(PharmaNewsWire.Com, July 10, 2020 ) According to the new market research report ” IV Equipment Market by Product (Infusion Pump, Catheter, Solution and Blood Administration Set, Securement Device, Cannula, Stopcock, Needleless Connector), End User (Hospitals & Clinics, Homecare, Ambulatory Care Center) – Global Forecast to 2022″, published by MarketsandMarkets™,The overall IV equipment market is expected to grow from USD 10.07 billion in 2017 to USD 13.64 billion by 2022, at a CAGR of 6.2% from 2017 to 2022.
IV Equipment Market is estimated to be the largest segment for the market
The major factors driving the growth of this market include increasing incidence of chronic diseases, rapid growth in the aging population, and growing number of surgical procedures. The high growth in developing countries across Asia-Pacific and Latin America are expected to provide significant growth opportunities for players operating in the IV equipment market in the coming years. However, stringent regulatory requirements for new products and increasing incidence of medication errors and lack of wireless connectivity in most hospitals pose challenges for the growth of this market.
Target Audience :
Medical device manufacturers and distributors
Research and development institutions
Hospitals and ambulatory surgery centers
Market research and consulting firms
Venture capitalists and investors
Government organizations
IV catheters to hold the largest market share during the forecast period
Based on product, the IV equipment market is segmented into IV catheters, administration sets, infusion pumps, securement devices, stopcocks & check valves, drip chambers, needleless connectors, and others. In 2016, the IV catheters accounted for the largest share of the market. Increasing prevalence of chronic diseases and the growing number of surgical procedures are the key factors driving the market growth in this segment.
In 2015, Becton, Dickinson and Company acquired CareFusion Corporation (US). The combination of these two companies’ complementary product portfolios offered integrated medication management solutions and smart devices, including infusion pumps.
In 2017, BD launched a new IV medication safety solution at the European Association of Hospital Pharmacists (EAHP, Cannes) congress to improve patient safety. This product is designed to prevent medication administration errors.
In October 2017, ICU Medical, Inc. acquired Pfizer’s Hospira infusion systems (HIS, U.S.) business segment with a comprehensive portfolio of complete IV therapy from pumps to solutions.
The IV equipment market in APAC is expected to grow at the highest CAGR during the forecast period. The demand for IV equipment and accessories in the APAC region is majorly driven by factors such as the large population base in the region, rising geriatric population, rising incidence of chronic diseases, improving accessibility to advanced healthcare facilities, rising healthcare spending, growing penetration of health insurance, increasing demand for advanced technologies, growing investments in emerging APAC countries by key market players, and expansion of private-sector hospitals to rural areas.
Some key players mentioned in the research report are:
Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Baxter International Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), ICU Medical, Inc. (U.S.) held the major share of the IV equipment market and will continue to dominate the market between 2017 and 2022. Other major players operating in this market are Smiths Medical (U.K.), Moog, Inc. (U.S.), Terumo Corporation (Japan.), C. R. Bard, Inc. (U.S.), and AngioDynamics, Inc. (U.S.).
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
