The rise inincidences of diseases along with the increasing number of diagnostic and treatment procedures are fuelling the demand for access devices such as intravenous access (IV) devices, arterial access devices and inter-muscular access devices. This is due to the fact that these access devices will enable the administration of various drugs such as analgesics, chemotherapy for its treatment, blood extraction for the diagnosis and delivery of nutrition.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. 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.
The widespread prevalence of diseases, combined by the growing number of highly-advanced diagnostic and therapeutic procedures has fueled the global intravenous access devices market. Identifying and analyzing the various forces that govern the intravenous access devices market, the report is a comprehensive blueprint for any business that is looking to carve a niche for itself in the intravenous access devices industry.
The report provides extensive, in-depth, and accurate, information on the intravenous access devices market. Quantitative and qualitative analysis by industry experts has been provided, which forms the basis of critical corporate strategies. Historic performance of the intravenous access devices industry and growth projections in the form of statistics are furnished to help businessmen make profitable decisions.
Analytical tools such as Porter’s five force analysis, value chain analysis, and SWOT analysis have been used in the intravenous access devices market report. The report also makes strategic recommendations that industry leaders can adopt for a successful business in the intravenous access devices market.
Overview of the intravenous access devices market
Intravenous access devices are used to administer drugs such as antipyretics, antibiotics, and analgesics. The three main types of intravenous access devices are catheters, needles, and infusion pumps. The prevalence of diseases such as tuberculosis and cancer has increased in recent years, together with disorders associated with old age. As a result, the demand for intravenous access devices for diagnosis and treatment has increased significantly. Moreover, the use of intravenous access devices to administer anesthetic or medication during surgeries has also risen, further supporting the market. Other factors that bolster the growth of the global intravenous access devices market include increasing number of accidents, rising popularity of home healthcare, development of vaccines, and price competitiveness.
In contrast, the lack of regulatory approval for intravenous access devices such as insulin infusion pumps is expected to restrain the growth of the market.
The global intravenous access devices market was worth US$27.2 billion in 2012 and is projected to be worth US$46.5 billion by 2019, growing at a 7.8% CAGR during the forecast period. Growing geriatric population and a widening patient base has made North America the largest regional market for intravenous access devices and in 2012 it generated the maximum revenue. However, the Asia-Pacific region is expected to be the fastest-growing geographic segment of the global intravenous access devices market owing to factors such as rise in disposable income and purchasing power, increase in healthcare investments and expenditure, better infrastructure, growing prevalence of diseases, and large patient pool. The report states that the Asia-Pacific market for intravenous access devices will grow at a 9.4% CAGR from 2013 to 2019.
Companies mentioned in the research report
The global market for intravenous access devices is highly competitive. The major manufacturers and vendors of intravenous access devices mentioned in the report are CareFusion Corporation, Teleflex Incorporated, Smiths Medical, Baxter International, Becton, Dickinson & Company, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Covidien Plc, Medtronic, Inc., and Hospira, Inc. Among these, Hospira, Inc., Baxter International, CareFusion Corporation, and Becton, Dickinson and Company enjoy leading positions in the global intravenous access devices market owing to growing investments, tie-ups with large hospitals and diagnostic laboratories, and launch of advanced versions of existing intravenous access devices.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments