Intravenous Equipment Market Size will foresee considerable growth from 2022 to 2028 owing to the increasing instances of needlestick injuries and infections. The rapidly growing geriatric population along with the higher prevalence of chronic diseases has led to the rise in the number of surgical procedures. This has also resulted in the surging requirement for administering timely medications to patients and for technologically enhanced products. The significant expansion of the home care market will also push the market growth.
However, the presence of a stringent regulatory scenario and the rise in medication errors related to infusion pumps may hinder the intravenous equipment market progression to some extent.
Intravenous equipment is mainly used for administering liquid substances directly into a vein as well as to deliver nutrients or medications, including insulin or other hormones, chemotherapy drugs, antibiotics, and pain relievers.
In terms of product segmentation, the intravenous equipment market demand for IV catheters is poised to grow with the rise in the number of innovations. Apart from acting as essential tools that deliver IV medications, blood, and nutritional fluids to patients, these products are largely used by healthcare providers to administer and cater to specific treatment purposes.
In addition, peripheral intravenous catheters (PIVC) are extensively adopted for hospitalized patients for therapeutic purposes, including administration of medications, fluids as well as blood products, and for blood sampling. They are also preferred as they offer limited complications in intravenous procedures. The growing adoption of closed IV catheters will further drive the intravenous equipment market revenue.
Penetration of intravenous equipment in hospitals, based on end-use classification, will gain notable proceeds due to the rise in the number of surgical procedures worldwide. The growing requirement for reliability and durability in the medical world has amplified the adoption of life-saving equipment, including IV poles, in hospitals to assist healthcare workers.
Hospital IV poles offer maximum support and reliability as they provide enhanced patient care. The rising equipment needs in hospitals to deliver consistent results in daily operations, the growing count of hospitalizations, and the higher availability of skilled professionals will boost the market growth.
Geographically, the intravenous equipment market in North America is anticipated to rise with the presence of a well-established healthcare sector, mainly in the U.S. and Canada. The increasing burden of chronic diseases has steered the rise in the number of surgical procedures in the region. The thriving requirement for home healthcare along with the surging count of patients and physicians has made way for novel technological advancements to offer regular treatment of chronic diseases. The higher availability of proficient and skilled doctors and medical professionals as well as rising innovations by major market players will infuse a positive market scenario in the region.
Some of the major suppliers of medical intravenous equipment are Baxter, B. Braun Melsungen AG (B. Braun Holding GmbH & Co. KG), The Matrix Company, CareFusion (BD, Cardinal Health), Intravascular Incorporated, AIV, Inc., Hospira LifeCare, Hart Enterprises, Inc., Becton, Dickinson and Company, Terumo Medical Corporation, Smiths Medical (Smiths Group), and CONMED, among various others.
Strategic team-ups, like acquisitions, and mergers along with production expansions and new product launches are the key marketing measures emphasized by these participants to augment their competitive value and broaden their geographical presence.
For instance, in September 2021, B. Braun Medical Inc. introduced CARESAFE™, its new IV Administration Sets designed with Optional AirStop component. These sets provide extra protection to the environment and to patients from the health risks of exposure to these chemicals.
Amid the coronavirus pandemic, the demand for intravenous equipment moderately plummeted considering the disruptions in supply of raw materials and the inadequate workforce. This paved way for halted manufacturing and distribution activities. However, the industry witnessed a considerable footprint to cater to the growing need for relocating IV pumps for the critically affected and isolated patients from the bedside to the outside of the patient room.
Market, by Product Type
Market, by End-Use
The above information is provided for the following regions and countries: