Increasing demand for surgical procedures is observed, particularly in developed regions, due to the elderly suffering from chronic diseases. Over the last decade, there has been a constant rise in the incidence of numerous chronic diseases requiring vascular access treatment, requiring critical care during hospitalization. This demands the wide use of intravenous equipment in patients.
Data Bridge Market Research shows that the Global Intravenous (IV) Equipment Market was valued at USD 13.05 billion in 2021 and is expected to reach USD 21.93 billion by 2029, registering a CAGR of 6.70% during the forecast period of 2022-2029.
" Increasing Adoption of Drug Delivery Devices Surge the Market Growth"
The high prevalence of needlestick injuries lets healthcare professionals adopt drug delivery devices that decrease risk and increase patient comfort. According to a study published in July 2022 named "Needlestick," about 385,000 needlestick injuries occur in the U.S. each year. Therefore, the increase in needlestick injuries is encouraging the use of safer devices. Furthermore, in 2022, B. Braun Medical Inc. developed its new Introcan Safety 2 IV Catheter with one-time blood control. Likewise, in 2022, a Japanese utility patent was granted to SafeBreak Vascular. Thus, this factor boosts market growth.
What restraints the growth of the Global Intravenous (IV) Equipment Market?
" High Cost of Intravenous (IV) Equipments will Restrain the Market Growth"
High costs associated with intravenous (IV) equipment will be a market growth restraint. Several therapies, such as anthracycline and alkylating-agents-based therapies, had the highest PPPV and PPPM IV administration costs, respectively. Also, the average cost of a short peripheral IV catheter insertion in the U.S. is between $28 and $35 for straightforward "first stick" insertions. All these major factors impede the growth of the market.
Segmentation: Global Intravenous (IV) Equipment Market
The global intravenous (IV) equipment market is segmented on the basis of product and end user.
- Based on the product, the intravenous (IV) equipment market is segmented into intravenous (IV) catheters, administration sets, infusion pumps, securement devices, stopcocks and check valves, drip chambers, needleless connectors and other intravenous (IV) equipment.
- Based on the end user, the intravenous (IV) equipment market is segmented into hospitals and clinics, home care, ambulatory care centres and others.
Regional Insights: North America is expected to dominate the Global Intravenous (IV) Equipment Market
North America dominates the market because of a well-established healthcare sector within the region. This growth can also be due to the increasing elderly population, growing prevalence of chronic diseases, wide presence of a well-established healthcare industry, rising demand for advanced medical treatments, availability of major players, and growing government healthcare expenditure.
Asia-Pacific is expected to grow in 2022-2029 as growing urbanization and lifestyle changes make the region more susceptible to lifestyle-related diseases, including cardiovascular diseases, stroke, and cancer. Furthermore, a rise in the number of hospitals and specialty centers and favorable government initiatives will majorly impact the market growth during the forecast period.
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Recent Developments in Global Intravenous (IV) Equipment Market
- In 2022, Lineus Medical's SafeBreak vascular received a Japanese utility patent. The bifurcated venous access device (BVAD), a dual-lumen peripheral IV catheter, received a United States utility patent. The issuance of both the Japanese patent for SafeBreak Vascular and the U.S. patent for BVAD are major milestones for their company portfolio.
- In 2022, Baxter announced the United States Food and Drug Administration (U.S.FDA) clearance of the Novum I.Q. Syringe infusion pump with dose I.Q. safety software. The Novum IQ SYR has the potential to completely integrate with hospital electronic medical records (EMRs) via Baxter's I.Q. Enterprise Connectivity Suite.
The Prominent Key Players Operating in the Global Intravenous (IV) Equipment Market Include:
- B. Braun Melsungen AG (Germany)
- 3M (U.S.)
- Terumo Corporation (Japan)
- Abbott (U.S.)
- Teleflex Incorporated (U.S.)
- B.D. (U.S.)
- Henry Schein, Inc. (U.S.)
- Smiths Medical (U.S.)
- Baxter. (U.S.)
- Ascor S.A. (Switzerland)
- Moog Inc. (U.S.)
- AngioDynamics. (U.S.)
- ICU Medical, Inc. (U.S.)
- Fresenius SE & Co. KGaA (Germany)
- Animas LLC (U.S.)
- International WIN, LTD. (U.S.)
- The Metrix Company. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global intravenous (IV) equipment market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Intravenous (IV) Equipment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
