Disposable IV Therapy Products Market – Drug Administration Devices
Intravenous (IV) therapy products are essential for most of the medical procedure. These supplies allow the convenient and safe administration of various nutrients and medications directly into a patient’s bloodstream. IV therapy products are easy to use and typically require one needle prick. This improves comfort and overall experience of patients. Therapies commonly used include nutrients, pain medicines, chemotherapy drugs, and antibiotics. The major advantage offered by disposable IV therapy product is precise delivery of drug dosage in a well-controlled manner throughout the body.
The global disposable IV therapy products market was valued at US$ 2.1 billion in 2017 and is expected to witness a robust CAGR of 5.6% over the forecast period (2017 - 2025).
Figure 1. Global Disposable IV Therapy Products Market (US$ Mn), by Region, 2017
Increasing number of patients suffering from chronic diseases area expected to augment market growth
Increasing number of chronic diseases demanding for disposable IV therapy products is expected to be a major factor driving growth of the global disposable IV therapy products market over the forecast period. According to a Centers for Disease Control and Prevention (CDC), in 2014, chronic diseases were the major cause of deaths. Cancer and heart disease together accounted for around 46% of all deaths. Diabetes is the major cause of kidney failure, lower-limb amputations, and new cases of impaired vision among adults. Moreover, health risk by dearth of exercise, high alcohol and tobacco consumption, poor nutrition cause much of the illness and early death due to chronic diseases. For instance, as per CDC statistics, an estimated 36.5 million adults in the U.S. smoked cigarettes in 2015. Cigarette smoking register for over 480,000 deaths every year. Furthermore, around 1 in 3 adults suffer from at least one type of cardiovascular disease and around 90% of the U.S. population aged 2 years or more consume high sodium, which can spur risk of high blood pressure.
Technological advancements in IV therapy products to accelerate the market growth
Growing focus on cost containment and cost effectiveness at health care facilities coupled with technological advances in IV therapy products have allowed the effective and safe use of IV therapies. Increasing inclination of patients towards safety-enhancing pumping instruments and needleless technologies are expected to drive growth of the disposable IV therapy products market over the forecast period. For instance, in 2014 CareFusion (a Becton Dickinson subsidiary) launched MaxZero needleless connector (zero reflux connector) that offers the same technology as the MaxPlus connector, designed to reduce the risk of occlusions and infections. However, product recalls, reported errors, and lack of trained professionals are some factors expected to impede disposable IV therapy products market over the forecast period. For instance, infusion pump fails to make an audible alarm for a serious issue like an occlusion or the presence of air in the infusion tube.
The major players operating the global disposable IV therapy products market include B. Braun Melsungen AG, Baxter, Beckton Dickinson & Company, Caesarea Medical Electronics, ICU Medical, Inc., JMS Co. Ltd., Lily Medical Corporation, Smiths Medical, and Terumo Corporation.
Intravenous (IV) therapy products are used to treat a variety of conditions including dehydration and nutrient-absorption disorders. It is increasingly given at homecare and clinics to help patients feel better without clogging emergency departments. IV therapy is also commonly used as an essential part of treatment regimens by doctors and paramedics responding on air and land ambulances, chiefly in traumatic injury management.
The major factors driving growth of the disposable IV therapy products market is increasing patient volume including geriatric population base and rising incidence of chronic diseases. For instance, according to National Health Service, in 2016, patients aged 65 to 69 made up the largest age group of hospital admissions in UK. Demand for disposable IV therapy products will also experience upward momentum as clinics, hospitals, and other health care institutions adopt stringent infection prevention norms to meet standards set by the Joint Commission on the Accreditation of Healthcare Organizations (JCAHO) and the Centers for Disease Control and Prevention (CDC). Advances in disposable IV therapy products technology is expected to have a positive impact on demand for disposable IV therapy products. Increasing introduction of novel and advanced products based on improved designs and materials is expected to drive growth of the market. For instance, the disposable needleless connector marketed by SPECATH in 2013 is utilized as channels or injestion sites for need of IV infusion. Its particular design provides many advantages with consumers, such as convenient sterilization and no need of sealing catheter. Increasing application of infusion devices for relieving pain, growing attention towards healthcare infrastructure, and rising prevalence of chronic diseases is likely to propel the market growth.
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“*” marked represents similar segmentation in other categories in the respective section.
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