IV Equipment Market Worth 13.63 Billion USD By 2022 | CAGR Of 6.2%
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Summary
- What the Market Looks Like?
- What Drives the Market?
Intravenous (IV) therapy devices are used to administer liquid substances directly into a vein. They can deliver nutrients or medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Presently, many companies are developing various infusion devices capable of being integrated with alarm devices, monitoring devices, and data exchange systems.
What the Market Looks Like?
[166 Pages Report] The overall IV equipment market is expected to grow from USD 10.07 billion in 2017 to USD 13.64 billion by 2022, at a CAGR of 6.2% from 2017 to 2022. The IV equipment market in APAC is expected to grow at the highest CAGR during the forecast period.
Increasing incidence of chronic diseases and rising geriatric population, growing number of surgical procedures performed, rising demand for ambulatory infusion pumps due to the growing home care market, rising number of needlestick injuries and infections are the key factors driving the growth of this market
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What Drives the Market?
The growth of the IV Equipment Market is primarily influenced by the following factors:
- Increasing Incidence of Chronic Diseases and Rising Geriatric Population
- Growing Number of Surgical Procedures Performed
- Rising Demand for Ambulatory Infusion Pumps Due to the Growing Home Care Market
- Rising Number of Needlestick Injuries and Infections
The IV equipment market has been segmented, on the basis of product into IV catheters, administration sets, infusion pumps, securement devices, stopcocks & check valves, drip chambers, needleless connectors, and other IV equipment. The market for securement devices is expected to grow at the highest CAGR between 2017 and 2022. Increasing adoption of central venous catheter securement devices and peripheral IV catheter securement devices during IV therapy owing to the advantages such as water resistant and can be repositioned upon initial application.
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