As per our research report, the size of the global IV equipment market is valued at USD 10.78 billion in 2022 and is estimated to grow at a CAGR of 6.2% to reach USD 14.56 billion by 2027.
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 increasing population diagnosed with chronic diseases, rapid growth in the aging population, and the growing number of surgical procedures are major growth drivers for the global IV equipment market.
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 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.
Y-O-Y growth in the incidence of chronic disease incidences, a rise in the home healthcare market through ambulatory infusion pumps, and an increase in cancer incidences worldwide are further contributing to the market's growth. Moreover, 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 the largest share in 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 process 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:
IV equipment systems market has a positive impact on COVID-19 as same as the negative impact of COVID-19. The negative impact of COVID-19 on the IV equipment systems market is the distraction of the supply chain and the effect on economic status. Every market itself has competition to find a vaccine for COVID-19. IV equipment systems are anticipating that they will regain the loss happened by COVID-19.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
Segments Analysed |
By Product, End User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Analysed |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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:
Based on product type, the IV catheters segment is expected to have a significant share of the IV Equipment Market in 2021.
Secondly, the securement devices segment has contributed a significant share of the global market. It is expected to overgrow due 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
Based on end-users, the Clinics and Hospitals segment dominates the IV equipment market due to continually increasing patient flow in hospitals and clinics. Also, increasing support from the government through investments in improving infrastructure elevates this segment's growth rate.
The hospitals and clinics segment registered a significant share of the market in 2021 due to favorable government regulations, well-developed infrastructure, and increased patient hospitalizations. The home care segment is likely to expand 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
In 2021, the North American region accounted for the largest market share in the global IV Equipment, followed by Europe and Asia-Pacific. This region is attributed to the healthcare industry, which is firmly established, key players' existence.
Asia-Pacific region is expected to produce the most profitable results that take place during the period. In this region, countries like India and China is likely to help encourage market growth. The rapid increase in the area is due to factors like high population, with less income that led to higher demand for affordable treatment options.
Europe is likely to grow to a more considerable extent due to the disposable income and the number of admissions growing in this region. In this region, the equipment used for surgical operations is increasing at a critical pace. In 2020, nearly 1.32 million surgeries were performed in this region.
KEY MARKET PARTICIPANTS:
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.).
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