IV Equipment Market

IV Equipment Market Size (2023 to 2028)

As per our research report, the size of the global IV equipment market is valued at USD 11.44 billion in 2023 and is estimated to grow at a CAGR of 6.2% to reach USD 15.46 billion by 2028.

IV Equipment Market Share Insights:

• Based on product type, the IV catheters segment held the largest share of the global market in 2022 and is expected to dominate during the forecast period.
• Based on end-users, the clinics and hospitals segment led the global IV equipment market in 2022 and is anticipated to maintain the same pace during the forecast period.
• The North American market accounted for a major share of the worldwide market in 2021 and is projected to be worth USD 4.82 billion by 2027.
• The Asia Pacific market captured substantial share of the global market in 2021 and is projected to have the highest growth rate of 8.13% during the forecast period.

Intravenous therapy is the mix of liquid constituents directly into a vein. Intravenous (IV) means inside the vein. Intravenous infusions are generally referred to as drips. The intravenous route is the quickest way to deliver fluids and medications all over the body. IV Equipment devices are used to inject liquid content directly into the vein to provide nutrients like insulin, chemotherapy drugs, pain relievers, and antibiotics.

MARKET DRIVERS:

The growing patient population suffering from chronic diseases, the increasing aging population worldwide, and the rising number of surgical procedures are majorly boosting the IV equipment market growth.

The prevalence of chronic diseases is significantly growing around the world. An estimated 125 million Americans had one or more chronic conditions in 2000, which is expected to grow to 171 million by 2030. In 2015, according to the World Health Organization (WHO), chronic diseases were considered for nearly 60% of the total deaths across the world. The growth in the prevalence of chronic diseases demands more IV equipment units, driving growth in the global IV equipment market. According to this WHO, the elder people population has been increased from 7.35% in 2005 to 8.7% in 2017 and is regarded to continue to rise, reaching 9.3% by 2020.

The growing adoption of home healthcare through ambulatory infusion pumps, and increasing cancer patient population worldwide are further propelling the IV equipment market growth. In addition, the rapid rise of the aging population has obesity as a significant problem. The increase in needlestick injuries and injections is estimated to favor the IV equipment market. Due to these favorable factors, many companies develop different infusion devices by integrating them with alarm devices, data exchange systems, and monitoring devices. The factors mentioned above are contributing to the largest share of the IV equipment systems market.

Furthermore, the high growth in developing countries across Asia-Pacific and Latin America is expected to provide significant growth opportunities in the coming years. The IV equipment market is likely to grow exponentially owing to growth opportunities such as favorable regulatory policies and increasing accessibility to skilled professionals. The rising focus on research to develop innovative technologies related to health care by research centers and key market players and escalating government initiatives are the contributing factors to the increasing growth opportunities during the forecast period.

Hospitals that have well-developed equipment and infrastructure, which helps the patients satisfy their needs, also support the market's growth. The increasing range of needle stick injuries and infections also boosts the IV equipment market growth.

MARKET RESTRAINTS:

Strict regulatory requirements for new products, an increasing occurrence of medication errors, and the nonexistence of wireless connectivity in maximum hospitals are expected to restrain global IV equipment growth.

Strict rules and guidelines to be followed while doing processes and approvals need to be developed to launch new devices, which are also factors that are restraining market growth. The cost associated with the treatment related to the IV equipment and even the threats related to the process followed during the surgeries is hampering the market growth. Errors that occur during the medication when the infusion devices are inserted for supplying liquid fluids or blood flow are also factors that hinder the market growth of IV Equipment.

Impact of COVID-19 on the global IV equipment market:

COVID-19 has shown a mixed impact on the growth of the IV equipment market. During the initial days of the COVID-19 pandemic, the IV equipment market has experienced a negative impact due to the disruptions in the supply chain ecosystem and shortage of medical supplies. On the other side, the demand for IV equipment has grown significantly due to the increased usage of IV therapies for COVID-19 patients. During the COVID-19 pandemic, the manufacturers of IV equipment have increased their product activities to meet the needs of the COVID-19 patients. During the COVID-19 pandemic, many patients have adopted home healthcare, telemedicine and remote patient monitoring solutions for their disease management and which has resulted in the growing usage of home infusion therapy that requires specialized IV equipment. Likewise, the COVID-19 pandemic has accelerated the demand levels of IV equipment and contributed to the market growth. However, considering the reduced impact of the COVID-19 pandemic and the increasing habituation of new normalization by people, the IV equipment market is anticipated to witness a notable CAGR in the coming years.

REPORT COVERAGE:

This research report on the global IV equipment market has been segmented and sub-segmented based on the product, end-user, and region.

