Expected Revenue Growth:
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.
What This Report Will Provide?
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.
Major Growth Boosters:
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.
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Objectives of the Study
- To define, describe, and forecast the global IV equipment market on the basis of product, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, challenges, and trends)
- To strategically analyze micromarkets1 and subsegments with respect to individual growth trends, future prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders
- To forecast the size of the IV equipment market, with respect to four main regions—North America, Europe, Asia-Pacific, and the Rest of the World
Major Market Developments
- 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.
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Increasing incidence of chronic diseases and rising geriatric population, growing number of surgical procedures performed, rising demand for ambulatory infusion pumps due to the growing home care market, rising number of needlestick injuries and infections are the key factors driving the growth of this market.
Regional Growth Analysis:
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.