market.
Regulatory Bodies in Europe
The regulatory landscape in Europe has a direct impact on the PICC market. Key players in this regard include the European Standardisation Organisations, Competent Authorities and the European Medicines Agency (EMA).
The European Standardisation Organisations, including CEN, CENELEC, and ETSI, are officially recognised as providers of European standards and have been working with the European Commission since 1984. These organisations contribute to setting the safety and performance standards for various medical devices, including PICCs.
On a national level, each EU member state has a Competent Authority that is responsible for transposing the requirements of European regulations into national legislation. In the context of the PICC market, these authorities are primarily responsible for monitoring the safety of these medical devices after they are placed on the European market. They have the authority to act on behalf of the government of an individual European Union Member State to ensure compliance with the national statutes and regulations according to EU law.
In addition to the European Standardisation Organisations and national Competent Authorities, the EMA plays a significant role in the regulatory landscape. It works with national competent authorities in the authorisation of medicines available in the EU that do not fall under the scope of the centralised procedure. The EMA has no role in decisions on pricing and reimbursement but collaborates with health technology assessment (HTA) bodies and EU healthcare payers.
In the context of the PICC market, these regulatory bodies have a significant impact. For example, market growth in this sector is expected to be limited by pricing pressures across Europe, as European healthcare facilities often lean towards lower-cost products, which compels many competitors to lower their prices. Therefore, understanding the role and influence of these regulatory bodies is crucial for any company seeking to succeed in the European PICC market.
Current Trends in the European PICC Market
Factors such as chronic disease prevalence, technological advancements, and an increasing demand for home healthcare are also contributing to market expansion.
Further, the European PICC market is also being shaped by digital healthcare adoption. With the advent of the COVID-19 pandemic, many European countries have made emergency reimbursement decisions to enable healthcare delivery through videoconferencing and asynchronous care. These digital healthcare trends have shown significant convergence among countries in the European Union. The growth of smartphone and digital camera adoption among a large portion of the population, attributed to technological advancements and the increasing need for communication and connectivity, also has a positive impact on the demand for PICC products.
Therefore, despite pricing pressures and other challenges, the European PICC market is poised for growth, buoyed by increased demand, technological advancements, the shift towards power-injectable PICCs, and the adoption of digital healthcare.
The content is provided by Avery Redwood, Brick By Brick News
