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
Source: Coherent Market Insights (2018)
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.