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
The global IV equipment market is projected to reach USD 13.63 Billion by 2022, at a CAGR of 6.2% from 2017 to 2022. The market growth can be attributed to a number of factors such as increasing incidence of chronic diseases, rising geriatric population, growing number of surgical procedures performed, rising number of needlestick injuries, and rising demand for ambulatory infusion pumps.
On the basis of end user, the market is classified into hospitals & clinics, home care, and ambulatory care centers. In 2016, the hospitals segment accounted for the largest share of the market. This can largely be attributed to the strong financial capabilities of hospitals for purchasing high-priced IV devices as well as the availability of trained professionals to operate them.
In 2016, North America accounted for the largest share of the global IV equipment market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. This large share of the North American region 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.
The Asia-Pacific region is expected to witness the highest growth in the forecast period. Factors such as the presence of a large patient pool, rising geriatric population, growing utilization of technologically advanced IV products, increasing focus on home healthcare, growing healthcare expenditure, rapidly developing healthcare infrastructure, and increasing per capita income are driving the growth of the IV equipment market in the Asia-Pacific region.
Patient safety risks and medication errors associated with infusion pumps leading to product recalls are expected to hinder the growth of this market.
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The major players in the IV equipment market 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.), Smiths Medical (U.K.), Moog, Inc. (U.S.), Terumo Corporation (Japan.), C. R. Bard, Inc. (U.S.), and AngioDynamics, Inc. (U.S.).