IV Equipment Market - By Product:

• IV Catheters
• Administration Sets
• Infusion Sets
• Securement Devices
• Stopcocks & Check Valves
• Drip Chambers
• Needleless Connectors
• Others

Based on product type, the IV catheters segment is expected to have a significant share of the global IV equipment market in 2022 and the domination of the segment is likely to continue during the forecast period. The growing usage of IV catheters among the chronic disease patient population and an increasing number of surgeries being performed worldwide are propelling segmental growth. The rising adoption of technological developments in the manufacturing of advanced IV catheters is fuelling the segment’s growth rate.

On the other hand, the securement devices segment had a considerable share of the global market in 2022 and is expected to grow at a prominent CAGR during the forecast period owing to the increasing adoption of central venous catheter devices and peripheral IV catheter devices, the rising prevalence of chronic diseases, technological advancements, and the emergence of fixation devices; demand for these devices is continuously increasing due to high efficiency and safety concerns.

IV Equipment Market - By End User

• Hospitals & Clinics
• Home Care
• Ambulatory Care Centers

Based on end-users, the clinics and hospitals segment held the major share of the global IV equipment market in 2022 and is predicted to witness a notable CAGR during the forecast period owing to continually increasing patient flow in hospitals and clinics. In addition, rising support and investments from governmental organizations to develop healthcare infrastructure are contributing to segmental growth. Factors such as favorable government policies, hospitals being equipped with advanced IV equipment and the rising number of patients visiting patients for treatment needs are fuelling the growth rate of the segment.

On the other hand, the home care segment is likely to grow at the highest CAGR during the forecast period due to the growing demand for home treatments. It offers comfort and eliminates the risk of hospital-acquired infections.

IV Equipment Market - By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Geographically, the North American IV equipment market accounted for the major share of the worldwide market, followed by Europe in 2021. During the forecast period, the North American region is estimated to grow at a promising CAGR and remain as leading regional market globally. The growth of the North American IV equipment market is primarily driven by the growing patient count suffering from chronic diseases, the increasing aging population and the rising demand for home healthcare across the North American countries are propelling the IV equipment market growth in North America. The availability of sophisticated healthcare infrastructure and the presence of key market participants are further promoting the growth rate of the IV equipment market in North America. The U.S. had the major share of the North American market in 2021, followed by Canada. The domination of the U.S. market is anticipated to be continuing in the North American region owing to factors such as increasing healthcare expenditure and favorable government policies.

The European IV equipment market is anticipated to hold a substantial share of the global market during the forecast period. The growing disposable income and an increasing number of people suffering from various diseases are propelling the European market growth. In addition, rising demand for advanced medical technologies, favorable initiatives from the European governments and the growing number of healthcare facilities are contributing to the regional market growth. Furthermore, the growing number of surgeries being performed in the European region is favoring the IV equipment market growth in Europe.

During the forecast period, the APAC IV equipment market is expected to showcase the fastest CAGR. The growth of the APAC market is majorly driven by the growing aging population and increasing improvements in the healthcare infrastructure among the APAC countries are supporting the IV equipment market growth in the Asia-Pacific region. The growing population, increasing disposable income and rising demand for affordable treatment plans are further contributing to the growth of the APAC market. India and China held the leading share of the APAC market in 2021 and the same trend is expected to continue during the forecast period. Japan is another notable regional market in APAC, which is expected to occupy a considerable share of the APAC market during the forecast period.

The Latin American IV equipment market is anticipated to hold a considerable share of the worldwide market in the coming years. The growing usage of IV equipment in the treatment procedures of various treatment procedures, increasing adoption of home healthcare and growing patient population of chronic diseases are majorly contributing to the IV equipment market growth in Latin America.

The MEA IV equipment market is expected to witness a moderate CAGR during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the noteworthy companies dominating the global IV equipment market profiled in the report are ICU Medical, Inc. (U.S.), Smiths Medical (U.K.), Moog, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), B. Braun Melsungen AG (Germany), Baxter International Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), Terumo Corporation (Japan.), and C. R. Bard, Inc. (U.S.).

RECENT MARKET DEVELOPMENTS

• In May 2019, B.Braun Medical Inc. announced its plans to invest in developing advanced IV therapy manufacturing facilities to improve the reliability and productivity of vital IV fluids, which professionals in healthcare regularly adopt. 
• ICU Medical Inc. acquired Pzifer’s Hospira infusion system in October 2017. ICU Medical has expanded its product portfolio regarding IV therapy by collaborating with Pzifer. 
• In 2019, Smiths Medical announced that it would be separated from the smiths group by 2020, intensify its operations and distinctive strategies, and focus mainly on product launches to cope with the ever-increasing opportunities of a rapidly growing market.
• Sihuan Pharmaceutical Company received acceptance from China for its sodium chloride, is a highly advanced technolog7 formulation for IV. This is a comfortable and protective infusion product.