Intravenous (IV) equipment is used to administer fluids, medication, and other treatments directly into a patient’s bloodstream. This equipment includes IV catheters, infusion pumps, IV sets, and other accessories. The global IV equipment market has been growing steadily due to the increasing prevalence of chronic diseases, rising geriatric population, and technological advancements in the healthcare sector.
Market Size:
The IV catheter segment accounted for a revenue share approaching one-third of the IV equipment market by product type in 2017 and may gain market share going forward. The IV catheter segment is poised to be worth just under US$ 3.5 billion at the end of the forecast period in 2022, making it large enough for all stakeholders in the IV equipment market.
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Market Segmentation:
The global IV equipment market is segmented based on product type, end-user, and region.
Based on product type, the market is segmented into IV catheters, infusion pumps, IV sets, and others. IV catheters held the largest share of the market in 2020 due to their widespread use in hospitals and clinics for the administration of fluids and medication. Infusion pumps are expected to grow at the highest CAGR during the forecast period due to their advanced features, such as dose calculation and drug library.
Based on the end-user, the market is segmented into hospitals, ambulatory care centers, and others. Hospitals held the largest share of the market in 2020 due to the high patient footfall and the increasing demand for advanced IV equipment. Ambulatory care centers are expected to grow at the highest CAGR during the forecast period due to the rising demand for outpatient services and the increasing number of ambulatory care centers.
Regional Analysis:
The global IV equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held the largest share of the market in 2020 due to the high prevalence of chronic diseases in the region, the increasing adoption of advanced IV equipment, and the presence of key market players in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the rising geriatric population, the increasing prevalence of chronic diseases, and the growing demand for advanced IV equipment.
Key Players:
The global IV equipment market is highly competitive, with the presence of several market players. Some of the key players in the market are Becton, Dickinson and Company, B. Braun Melsungen AG, Fresenius SE & Co. KGaA, Smiths Medical, Terumo Corporation, and ICU Medical, Inc.
Conclusion:
In conclusion, the global IV equipment market is expected to grow at a significant rate during the forecast period due to the increasing prevalence of chronic diseases, the rising geriatric population, and the technological advancements in the healthcare sector. IV catheters and hospitals are the major segments of the market. North America held the largest share of the market in 2020, while Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market is highly competitive, with the presence of several market players.