Global IV Equipment Market is anticipated to grow at a 5.8% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “IV Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global IV Equipment market is estimated to be around US$ 10.0 Bn in 2017. It is anticipated to grow at a CAGR of 5.8% from 2019 to 2030.
Increasing geriatric population coupled with growing number of surgical procedures has been pivotal in dictating the growth of the IV equipment market. Moreover, Increasing patient awareness, rising prevalence of chronic diseases and increasing expenditures on healthcare is anticipated to be the major drive the growth of the global IV equipment market between 2019 and 2030. Christe University, along with Christie Medical Holdings, Inc. entered into collaborative agreement with B Braun Medical in 2017, to improve peripheral IV access success. Collaborations and partnerships of such forms is anticipated to further contribute to the growth of the IV equipment market, by promoting new innovative techniques of administering medications and other substances with greater efficiency through the intravenous routes.
Increasing Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global IV equipment market in the coming times. Since, the utilization of IV Equipment products for assisting treatment and facilitating faster recovery among aged population is enormously crucial.
Growing Number of Surgical Procedures
Increasing number of surgeries has been a major contributor to the growing demand for IV equipment worldwide. According to the Centers for Disease Control and Prevention (CDC), in U.S., a total of 51 million inpatient surgical procedures were performed in 2010. It is estimated that the global burden of surgical conditions is a staggering 28-32%. Similarly, growing preference for minimally-invasive cosmetic procedures in anticipated to further propel the growth of the IV equipment market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, IV Equipment Market by Type (Advanced and Traditional), Application (Ulcers, Surgical Wounds, Traumatic Wounds, Burns) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/iv-equipment-market/34
Product Recalls to Restrain the Market
Risks factors to the health of patients as a result of medication error have been a major factor contributing to the product recalls in the IV equipment market. Internal errors in infusion pumps in the past have led to wide product recalls by the government bodies. For instance, in October 2017, FDA recalled Baxter SIGMA Spectrum Infusion Pump, citing error messages. Product recalls is anticipated to be a vital aspects restraining the prosperous growth of the IV equipment market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing burden of chronic diseases and is anticipated to present a lucrative growth scenario for the IV Equipment market in this region. Furthermore, improving healthcare infrastructure, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the IV Equipment Market
The prominent players in the global IV Equipment market are BD, B. Braun Melsungen AG, Baxter, Fresenius SE & Co. KGaA, ICU Medical, Inc., Smith Medical (Smiths Group plc.), TERUMO CORPORATION, MOOG INC., AngioDynamics, and Medline Industries, Inc.
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