Increasing incidence of chronic diseases and rising geriatric population, growing number of surgical procedures performed, rising demand for ambulatory infusion pumps due to the growing home care market, rising number of needlestick injuries and infections are the key factors driving the growth of this market
What the Market Looks Like?
[166 Pages Report] The overall IV equipment market is expected to grow from USD 10.07 billion in 2017 to USD 13.64 billion by 2022, at a CAGR of 6.2% from 2017 to 2022. The IV equipment market in APAC is expected to grow at the highest CAGR during the forecast period.
Intravenous (IV) therapy devices are used to administer liquid substances directly into a vein. They can deliver nutrients or medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Presently, many companies are developing various infusion devices capable of being integrated with alarm devices, monitoring devices, and data exchange systems.
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What Drives the Market?
The growth of the IV Catheters Market is primarily influenced by the following factors:
- Increasing Incidence of Chronic Diseases and Rising Geriatric Population
- Growing Number of Surgical Procedures Performed
- Rising Demand for Ambulatory Infusion Pumps Due to the Growing Home Care Market
- Rising Number of Needlestick Injuries and Infections
The demand for IV equipment and accessories in the APAC region is majorly driven by factors such as the large population base in the region, rising geriatric population, rising incidence of chronic diseases, improving accessibility to advanced healthcare facilities, rising healthcare spending, growing penetration of health insurance, increasing demand for advanced technologies, growing investments in emerging APAC countries by key market players, and expansion of private-sector hospitals to rural areas.
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