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High Flow Needle Sets Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
High Flow Needle Sets Market Demand
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According to The Business Research Company's, The high flow needle sets market size has grown strongly in recent years. It will grow from $1.07 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to medical procedure evolution, increasing prevalence of chronic diseases, demographic shifts, healthcare infrastructure development, and regulatory compliance.
The high flow needle sets market size is expected to see strong growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to medical procedure modernization, expanding role in minimally invasive surgery, patient-centric healthcare, technological convergence, and global healthcare accessibility. Major trends in the forecast period include technological advancements, expansion of minimally invasive procedures, shift towards home healthcare, emphasis on infection control, and integration with digital health solutions.
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Market Drivers and Trends:
The increase in number of insured populations is expected to propel the growth of the emergency department information system market going forward. Insured populations refer to groups of individuals who have health insurance coverage, either through private insurance plans, and government programs. The number of insured populations is rising due to increasing awareness, government mandates, and expanded access to healthcare services. Emergency department information systems ensure precise and thorough documentation of patient encounters, which aids in processing insurance claims and reduces the likelihood of billing errors, thereby minimizing out-of-pocket costs for insured patients. For instance, in September 2023, the United States Census Bureau, a US-based government agency, reported that a total of 304.0 million individuals, or 92.1% of the population, had health insurance in 2022, reflecting an increase in both the percentage of insured persons and the total number of insured people from 2021. Therefore, the increase in number of insured populations is driving the growth of the emergency department information system market.
Major companies operating in the high flow needle sets market are developing portable syringe infusion systems to enhance patient mobility and improve ease of use. Portable syringe infusion systems deliver fluids or medications to patients in a controlled manner, over an extended period. For instance, in October 2021, Koru Medical Systems, a US-based medical device manufacturing company received premarket notification for FreedomEdge Syringe Infusion System, a portable syringe infusion system, designed for subcutaneous administration, accommodating 20 ml or 30 ml syringes. The system is designed to provide precise and controlled dosing, offering flexibility in dosing schedules while ensuring safe and effective administration of medications .
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Major Key Players of the Market:
Cardinal Health Inc., Thermo Fisher Scientific Inc., Fresenius Medical Care AG & Co. KGaA, Becton Dickinson and Company, Baxter International Inc., Medline Industries Inc., Terumo Corporation, Nipro Corporation, Smiths Group plc., Teleflex Incorporated, B. Braun Medical Inc., ICU Medical Inc., Concordance Healthcare Solutions, Retractable Technologies Inc., Recorders & Medicare Systems P Ltd., Right Way Medical., KORU Medical Systems, TradeMed, Alpha Medicare & Devices Pvt. Ltd, AmDel, George Philips Medical Engineering Pvt. Ltd, Mediwide Sdn Bhd, Norfolk Medical, RMS Medical Products, Wolf-Pak
High Flow Needle Sets Market 2024 Key Insights:
• The high flow needle sets market size is expected to see strong growth in the next few years. It will grow to $1.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Increasing Number Of Surgical Procedures Fuels Growth In The High Flow Needle Sets Market
• Development Of Portable Syringe Infusion Systems in the High Flow Needle Sets Market
• North America was the largest region in the high flow needle sets market in 2023
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