Intravenous Equipment Market: Growth Trends, COVID-19 Impact, and Future Outlook (2024-2032) | CAGR of 5.9%
Intravenous Equipment Market: Growth, size
PORTLAND, OREGON, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- Intravenous Equipment Market Overview:
The global intravenous equipment market was valued at $15.0 billion in 2022 and is projected to reach $26.7 billion by 2032. The market is set to grow at a CAGR of 5.9% from 2023 to 2032.
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Key Growth Drivers:
The growth of the intravenous equipment market is primarily driven by:
Rising prevalence of chronic diseases like diabetes, cardiovascular diseases, cancer, and autoimmune disorders.
Technological advancements in intravenous equipment.
Increasing number of surgical procedures.
However, stringent regulatory requirements pose challenges to market growth.
Emerging markets present lucrative growth opportunities.
Covid-19 Impact:
The pandemic heightened demand for IV therapy due to:
Increased hospitalizations and intensive care needs.
COVID-19 patients requiring IV therapy for fluid resuscitation, medication, and nutritional support.
Accelerated adoption of home-based care and telehealth services, leading to opportunities in portable and user-friendly IV equipment.
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Market Segmentation
Product Type: The IV catheters segment led the market in 2022, contributing to three-fifths of the market revenue. It is projected to grow at a CAGR of 6.4% during the forecast period due to factors like chronic diseases, surgical procedures, and technological advancements.
End User: Hospitals and clinics dominated the market in 2022, accounting for over two-thirds of the revenue. However, the homecare settings segment is expected to grow at the highest CAGR of 6.8% during the forecast period due to patient preferences and cost-effectiveness.
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Regional Insights:
North America: Held the largest market share in 2022, accounting for nearly 40% of the global revenue. Factors contributing to its dominance include advanced healthcare infrastructure, high disease prevalence, and robust reimbursement policies.
Asia-Pacific: Expected to witness the fastest growth with a CAGR of 6.9% from 2023 to 2032, driven by a growing population, increasing prevalence of chronic diseases, and rising healthcare expenditure in emerging economies.
Key Players:
Becton, Dickinson and Company
B. Braun SE
ICU Medical, Inc.
Baxter International Inc.
Teleflex Incorporated
3M Company
AngioDynamics, Inc.
Terumo Corporation
Poly Medicure Ltd.
Vygon
The report offers a comprehensive analysis of these key players, highlighting their strategies such as acquisitions and product approvals to maintain their market dominance.
This modified version offers a more concise and structured overview of the intravenous equipment market report.
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