(PharmaNewsWire.Com, February 23, 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.
This integration helps prevent an overdose or reduced dose of infusion solutions to patients and minimizes dosing errors. 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.
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.
Increasing incidence of chronic diseases drives the global IV equipment market
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.
The risk of chronic diseases increases with age. Among the geriatric population, the prevalence rate of chronic diseases is 64 per 1,000 persons. According to WHO, the global share of the geriatric population (aged 65 years or above) increased from 7.3% in 2005 to 8.7% in 2017 and is expected to continue to grow as a proportion of the world population, reaching 9.3% by 2020.
The following are the major 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
Some of the prominent players in the global IV equipment market are 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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