Intravenous Therapy and Vein Access Devices Market Size to Hit $ 28 Billion by 2023 | CAGR: 6.3
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled ldquo;Intravenous Therapy and Vein Access Devices Marketnbsp;(Product Type: Implantable Port, Intravenous Catheter, Hypodermic Needles, Infusion Pumps, Other Products; Medical Application: Medication Administration, Volume Expanders, Blood Based Products, Nutrition and Buffer Solution; End User: Hospitals, Ambulatory Surgical Centers, Clinics) ndash; Global Industry Analysis, Market Size, Opportunities and Forecast 2023rdquo;, estimates that the global market for intravenous therapy and vein access devices is expected to reach the market value of around $28 billion by 2023 and is expected to grow at a CAGR of around 6.4% during the period 2017 - 2023. Owing to the rapidly growing geriatric population, rising incidences of trauma cases and road mishaps and growing prevalence of chronic diseases are the main factors contributing to the development of intravenous therapy and vein access devices market, globally. In addition, productive opportunity from emerging economies is the major trend observed in the market.
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Increasing Prevalence of Chronic Diseases to Have High Impact on Market
In the past few decades, cases of chronic diseases and trauma have grown at an alarming rate and created the need for effective healthcare measures for treating such illnesses. According to World Health Organization, chronic diseases such as diabetes, cardiovascular disorders, cancer, and chronic respiratory diseases lead to around 70% of the total deaths globally. Intravenous therapies are beneficial in treating chronic diseases such as cancer, diabetes, pain management, and others, which require timely administration of drugs and therapeutics. Thus, most healthcare professionals are deploying infusion amp; injection therapies, as these are ideal for a successful prognosis. This is anticipated to boost the market growth in future.
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Insights on Market Segments
Global intravenous therapy and vein access devices market is segmented by product type, end user, and medical applications. Based on different product types, the market is segmented into implantable port, intravenous catheter, hypodermic needles, infusion pumps, and other products. Further, implantable port is sub-classified into single lumen implantable port and double lumen implantable port. Also, intravenous catheter is further sub-segmented into peripheral intravenous catheter, central intravenous catheter and peripherally inserted central catheter. The intravenous catheter segmented by product type is expected to maintain its dominance during the analysis period. Intravenous catheter is placed into vein to administer medication or fluids and can also be used to draw blood from the vein. This device plays an essential part in medical treatments for acute illness, cancer, surgery, trauma, and anesthesia. The medical application segment comprises volume expanders, medication administration, blood based products, nutrition and buffer solution. By end user, market is bifurcated into hospitals, ambulatory surgical centers, clinics.
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North America Held Highest Market Share in 2016
The North America IV therapy and vein access devices market accounted for the highest market share of around 41% in 2016, and is expected to maintain this trend during the forecast period. This dominance of North America is attributed by rise in chronic diseases such as diabetes, ongoing trend of preventive healthcare, and increase in the number of trauma and road accident cases. According to the National Cancer Institute in the U.S., about 1,685,210 new cancer cases were diagnosed and 595,690 people died of cancer in 2016. Likewise, according to vital statistics issued by the Centre for Disease Control and Prevention (CDC), people who died from heart disease were 633,842, chronic respiratory disease were 155,041, diabetes were 79,535, and unintentional injury were 146,571, in the year 2015. Thus, growing occurrences of chronic illnesses is driving the growth of IV therapy and vein access devices market in North America.
Among the player operating in the global intravenous therapy and vein access devices market, some profiled in the report include AngioDynamics, Inc., B. Braun Melsungen AG, Medtronic Plc, Pfizer, Fresenius Medical Care, Becton, Dickinson And Company, Teleflex Incorporated, Terumo Medical Corporation, Insulet Corporation, and Smith amp; Nephew Plc. among others.
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