Intraosseous Infusion Devices Market is expected to grow at a CAGR of 7.6% over the forecast period (2021-2031)
According to a recent study by Future Market Insights (FMI), the global intraosseous (IO) infusion devices is expected to witness high growth during the forecast period. The market is expected to grow from US$ 3.5 Bn in 2020 to over US$ 7.9 Bn by 2031. It will therefore register CAGR of around 7.6% over the forecast period (2021-2031).
The increasing number of emergency cases has been propelling the market growth. These cases include strokes, seizures, burns, sudden breathing difficulty, and other health concerns where the use of intraosseous infusion devices is of immense need. Intraosseous infusion devices come into practice when intravenous entry points are unavailable and so treatment is provided through an entry point on the bone marrow.
Intravenous fluid and drug administration is a prime choice in the normal medical procedure as they are comparatively economic and less painful than intraosseous infusion. However, demand for intraosseous infusion is expected to increase on the back of the rise in the need for rapid and high volume infusions during an emergency.
The recent articles posted by CDC in September 2021, states that heart diseases are the leading cause of death which means 659,000 people in the United States die due to heart diseases. This is due to lifestyle changes, cardiac arrest and cardiovascular surgery which are getting common globally with an incidence rate of around 0.7 to 2.9%.
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Defibrillation is the primary resort for cardiac arrest for resuscitation on the failure of which titrated adrenaline is administered through the sternum using an intraosseous infusion device. The rising prevalence of cardiovascular disorder is expected to fuel the demand for IO infusion device market
Healthcare companies are constantly collaborating with healthcare professionals, healthcare service providers, and hospitals to improve quality care for the patients. Thus, delivering high quality care together with advanced technologies, which will further drive the overall market in the forecast period.
June 1, 2020, Becton, Dickinson and Company, acquired acquisition of Straub Medical AG which develops and sells medical atherectomy and thrombectomy devices that treat peripheral arterial disease (PAD) and venous disease. This helped BD explore advancing technologies driving the market.
Currently, the COVID-19 pandemic has changed the opinions and many companies and Governments are indulging themselves in investing in the intraosseous infusion market. This change has driven the market to the next level. In addition, COVID-19 has been a great aperture in exploring one’s business into healthcare. Government is funding companies in improving healthcare infrastructure.
To increase revenue share, the hospitals are focusing on increasing investment in research and development. It is thus, expected for market players to enjoy the lucrative growth of the investing in intraosseous infusion market in the forecast period.
Such developments not only strengthen the company’s existing portfolio but also help to increase their presence at the regional as well as global level, and help companies to sustain the increasing competitive pressure.
Key Takeaways from Intraosseous Infusion Devices Market Study
- By product, EZ-IO holds the maximum share of 21.4% in the market in 2021, expanding at 7.6% CAGR during the forecast period.
- By route of administration, the sternum segment will account for 30.8% of the market share in 2021, indicating the highest demand.
- By technology, the automatic segment will account for more than 50% of the market share in 2021.
- By end user, EMS centers and Hospitals together account for more than 60% of the market share in 2021.
- By region, North America holds the largest share of 26.6% of the global intraosseous infusion devices market in 2021.
Some of the leading companies operating in the intraosseous infusion device market are focusing on product launch, collaboration, and partnership strategies. The key market players covered by FMI include Pyng medical Corp., Cook Medical Incorporated, PerSys Medical, Aero Healthcare, Teleflex, Inc., and Becton Dickinson and Co.
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