As Per the Report, the North America IV Equipment Market Size is valued at USD 4.10 billion in 2023 and is expected to Reach USD 5.89 Billion by 2028, growing at a CAGR of 7.5% during the forecast period from 2023 to 2028.
The expanding number of patients with chronic diseases, the aging population, and the increasing number of surgical procedures are all essential growth drivers for the IV equipment market in North America. In addition, an increase in needlestick injuries and injections is predicted to help the IV equipment business. Several businesses have combined infusion devices with alarm systems, data exchange systems, and monitoring devices to create a variety of infusion devices due to these benefits.
These devices have several advantages over manual fluid administration, including the capacity to give fluids in minimal amounts and at exact rates or automated intervals. In addition, blood transfusions are also performed with these devices.
The increasing focus on research-by-research centers, leading market participants to develop breakthrough healthcare technologies, and escalating government initiatives contribute to increased growth potential throughout the projection period.
Hospitals with well-developed equipment and infrastructure that assist patients in meeting their demands also contribute to the market's expansion. In addition, the growing number of needle stick injuries and infections is driving the IV equipment market forward.
The increase in the incidence of chronic illnesses, primarily due to an aging population and the increasing use of IV therapy in their treatment, drives the market's growth.
Strict regulatory requirements for new goods increased prescription errors, and the lack of wireless connectivity in most hospitals is projected to limit IV equipment growth in North America.
Guidelines for doing processes and approvals for launching new devices must be devised, which are obstacles limiting the market growth. In addition, the costs connected with IV equipment therapy and the risks linked with the procedures used during surgeries are impeding market expansion. Errors further hamper IV Equipment market growth during medication when infusion devices are implanted to provide liquid fluids or blood flow.
This research report on the North America IV Equipment Market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the North American region is having the current expansion of the IV Equipment market due mainly to the home healthcare segment and patients and clinicians who are steadily adopting more technologically advanced products for the routine treatment of chronic medical conditions.
Furthermore, rising chronic illness incidence, an increase in surgical operations in the region, and regular product debuts by prominent market competitors are driving market expansion in North America.
Chronic diseases are becoming increasingly common all around the world. In 2000, an estimated 125 million Americans had one or more chronic illnesses, which is anticipated to rise to 171 million by 2030. According to the World Health Organization (WHO) study, chronic diseases were responsible for approximately 60% of global deaths in 2015.
The rising prevalence of chronic diseases necessitates the purchase of more IV equipment units, propelling the IV equipment market in North America to new heights. In addition, according to the WHO, the number of older people has risen from 7.35% in 2005 to 8.7% in 2017 and is expected to rise further, reaching 9.3 percent by 2022.
The U.S IV Equipment Market has steady growth due to the growth opportunities such as favorable regulatory rules and increased accessibility to experienced specialists; the IV equipment market is expected to rise rapidly.
According to the OECD, the number of procedures conducted in Canada climbed from 378,448 in 2013 to 396,218 in 2017.
KEY MARKET PLAYERS
Promising Companies leading the North America IV Equipment Market 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.), C. R. Bard, Inc. (U.S.).,
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