IV Equipment Market expected to reach USD 13.63 billion by 2022
LONDON, June 14, 2017 /PRNewswire/ -- Highlights
· IV equipment market is projected to grow at a CAGR of 6.2%.
· The IV equipment market is expected to grow at a CAGR of 6.2% from 2017 to 2022, to reach USD 13.63 billion by 2022 from USD 10.07 billion in 2017.
· Market growth can be attributed to a number of factors such as the increasing incidence of chronic diseases, rapid growth in the aging population, and growing number of surgical procedures.
· Stringent regulatory requirements for new products and increasing incidence of medication errors and lack of wireless connectivity in most hospitals pose challenges for the growth of this market.
· The securement devices segment is expected to grow at the highest CAGR.
· Hospitals and clinics accounted for the largest share in 2016.
· On the basis of end user, the market is classified into hospitals and clinics, home care, and ambulatory care centers.
· In 2016, the hospitals and clinics segment accounted for the largest share of the market.
· This large share can mainly be attributed to the strong financial capabilities of hospitals to purchase high-priced IV devices as well as the availability of trained professionals to operate them.
· Asia-Pacific to provide significant growth opportunities during the forecast period.
"IV equipment market is projected to grow at a CAGR of 6.2%."
The IV equipment market is expected to grow at a CAGR of 6.2% from 2017 to 2022, to reach USD 13.63 billion by 2022 from USD 10.07 billion in 2017. Market growth can be attributed to a number of factors such as the increasing incidence of chronic diseases, rapid growth in the aging population, and growing number of surgical procedures. Stringent regulatory requirements for new products and increasing incidence of medication errors and lack of wireless connectivity in most hospitals pose challenges for the growth of this market.
"The securement devices segment is expected to grow at the highest CAGR."
On the basis of product, the IV equipment market is segmented into IV catheters, administration sets, infusion pumps, securement devices, stopcocks and check valves, drip chambers, needleless connectors, and others. The securement devices segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing healthcare expenditure and rising demand for minimally invasive surgeries.
"Hospitals and clinics accounted for the largest share in 2016."
On the basis of end user, the market is classified into hospitals and clinics, home care, and ambulatory care centers. In 2016, the hospitals and clinics segment accounted for the largest share of the market. This large share can mainly be attributed to the strong financial capabilities of hospitals to purchase high-priced IV devices as well as the availability of trained professionals to operate them.
"Asia-Pacific to provide significant growth opportunities during the forecast period."
Geographically, North America is the largest market for IV equipment, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to witness the highest growth in the forecast period. Factors such as the presence of a large patient pool, rising geriatric population, growing utilization of technologically advanced IV products, increasing focus on home healthcare, growing healthcare expenditure, rapidly developing healthcare infrastructure, and increasing per capita income are driving the growth of the IV equipment market in the Asia-Pacific.
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