(PharmaNewsWire.Com, September 07, 2020 ) Intravenous (IV) therapy devices are used to administer liquid substances directly into a vein. They can deliver nutrients or medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Presently, many companies are developing various infusion devices capable of being integrated with alarm devices, monitoring devices, and data exchange systems.
[166 Pages Report] 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.
Major players in the market are focusing on achieving system interoperability of the IV equipment such as infusion pump with EHR technology. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
The global burden of chronic diseases such as heart disease, stroke, cancer, chronic respiratory diseases, and diabetes is increasing rapidly. According to the World Health Organization (WHO) 2015, chronic diseases accounted for approximately 60% of the total reported deaths in the world. The proportion of the burden of chronic diseases (chronic non-communicable diseases) is expected to increase to 57% by 2020 from 46% in 2001.
Intravenous (IV) therapy devices are used to administer liquid substances directly into a vein. They can deliver nutrients or medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. These devices offer significant advantages over manual fluid administration, including the ability to deliver fluids in very small volumes and at precisely programmed rates or automated intervals. These devices are also used for blood transfusion.
The IV equipment market has been segmented, on the basis of product into IV catheters, administration sets, infusion pumps, securement devices, stopcocks & check valves, drip chambers, needleless connectors, and other IV equipment. The market for securement devices is expected to grow at the highest CAGR between 2017 and 2022.
Geographical growth scenario of IV Equipment Market :
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.
Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Baxter Interanl Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), ICU Medical, Inc. (U.S.), Smiths Medical (U.K.), C. R. Bard, Inc. (U.S.), Terumo Corporation (Japan), Moog, Inc. (U.S.), and AngioDynamics, Inc. (U.S.). These players adopted both organic as well as inorganic strategies such as product launches and enhancements, collaborations and agreements, acquisitions and grant to sustain in this market.
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