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Rise in Disposable Incomes due to Economic Development will Propel the Growth of the Intravenous Access Devices Market
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Among these access devices, intravenous access devices play a major role for the aforementioned purposes. Various IV access devices are available in the market such as IV needles, IV infusion pumps and IV catheters.
The overall market is expected to grow at a CAGR of 7.8% from 2013 to 2019 to reach an estimated value of USD 46.4billion in 2019. This growth is attributed to rise in number of various surgeries in different regions of the globe. Similarly, rise in geriatric population worldwide will also support the growth of the market since they are more prone to various diseases due to decreased immunity in this age group. In addition, launch of technologically advanced products by various companies will also propel the growth of this market.
For instance, Becton, Dickinson and Company launched world’s smallest pen intravenous needle which pierces the skin without causing much pain to the patients. Likewise, Smiths Medical launched Medfusion 4000 syringe infusion pump which is more precise in terms of drug volume administration over old version of syringe infusion pumps.
The market for intravenous catheters accounted for the largest market in terms of revenue among all IV access devices market in 2012 and is expected to grow at the highest CAGR in the future. This is attributed to its wide application areas andalso its utilization with other access devices such as infusion pumps and needles. Similarly, reasonable price over infusion pumps will also support its growth. In addition, catheters presence in the market is from long timethat has accounted for its popularity among the physicians.
The North American region accounted for the largest share by revenue for intravenous access devices in the year 2012 owing to large number of patient pool and geriatric population. However, Asia-Pacific is expected to show the highest growth rate of 9.4% from 2013 to 2019. This is attributed to rise in geriatric population, target diseases, increase in healthcare expenditure and improving healthcare infrastructure in the Asia-Pacific region. It is estimated that around 456,303 million people will be aged above 65 years by 2025 in Asia-Pacific. In addition, rise in disposable incomes due to economic development will also propel the growth of the market in the region since it will increase the purchasing power of individuals for various medical services such as surgeries.
The major players of the market include Hospira, Inc., Becton, Dickinson and Company, CareFusion Corporation, Baxter International, B. Braun Melsungen AG and Smiths Medical. Hospira, Inc., Becton, Dickinson and Company, CareFusion Corporation and Baxter International accounted for more than 50% of the total market till 2012. This is due to various business strategies adopted by them to have strong presence in the market such as entering in long term contracts with hospitals and diagnostic labs.
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Similarly, these companies are investing heavily for the development and launch of advanced version of devices, for instance, Medfusion 4000 syringe infusion pump is an advanced version of Medfusion 3500 syringe infusion pump that led to an increased demand for newer version.
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