Rise In Prevalence Of The Diseases Is Anticipated To Fuel The Demand Of Intravenous Access Devices Market
The Global Intravenous Access Devices Market was valued at US$ 34,100.7 million in 2016 and is projected to expand at a CAGR of 6.6% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in demand for minimally invasive procedures, in turn is projected to support growth of intravenous access devices market over the forecast period.
Manufacturers are focusing on product innovation to tap into emerging market. For instance Baxter International Inc. announced new bi-directional integration DoseEdge Pharmacy between the dedicated intravenous (IV) workflow systems and the hospitals electronic medical record (EMR) that help hospitals efficiently comply with requirements from the Centers for Medicare & Medicaid Services (CMS) and other insurers that call for accuracy in the documentation of the drugs used to compound doses for patients, which will help for safe and proper use of intravenous access devices.
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Intravenous access device can be marked by UV light where silicone tubing is used for intubation or other intravenous applications as it allows marking on the inside surface of the tube.
It is expected that the increase in preference for intravenous procedure to treat the disease such as cardiovascular disease will favor the growth of intravenous access devices market in the near future. Also, the major manufacturers are focusing on emerging countries to expand their customer base and to increase sales due to increase in incidence cases for diabetes and coronary heart disease among emerging countries such as China. As per World Health Organization (WHO), in 2016, 10 % adults out of around 110 million people were living with diabetes in China due to increase in overweight and obese population. The number is projected to reach to around 150 million by 2040.
The manufacturers have opportunity to tap major market share in case of emerging economies, as over a 50% percent population living with undiagnosed lifestyle disease. For example, as per WHO, in 2016, around 53% of people living with diabetes are undiagnosed in China.
Key takeaways of the market:
The global intravenous access devices market is expected to expand at a CAGR of 6.6% during the forecast period (2017–2025). Due to rising incidence of cardiovascular disease cases and increase in demand for intravenous procedure from around the globe is expected to favor the market of intravenous access devices over the forecast period.
The Asia Pacific region in the global intravenous access devices market is expected to show high growth rate during the forecast period in terms of value
In terms of product segment, the IV catheters intravenous access devices type is expected to expand at a significant CAGR of 6.6%, followed by IV needles intravenous access devices during the forecast period, owing to more preference due to its features
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The global intravenous access devices market is characterized by market expansion in Asia Pacific, North America, and Europe could generate higher market revenue due to the high incidence rate of lifestyle disease such as diabetes and increase in number of surgery procedures
Some of the major companies offering intravenous access devices are Becton, Dickinson and Company, B. Braun Melsungen AG, Teleflex, Inc., C.R. Bard, Fresenius Medical Care, Smiths Medical, Hospira, Inc., Covidien Plc, Fresenius Medical Care AG & Co., CareFusion Corporation and Baxter International
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