PUBLISHER: Allied Market Research | PRODUCT CODE: 1365617
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365617
According to a new report published by Allied Market Research, titled, "Intravenous Equipment Market," The intravenous equipment market was valued at $15.0 billion in 2022, and is estimated to reach $26.7 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Intravenous (IV) equipment refers to the tools and devices used in intravenous therapy, a medical procedure that involves delivering fluids, medications, or nutrients directly into a patient's bloodstream through a vein. IV therapy is commonly used for various purposes, including hydration, administering medications, blood transfusions and nutritional support. Examples of intravenous equipment include needles or catheters that are inserted into a vein to create access, flexible tubing's that connects the IV bag or container to the patient and infusion pumps are electronic devices that control and regulate the flow rate, ensuring precise delivery.
The major factors driving the growth of the intravenous equipment market are the increase in number of people suffering from chronic conditions, rise in geriatric population, and continuous advancements in IV equipment technology. The demand for IV therapy is driven by the rising incidence of chronic diseases such cancer, diabetes, cardiovascular problems, and infectious diseases. Intravenous administration allows for the direct and efficient delivery of medications, fluids and nutrition, making it a crucial treatment method for patients with chronic conditions. In addition, world's population is experiencing a significant demographic shift, with a rapidly growing elderly population. The elderly people are more prone to developing chronic illnesses, which necessitate frequent hospital stays and medical treatment. IV therapy plays a vital role in providing supportive care to geriatric patients. Thus, the increasing geriatric population is contributing to the growth of the intravenous equipment market.
Further, continuous advancements in intravenous equipment technology have improved safety, precision and ease of use in administering intravenous therapy. Innovations such as smart infusion pumps, integrated connectivity solutions and needleless IV systems have enhanced the efficiency and accuracy of drug delivery, reduced the risk of medication errors and improved patient outcomes. Furthermore, growing awareness about the benefits of intravenous therapy, such as faster drug absorption, precise medication delivery and improved patient compliance, has increased among healthcare professionals and patients. Thus, more medical practitioners are incorporating IV therapy into their treatment plans, leading to a higher demand for intravenous equipment.
Additionally, as many nations invest more funds in enhancing healthcare infrastructure and boosting access to high-quality medical services, healthcare spending keeps rising. This increased healthcare spending encompasses the procurement of essential medical equipment, including IV equipment, to meet the growing demand for advanced patient care, thereby propelling the market growth. In addition, emergency departments and critical care units frequently rely on IV therapy to stabilize patients quickly and administer life-saving medications or fluids. The rising number of emergency care cases and trauma incidents worldwide has significantly contributed to the demand for IV equipment in these settings. IV equipment plays a vital role in delivering essential treatments promptly and efficiently, ensuring optimal patient outcomes in critical care scenarios.
The intravenous equipment market is segmented into product type, end user, and region. On the basis of product type, the market is categorized into IV catheters, infusion pumps, administration sets, needleless connectors, and others. Further, administration sets are classified into solution administration sets and blood administration sets. On the basis of end user, the market is segregated into hospital and clinics, homecare settings and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). Major key players that operate in the global intravenous equipment market are Becton, Dickinson and Company, B. Braun SE, ICU Medical, Inc., vygon, Baxter International Inc., Teleflex Incorporated., 3M Company, AngioDynamics, Inc., Terumo Corporation and Poly Medicure Ltd. The key players have adopted strategy such as product approval and acquisition to expand their product portfolio.
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