According to a new market report published by Transparency Market Research "Intravenous Access Devices Market (Intravenous Needles, Intravenous Catheters and Intravenous Infusion Pumps) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," in 2012, the global intravenous access devices market was valued at USD 27.2 billion and is expected to grow at a CAGR of 7.8% during the forecast period of 2013 to 2019 to reach a market value of USD 46.5 billion by 2019.
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Intravenous (IV) access devices are utilized extensively for the delivery of almost every class of drugs such as analgesics, antibiotics and antipyretics. The IV access devices include IV needles, IV catheters and IV infusion pumps. The market for IV access devices will increase tremendously at the growing rate of 7.8% during the forecast period 2013 to 2019 with the increasing incidences of various diseases such as cancer and tuberculosis (TB).Increasing geriatric population worldwide will also support the growth of this market because elderly people are highly susceptible to aforementioned diseases. In addition, shifting trend towards home healthcare will further propel the growth of infusion pumps and catheters market which will also support the overall growth of the market.
Likewise, increase in number of surgeries throughout the globe will also trigger the growth of this market since; surgeries will require these access devices for various purposes such as medication and anesthetic. For instance, in 2012around 51.4 surgeries were reported according to the Centers for Disease Control and Prevention (CDC) in the U.S. and this number is expected to increase owing to various reasons such as increase in number of accidents and lifestyle.Similarly, increase in number of vaccines will also augment the growth of this market since administration of majority of the vaccines will utilize intravenous needles.The market for intravenous catheters is expected to grow at the highest CAGR of 9% during the forecast period 2013 to 2019. This growth is attributed to its wide application areas such as it is utilized when infusion pump is implanted in the body. Similarly, price competitiveness of the catheters will also support the growth of this market tremendously.
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. In addition, rise in disposable income 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.
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The major players operating in the market include Hospira, Inc., Becton, Dickinson and Company, CareFusion Corporation, Baxter International, B. Braun Melsungen AG and Smiths Medical.
The global intravenous access devicesmarket has been segmented as below: