Global IV Equipment Market: Overview
The demand within the global market for IV equipment has been increasing on account of the rising incidence of chronic diseases that necessitate intravenous therapy. The field of medical sciences has been undergoing key advancements in recent times, and this has led to the induction of new healthcare devices and systems in mainstream medicine. Intravenous therapy refers to the use of infusions to deliver desired liquid medications to the veins. In common terms, intravenous infusions are known as drips and are extensively used across hospitals and healthcare centers. The need to administer timely medications to patients suffering from severe diseases has been driving demand within the global market for IV devices. Although drips are an easy way of administering the desired liquids into the body, several new IV devices have also come to the fore in recent times. Moreover, correction of electrolyte imbalances and fluid replacement therapies are also carried out with the help of IV therapy.
The global IV equipment market is segmented on the basis of product type, end-user, and region. All of these segments play a pivotal role in categorizing various growth parameters of the global IV equipment market.
A report added by Transparency Market Research (TMR) on the global IV equipment market sheds light on several key drivers of market demand. The primary intent behind the report is to offer a scale of judgement for market growth in the forthcoming years.
Global IV Equipment Market: Trends and Opportunities
Blood transfusions have become common across the medical and healthcare industry, majorly due to the rising incidence of diseases that result in blood loss. Since intravenous therapies largely help in performing blood transfusion treatments, the demand within the global market for IV equipment is projected to reach new heights. Furthermore, patients suffering from severe diseases and disorders often struggle in oral intake of food, medication, or liquids. In such cases, IV equipment helps in administering the right doses of medication to the patients. This factor, coupled with the rising incidence of cancers, cardiovascular illnesses, and tumours, has created tremendous demand within the global market for IV equipment in recent times.
In recent times, various types of IV equipment with enhanced quality and performance have become available in the market. As these devices and equipments prove to be effective in carrying out blood transfusions and other intravenous procedures, more number of healthcare units and hospitals are projected to buy them. Despite these favourable factors for market growth, the high costs and risks associated with the use of IV equipment could hamper market growth.
Global IV Equipment Market: Regional Analysis
The demand for IV equipment market has risen by leaps and bounds in North America, majorly due to the wellness of the healthcare sector in the US and Canada. Furthermore, the proficiency and skill of doctors and medical professionals in these countries has helped in easy administration of intravenous therapies. It is projected that the market for IV equipment in Asia Pacific would expand due to growth of medical tourism to countries such as China, Indonesia, and India.
Global IV Equipment Market: Competitive Landscape
Some of the key players in the global IV equipment market are Baxter International Inc., ICU Medical, Smiths Group, C. R. Bard, Moog Inc., and Terumo Corporation.
Global IV Equipment Market: Segmentation
By Product Type
- IV Catheters
- Infusion Pumps
- Securement Devices
- Drip Chambers
- Other IV Equipment
- Stopcocks & Check Valves
- Administration Sets
- Needleless Connectors
By End User
- Home Care Settings
- Ambulatory Care Centers
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.