Standard intravenous administration sets comprise a broad range of components to fit various medical needs. These sets have widespread use in infusion needs and nutritional support. Standard IV administration sets are engineered to provide support of blood type or fluid type products, offering wide range of options for physicians. A standard IV administration set generally consists of a sterile, pre-filled container of fluid made up of glass or plastic material, a sterile long tube with a cock to regulate the flow of fluid, a connector to attach the access device, and a Y-injection site. The sets are manufactured to meet the general specifications of IV sets, which minimize the risk of exposure to all hazardous contaminants during administration.
High safety profile of standard IV administration sets, intuitive designs, cost-effectiveness, and availability of tubes of different lengths for better patient mobility are the major factors expected to drive the global standard IV administration sets market during the forecast period. However, rise in incidence of manual medication errors and stringent regulatory policies for product approval are projected to restrain the market from 2017 to 2025.
The global standard IV administration sets market can be segmented based on end-user. In terms of end-user, the market can be classified into hospitals, ambulatory surgical centers, clinics, and home care. Hospitals accounted for maximum market share in 2016, owing to the technological advancements in medical care, safe & easy to use standard IV administration sets, and increase in number of surgical procedures across the globe. However, the home care segment is anticipated to expand at the highest CAGR during the forecast period, attributed to increase in adoption rate of ready-to-use standard IV administration sets and rise in geriatric population. Increase in prevalence of chronic diseases and surge in demand for technologically advanced medical care are the major factors attribute to the dominance of the hospitals segment during the forecast period.
Geographically, the global standard IV administration sets market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for significant market share in terms of revenue in 2016, due to strategic presence of key players and rise in government expenditure on health care in the U.S. and Canada. The market in Asia Pacific is expected to expand at a significant CAGR from 2017 to 2025 driven by cost-effectiveness of standard IV administration sets and entry of emerging local & regional players in the region. However, rise in investment by public and private players in health care in the U.S. and increase in prevalence of chronic injuries are the major factors attributed to North America’s dominance during the forecast period.
The global standard IV administration sets market is fragmented, with numerous small and mid-size manufacturers. Key players operating in the market are Q Core Medical Ltd., Poly Medicure Limited, B. Braun Medical Ltd., Baxter, SOLMED, Vioser SA, Teva Medical Ltd., Moore Medical LLC, ClinLabNavigator, Hospira (a Pfizer company), Codan US, Doran International, among others. Incorporation of technologically advanced features in products and adoption of acquisition or collaboration strategies to expand geographical reach are the strategies followed by the key companies to stay ahead of the competition.
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.