Intravenous Access Devices Grow At Remarkable CAGR 6.7% CAGR with US$ 66,893.0 Million by 2027 | Fresenius Medical Care, Smiths Medical, Inc., Hospira, Inc.
The global intravenous access devices market, by product type (IV Catheters, IV Infusion Pumps, and IV Needles), Catheter (Midline Peripheral Catheters, Peripherally Inserted Central Catheters, Centrally Inserted Central Catheters, and Others), by end user (Hospitals and Clinics and Ambulatory Surgery Centers), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 39,834.8 million in 2019 and is expected to exhibit a strong CAGR of 6.7% over the forecast period (2019-2027).
Intravenous access devices are instruments employed for performing diagnostic tests, blood sampling, blood transfusion, reading central venous pressure, and fluid infusion. The global intravenous access devices market is poised to expand significantly in the course of the forecast period, primarily due to the rising prevalence of lifestyle diseases, for example, diabetes. According to the statistics published by the Centers for Disease Control and Prevention in 2016, over 29 million people in the U.S. were found diabetic, while 86 million were diagnosed with pre-diabetes.
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In 2018, the World Health Organization (WHO) reported around 18.1 million cancer cases and 9.6 million deaths worldwide. The amplifying burden of cancer is attributed to several factors, including population growth (mainly the geriatric population) and the increasing prevalence cancer, severely affecting the social and economic development of various regions around the world.
Intravenous access devices are generally used to administer drugs, such as antipyretics, antibiotics, and analgesics, which boosts the demand for intravenous access devices. Another advantage of these devices is that they can be used for longer periods of time for frequent intake of drugs. According to the National Institute on Ageing, there were around 524 million people belonging to the age group of 65 years and above in 2010, and the figure is expected to nearly triple to 1.5 billion by 2050.
Key Takeaways of the Global Intravenous Access Devices Market:
• Among the various product types, the IV (intravenous) catheters segment is projected to accumulate a major revenue share by 2027. An IV catheter, for the record, is a device used to draw blood and administer intravenous fluids, drugs, or blood transfusions.
• The major players operating in the global intravenous access devices market include Becton, Dickinson And Company, Teleflex, Inc., C.R. Bard, Inc., Fresenius Medical Care, Smiths Medical, Inc., Hospira, Inc., Covidien Plc, Fresenius Medical Care AG & Co., and Baxter International Inc.
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