Intravenous Therapy and Vein Access Devices Market To Be Worth Around $28 Billion by 2023: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Intravenous Therapy and Vein Access Devices Market
(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) – Global Industry Analysis, Market Size, Opportunities and Forecast 2023”, forecasts that the global market for intravenous therapy and vein access devices is expected to grow at a CAGR of around 6.4% from 2017 to 2023 and reach the market value of around $28 billion by 2023. Intravenous (IV) medical aid is employed to administer drugs, nutrients, and blood directly into the vein. IV medical aid mechanism works rapidly for resistant response and quickly provides relief from chronic diseases as compared to oral mode of medication. IV medical aids are often simply monitored and has infusion pump that regulates the amount of substance to be administered within the body. The rising geriatric population, numerous benefits related to IV treatment and vein access devices, accelerating incidences of trauma cases and road accidents, and upsurge in incidences of chronic disorders are some of the major factors driving the growth of IV therapy and vein access devices market globally. On contrary, the hazard of adverse reaction and necessity of skilled specialists, stringent government regulations and guidelines are, at some extent, hindering the growth of this market. A productive opportunity from emerging markets is one of the key opportunities for market players operating in this market.
Upsurge in Trauma Cases and Traffic Accidents is Contributing to Market Growth
According to World Health Organization, more than 5 million people globally, suffer from trauma due to poisoning, falls, traffic accidents, drowning, and violence every year. This accounts for around 9% of global deaths. 1.25 million inhabitants are killed on roadways worldwide. In addition, road traffic injuries are currently predicted to be the 8th leading cause of global death and leading cause of death of young people. The current trend shows that by 2030, the incidences of death by traffic accidents are anticipated to become seventh leading global cause for death. Hence, trauma cases and traffic accidents are contributing to the intravenous therapy and vein access devices market growth.
Nutrition and Buffer Solution Medical Application Segment Expected to Maintain its Dominance
Cancer, diabetes, and other chronic conditions require continuous supply of nutrients and buffer solution. Thus, it is expected that nutrition and buffer solution medical application segment will maintain its dominance throughout forecast period. In addition, solid tumor exhibits high level of glucose uptake which in turn increases acid (lactic acid) in the body. Hence, buffer solution is continuously administered to maintain the pH level of body. Patients who can’t tolerate drugs or fluids orally and unconscious patients are given nutrition through IV therapy and vein access devices.
Hospital End User Segment Expected to Grow At Highest CAGR
On the basis of end user, the market is bifurcated into hospitals, ambulatory surgical centers, clinics. Hospitals segment is expected to grow at a CAGR of 6.6% during the forecast period. Around 80% patients in hospitals are estimated to undergo IV therapy. The basic uses of IV therapy in hospitals include intravenous antibiotic treatment, medication (for unconscious, unsafe to swallow drugs, long and short term), interventional radiology, anti-cancer drugs, hemodialysis, repeated blood sample drawings, and blood transfusion. Increasing technology and investment in hospitals is anticipated to boost the IV therapy and vein access device market.
Among the player operating in the global intravenous therapy and vein access devices market, some profiled in the report include B. Braun Melsungen AG, AngioDynamics, Inc., Pfizer, Fresenius Medical Care, Medtronic Plc, Becton, Dickinson And Company, Teleflex Incorporated, Terumo Medical Corporation, Smith & Nephew Plc., and Insulet Corporation, among others.