(PharmaNewsWire.Com, November 20, 2021 ) 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.
According to a 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 global IV Equipment Market is expected to reach USD 13.63 Billion by 2022 from USD 10.07 Billion in 2017, at a CAGR of 6.2% from 2017 to 2022.
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. This integration helps prevent an overdose or reduced dose of infusion solutions to patients and minimizes dosing errors.
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.
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.
Home care segment to grow at the highest CAGR during the forecast period
On the basis of end user, the market is classified into hospitals & clinics, home care, and ambulatory care centers. The home care segment is expected to grow at the highest CAGR during the forecast period. Factors propelling the growth of this segment include technological advancements and the increasing awareness and acceptance of home care devices.
North America dominated the IV Equipment Market in 2016
In 2016, North America accounted for the largest share of the global IV Equipment Market, followed by Europe, Asia-Pacific, and RoW. This growth can be attributed to the rising geriatric population, increasing prevalence of chronic diseases, the presence of a well-established healthcare industry, growing demand for advanced medical treatments, the presence of major players, and increasing government healthcare expenditure.
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