Global IV Tubing Sets and Accessories Market projected to grow at a CAGR of 4% during the forecast period 2020-2027
A new research report published by Fior Markets with the title IV Tubing Sets and Accessories Market by Type (Primary, Secondary, IV Tubing Accessories, Extension, and Others), Application (Central Venous Catheter Placement, Peripheral Intravenous Catheter Insertion, PICC Line Insertion), End-use (Clinics, Hospitals, Ambulatory Surgery Centres), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The Global IV Tubing Sets and Accessories Market is expected to grow from USD 1.1 billion in 2019 to USD 1.5 billion by 2027, at a CAGR of 4% during the forecast period 2020-2027. The market in North America holds the largest market share, owing to the rising acceptance of innovative healthcare technologies, better reimbursement policies, high disease prevalence, and rising investments for improved healthcare infrastructure. Also, the increasing inclination towards unhealthy food, low level of awareness, and increasing geriatric population are expected to fuel the market in the region. The Asia-Pacific region is expected to show significant growth, due to rising patient awareness, growing need for cost-efficient and technologically advanced healthcare solutions, and increasing healthcare expenditure. The market in the Middle East and Africa is also expected to grow, owing to the rising prevalence of chronic diseases such as stroke and increasing demand for infusion therapy. European countries like the Netherlands, United Kingdom, France, Russia and Poland are anticipated to boost the market in the region, due to the growing import and export of infusion pumps, supplies, and consumables.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are C.R. Bard, Inc., Dynarex Corporation, Perfect Medical Ind. Co., Ltd, Health Line International Corporation, Baxter International Inc., Scripps Health, B. Braun Melsungen AG, Dickinson and Company, Nipro Corporation, Fresenius Kabi AG, Vygon, Zyno Medical, Becton, Smiths Medical, ICU Medical Inc., Hospira Inc., and Poly Medicure Ltd.
The type segment includes primary, secondary, IV tubing accessories, extension, and others. The primary IV tubing sets segment holds the largest market share, owing to continuous medication or fluids to the patients. The extension IV tubing sets and accessories segment is projected to show a significant growth, owing to the wide applicability of the extension IV tubing sets, allow rapid fluid administration to the patients having large distance, and allowing smooth flow of fluids. The application segment includes central venous catheter placement, peripheral intravenous catheter insertion, PICC line insertion. The peripheral intravenous catheter insertion segment holds the largest market share, as it allows rapid absorption by target organs and also allows the introduction of fluids, medications, and blood products directly into the cardiovascular system. Furthermore, increasing awareness among people regarding the peripheral intravenous catheter insertion procedure and rising applicability is expected to fuel the market growth. The central venous catheter placement segment is expected to show a significant growth, owing to its use in the insertion of drugs and extracorporeal blood circuits to patients and the increasing use of the central venous catheter placement procedure. Based on end-user, the market is segmented into clinics, hospitals, ambulatory surgery centres. The hospital segment dominates the market due to the rising incidence of cardiovascular diseases. Ambulatory surgery centres are mostly opted by patients undergoing less complicated procedures as it allows rapid healing and requires shorter hospital stays. Therefore, the segment is expected to fuel the market growth.
Factors driving the market are rapid growth in the ageing population, rising application of IV tubing sets in pain management, a growing number of surgical procedures, skilled workforce and financial capability to purchase costly IV tubing sets and growing adoption of advanced IV tubing sets. Other factors including, increasing acceptance of new technology and increasing prevalence of chronic diseases such as cancer are anticipated to fuel the market growth further. Thus, the market is expected to witness significant growth, owing to the rising prevalence of chronic diseases like cancer and stroke and advancement in technology.
About the report:
The global IV Tubing Sets and Accessories market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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