The global market for IV therapy and vein access will grow from nearly $40.7 billion in 2018 to $54.5 billion by 2023 with a compound annual growth rate (CAGR) of 6.0% for the period of 2018-2023.
Growing emphasis on cost-effectiveness and cost-containment at health care facilities along with technological advances have enabled the safe and effective use of IV therapies. This is driving steady growth of the IV therapy and vein access devices market. This report focuses on the global market of IV therapy and vein access devices and provides an updated review that includes applications in various care facility settings.
The scope of this study encompasses different types of IV solutions and devices used for therapeutic purposes. BCC Research studied and analyzed the market for key components including different types of intravenous solutions and sets, infusion pumps and vein access devices (IV catheters). This report covers the associated regulatory aspects such as innovations and technological improvements (patents and approvals), latest trends, preferences and progress in the field of IV therapy. In addition, the study also covers the market projections, market leaders and market shares for the global IV therapy market.
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The geographical regions covered in the report are North America, Europe and emerging markets. The emerging markets cover countries such as India, China, Japan, South Korea, Taiwan, Africa, Australia, New Zealand, etc.
This report also contains relevant patent analysis and comprehensive company profiles for leaders in the IV therapy and vein access devices industry. The market is dominated by a few major players including B. Braun Melsungen AG; Baxter International Inc.; Becton Dickinson and Co. (CareFusion Corp.); C. R. Bard, Inc.; Fresenius Kabi AG; Hospira Inc. (now part of ICU Medical Inc.); Medtronic plc.; Smiths Group plc. (Smiths Medical) and Teleflex Inc.
– An overview of the global markets and technologies for intravenous (IV) therapy and vein access.
– Analyses of market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021.
– Detailed information on the main categories for IV therapy, including ambulatory infusion pumps, central venous access devices, diabetes insulin-infusion pumps, enteral feeding pumps and tubes, implantable pumps, large-volume infusion pumps, peripheral venous access devices, and syringe infusion pumps.
– Identification of current products on the market.
– Assessments of the competitive landscape and competitor market shares.
– Profiles of the company related to the industry.
Intravenous (IV) therapy is an important tool for fluid volume and electrolyte replacement, for the delivery of medications such as antibiotics and chemotherapeutic agents and for the administration of parenteral nutrition. IV therapy is used in a number of medical conditions, including acute and chronic pain management, cancer, pulmonary hypertension, Parkinson’s disease, several types of infections, Crohn’s disease, gastrointestinal diseases or disorders, hemophilia, immune deficiencies and others. IV
therapy is further used for blood sampling, venous pressure monitoring, blood transfusion, etc.
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The global market for IV therapy is continuously evolving. The need to maintain greater safety and sterility during the process, introduction of new drugs with complex handling protocols and stability issues and specialization of infusion protocols (antibiotic therapy, chemotherapy, etc.) are gradually transforming the practice of IV therapy and vein access into a complex and challenging area of medicine.
Market growth is rising at a significant rate mainly due to the following factors: increasing cases of chronic conditions and lifestyle diseases, aging population, steady rise in surgical procedural volumes, growing shift of health care services from hospitals to alternate facilities and home settings and increasing product demand in developing markets. The market has also benefited from the growing range of IV solutions and drugs, as well as the continuous technological advancement in IV therapy delivery devices like IV infusion pumps and IV catheters. The continued focus on digitally connecting medication delivery devices, such as infusion pumps with hospital information technology systems and remote monitoring systems, has resulted in significant demand for such products. The modern IV therapy and vein access devices market is characterized by price conscious end users, consolidation among customers as well as suppliers, intensified competition and declining reimbursement rates.
Major players in the global IV therapy and vein access device industry include AngioDynamics Inc., B.Braun Melsungen AG, Baxter International Inc., Becton Dickinson and Co. (CareFusion Corp.), Cook Medical Inc., C. R. Bard, Inc., Fresenius Kabi AG, Hospira Inc. (now part of ICU Medical Inc.), Medical Components Inc., Medtronic plc., Smiths Group Plc. (Smiths Medical), Terumo Medical Corp. and Teleflex Inc.
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As shown in the table below, the global IV therapy and vein access market is expected to be valued at $29 billion by 2021, growing at a CAGR of 6.1%. The global infusion pump market is estimated to reach market value of $14.2 billion in 2021 following a CAGR of 6.1%. The global revenue for IV solution and sets is expected to reach $11.7 billion by 2021, while the market for vein access devices (IV catheters) is projected to be worth $3 billion in the same period. Aging population, increasing incidences of chronic conditions and lifestyle diseases, the changing mix of health care services between hospitals and less costly sites (alternative care facilities and at home), and the expanding product demands in developing markets are market drivers in the reporting period. As shorter hospital stays can effectively save health care costs, there is a growing shift from the hospital to alternative sites and home-based care. The IV therapy and vein access market has further benefited from continuous technological advances and product launches, resulting into expanded applications for IV therapy as well as improved demand for advanced premium-priced IV therapy products. The growth trend is anticipated to continue during the five-year period to 2021.