Intravenous access devices market to gain rapid traction, with increasing consumer inclination towards intravenous procedures
The Global Intravenous Access Devices Market was valued at US$ 34,100.7 million in 2016 and is projected to expand at a CAGR of 6.6% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in demand for minimally invasive procedures, in turn is projected to support growth of intravenous access devices market over the forecast period.
Manufacturers are focusing on product innovation to tap into emerging market. For instance Baxter International Inc. announced new bi-directional integration DoseEdge Pharmacy between the dedicated intravenous (IV) workflow systems and the hospitals electronic medical record (EMR) that help hospitals efficiently comply with requirements from the Centers for Medicare & Medicaid Services (CMS) and other insurers that call for accuracy in the documentation of the drugs used to compound doses for patients, which will help for safe and proper use of intravenous access devices.
Intravenous access device can be marked by UV light where silicone tubing is used for intubation or other intravenous applications as it allows marking on the inside surface of the tube.
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Intravenous procedures are highly preferred to treat cardiovascular disease are expected to drive growth of the intravenous access devices market over the forecast period. Key players operating in the market are focusing on development of new intravenous devices for treatment of diabetes and coronary heart disease to expand their market share. According to World Health Organization (WHO), in 2016, around 10% adults out of around 110 million people suffered from diabetes in China. The number is projected to reach around 150 million by 2040.
The manufacturers have opportunity to tap major market share in case of emerging economies, as around 50% percent of population live with undiagnosed lifestyle diseases. For instance, as per WHO, in 2016, around 53% of people suffering from diabetes were undiagnosed in China.
Key takeaways of the market:
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