Europe Needle-free IV Connectors Market, by Design Type (Straight Channel, T-channel, Y-channel, and Multi-channel), by Mechanism (Positive Fluid Displacement, Negative Fluid Displacement, and Neutral Fluid Displacement), by Dwell Time (Seven Day and Other than Seven Day), and by Country (Germany, U.K., France, Italy, Spain, Russia, Denmark, Sweden, Poland, and Rest of Europe), is estimated to be valued at US$ 246.2 million in 2020 and is expected to exhibit a CAGR of 8.7% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Key companies are focusing on inorganic strategies such as mergers and acquisitions to strengthen their position in the Europe needle-free IV connectors market. For instance, in 2017 ICU Medical Inc. acquired Hospira Infusion Systems business from Pfizer Inc. Hospira Infusion Systems business include IV pumps, solutions, and devices. The acquisition aided ICU Medical to strengthen its position in the needle-free IV connectors market in Europe.
Moreover, key companies are focusing on strategies such as collaborations and acquisitions, in the Europe needle-free IV connectors market. For instance, in 2017, Cardinal Health, Inc. acquired patient recovery business from Medtronic for US$ 6.1 billion in cash. Under this acquisition, the company expanded its portfolio with Kendall needle-free connector in Europe.
Europe Needle-free IV Connectors Market – Impact of Coronavirus (COVID-19)
- The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper demand and supply of needle-free IV connectors in Europe. The COVID-19 pandemic has affected Europe needle-free IV connectors market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.
- Moreover, European government are taking initiatives to combat COVID-19 crisis are expected to drive the market growth during the forecast period. For instance, according to European Association of Guarantee Institutions report published in May 2020, German government announced the possibility to ask for a loan backed by the German government (80/90%) of up to US$ 1.17 Billion capped at 25% of the annual turnover to cover liquidity needs for the next 18 months for small companies or 12 months for large companies or is companies have 50% of the overall debt such as loan is more than of EUR 25 million. Thus due to this government initiatives, European small and large medical device companies can comfortably combat the debt issues faced by companies in COVID-19 pandemic.