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. This integration helps prevent an overdose or reduced dose of infusion solutions to patients and minimizes dosing errors. Major players in the market are focusing on achieving system interoperability of the IV equipment such as infusion pump with EHR technology.
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Based on product, the IV equipment market is segmented into IV catheters, administration sets, infusion pumps, securement devices, stopcocks & check valves, drip chambers, needleless connectors, and others. In 2016, the IV catheters accounted for the largest share of the market. Increasing prevalence of chronic diseases and the growing number of surgical procedures are the key factors driving the market growth in this segment.
On the basis of end user, the market is classified into hospitals & clinics, home care, and ambulatory care centers. The home care segment is expected to grow at the highest CAGR during the forecast period. Factors propelling the growth of this segment include technological advancements and the increasing awareness and acceptance of home care devices.
Some other leading players in the global IV equipment market include Smiths Medical (U.K.), Moog, Inc. (U.S.), Terumo Corporation (Japan.), C. R. Bard, Inc. (U.S.), and AngioDynamics, Inc. (U.S.). These companies have well-established sales and distribution networks. They also make significant investments in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of IV equipment products and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years as well.
Baxter International Inc. is one of the prominent players in the market. The company is engaged in the development, manufacturing, and marketing of medical devices, pharmaceuticals, and biotechnology products. The company offers products for a range of acute and chronic diseases and operates through two segments, namely, Hospital Products and Renal Products. The company provides IV equipment and accessories through its Hospital Products segment. It has a global presence, with manufacturing sites in 25 countries and sales networks in more than 120 countries. The company mainly focused on organic growth strategies such as product launches and upgrades to strengthen its market position.
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North America accounted for the largest share of the global IV equipment market, followed by Europe, Asia-Pacific, and RoW. This growth can be attributed to the rising geriatric population, increasing prevalence of chronic diseases, the presence of a well-established healthcare industry, growing demand for advanced medical treatments, the presence of major players, and increasing government healthcare expenditure.
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