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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It is expected that the increase in preference for intravenous procedure to treat the disease such as cardiovascular disease will favor the growth of intravenous access devices market in the near future. Also, the major manufacturers are focusing on emerging countries to expand their customer base and to increase sales due to increase in incidence cases for diabetes and coronary heart disease among emerging countries such as China. As per World Health Organization (WHO), in 2016, 10 % adults out of around 110 million people were living with diabetes in China due to increase in overweight and obese population. The number is projected to reach to around 150 million by 2040.
The manufacturers have opportunity to tap major market share in case of emerging economies, as over a 50% percent population living with undiagnosed lifestyle disease. For example, as per WHO, in 2016, around 53% of people living with diabetes are undiagnosed in China.
Key takeaways of the market:
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