Global Intravenous Access Devices Market — Insights
Intravenous access devices, also known as venous access ports or catheters, are used to deliver medication directly into large veins. These devices are small and flexible and are implanted under the skin. Intravenous access devices are placed in large veins in patients who need frequent access to bloodstream. The large veins of the chest or neck are usually preferred to place intravenous access devices. These locations allow extended placement of the devices. Use of Intravenous access devices seldom lead to clotting in veins. This in turn allows the use of these devices for longer periods. These device also eliminate the use of deep needle sticks. These advantages are expected to boost growth of the global intravenous access devices market over the forecast period. Increasing technological advancements such as ultrasound-guided catheter tip is also expected to contribute to the market growth.
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The global intravenous access devices market was valued at US$ 39,834.8 million in 2019 and is expected to witness a robust CAGR of 6.7% during the forecast period (2019-2027).
Global Intravenous Access Devices Market — Drivers
Increasing prevalence of diseases such as diabetes and high number of road accidents and surgical procedures are some of the factors propelling growth of the global intravenous access devices market over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2016, over 29 million people in the U.S. were suffering from diabetes and 86 million people were living with pre-diabetes.
Increasing geriatric population is also expected to boost growth of the global intravenous access devices market. For instance, according to National Institute on Aging, in 2010, around 524 million people were aged 65 or older, accounting for 8% of the global population. Moreover, by 2050, geriatric population is expected to reach 1.5 billion, representing 16% of the global population. Increasing adoption of intravenous access devices for diagnosis and tenement of various diseases is also contributing to growth of the global intravenous access devices market. Intravenous access devices find application in blood transfusion, diagnostic test, blood sampling, reading central venous pressure, and fluid infusion.
Intravenous access devices also find application in administration of various drugs such as antipyretics, antibiotics, and analgesics. This in turn is expected to boost growth of the market during the forecast period. Various drugs can be administered through veins without any contamination. Moreover, these devices can also be used for extended duration for frequent drug administration.
Global Intravenous Access Devices Market — Restraints
However, need for extended hospitalization before insertion of intravenous access devices in the body and prolonged placement of the device are some of the factors hampering growth of the global intravenous access devices market.
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Global Intravenous Access Devices Market — Regional Analysis
On the basis of region, the global intravenous access devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to hold dominant position in the global intravenous access devices market, followed by Europe. The market growth in North America is driven by increasing geriatric population and high prevalence of diseases such as diabetes cancer, kidney failure, and other lifestyle inflicted diseases. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2012, around 29.1 people were living with diabetes in the U.S. Furthermore, in 2012, 1.7 million people were newly diagnosed for diabetes in the U.S.
Increasing incidence of diabetes and other lifestyle diseases is expected to contribute to growth of the market in Asia Pacific. For instance, according to the World Health Organization (WHO), in 2016, around 110 million people were living with diabetes in China and this number is expected to reach 150 million in 2040.
Global Intravenous Access Devices Market — Competitive Landscape
Major players operating in the global intravenous access devices market include, Smiths Medical, B. Braun Melsungen AG, Teleflex, Inc., Becton, Dickinson and Company, C.R. Bard, Inc., Covidien Plc., Fresenius Medical Care, Fresenius Medical Care AG & Co., Baxter International, and Hospira, Inc.
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