The rate at which the incidence of chronic ailments is rising has turned governments topsy-turvy, leaving no option but to increase their research funding. The scenario has been a key force in driving the innovation of medical devices. Administering precise units of drugs or treatments accurately is the most critical aspect of delivering patient care. Hence the demand for devices enabling chemotherapy for treatment, precise blood extraction for diagnosis, and administration of various drugs such as analgesics has picked pace. The prevalent situation is considered to be the most conducive for growth of the global intravenous access devices market.
According to Transparency Market Research (TMR), the global intravenous access devices market is poised to report a CAGR of 7.8% between 2013 and 2019. At this pace, the market’s valuation is projected to reach US$46.4 bn by the end of 2019.
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Q: What are the key factors influencing the market’s growth?
A: The number of surgeries conducted in the last few years has surged in response to the increasing incidence of chronic diseases. Besides this, the rising geriatric population has stoked the demand for surgical invasions worldwide as the age group is more vulnerable to injury and developing illnesses. This is supporting the growth of the global intravenous access devices market. Furthermore, the market is gaining from efforts taken by the leading companies to launch novel devices and technologies.
For instance, Becton, Dickinson and Company a few years back launched the smallest pen intravenous needle in the world. The device pierces through the skin precisely without causing much pain to the patient. Likewise, Medfusion 4000 syringe infusion pump was launched by Smiths Medical. The pump enables more precise administration of drugs over the older versions of syringe infusion pumps.
Spurred by such innovations, the global intravenous access device market will witness high growth in the coming years. With governments, especially across emerging nations boosting their healthcare investments, the market is expected to gain further in the coming years.
Q: Which segments will generate most revenue for the market?
A: Among the various intravenous access devices available in the market, the demand for intravenous catheters is clocked the highest. The segment held dominance in the overall market in 2012 and is forecast to exhibit the highest CAGR in the coming years. Besides it wide application, an intravenous catheter is also used with other devices such as infusion pumps and needles. This coupled with the reasonable price intravenous catheters are available at is fuelling their demand.
Regionally, North America is held the largest share in the market in 2012. However, Asia Pacific is forecast to report a higher CAGR of 9.4% between 2013 and 2019. The region has a high geriatric demography, besides which it also exhibits high spending towards advancement of the healthcare infrastructure. Encouraged by the factors, manufacturers of intravenous access devices are shifting their focus towards Asia Pacific.