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Intravenous Fluid Monitoring Devices Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Intravenous Fluid Monitoring Devices Market
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According to The Business Research Company's, The intravenous fluid monitoring devices market size has grown strongly in recent years. It will grow from $4.71 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increase in prevalence of chronic diseases, growth in geriatric population, improvements in healthcare infrastructure, stricter regulatory standards, and increase in the number of surgical procedures and critical care treatments.
The intravenous fluid monitoring devices market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing emphasis on patient safety, expansion of healthcare facilities, rising development of remote monitoring devices, increasing number of smart and connected devices, and rising awareness of fluid management. Major trends in the forecast period include integration with internet of things (IoT), adoption of artificial intelligence, development of wearable technology, advancement in smart infusion pumps, and advancements in data analytics for improving fluid management strategies.
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Market Drivers and Trends:
The rise in home healthcare is expected to propel the growth of the intravenous fluid monitoring devices market going forward. Home healthcare refers to medical and non-medical services provided to individuals in their homes to support their health and well-being. Home healthcare is primarily attributed to factors such as an aging population, advancements in medical technology, increased prevalence of chronic diseases, and a growing preference for in-home treatment due to its comfort and cost-effectiveness. Intravenous fluid monitoring devices in home healthcare provide accurate tracking of fluid administration, ensuring proper hydration and medication delivery, and enabling remote monitoring to enhance patient care. For instance, in November 2023, according to report published by Public Health Scotland, a Scotland-based national agency, in 2022/23, the total hours of Care at Home services amounted to just over 37.7 million, reflecting a growth of approximately 3% compared to 2021/22. Therefore, the rise in home healthcare is driving the intravenous fluid monitoring devices market.
Major companies operating in the intravenous fluid monitoring devices market are developing strategic partnerships to enhance their product offerings, expand market reach, and drive innovation. Collaborations with technology firms or research institutions enable companies to integrate cutting-edge technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), into their devices. This enhances the accuracy and functionality of fluid monitoring systems. For instance, in August 2023, B. Braun, a Germany-based medical and pharmaceutical device company, integrated their infusion pumps with remote monitoring technology provided by Monitor, a Finland-based health technology company. This enhances the versatility of B. Braun's IV therapy infusion pumps and allows healthcare professionals to monitor infusions remotely, improving ease and accuracy in patient care.
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Major Key Players of the Market:
Cardinal Health Inc., Johnson & Johnson Services Inc., 3M Company, Medtronic plc, Becton, Dickinson and Company, Baxter International Inc., B. Braun Holding GmbH & Co. KG, Fresenius Kabi AG, Terumo Corporation, Mindray Medical International Limited, Nipro Corporation, Moog Inc., West Pharmaceutical Services Inc., ICU Medical Inc., Insulet Corporation, Merit Medical Systems Inc., Avanos Medical Inc., NxStage Medical Inc., AngioDynamics Inc., Elcam Medical Inc., Zyno Medical LLC, Sippex, Arcomed AG, Vitrex Medical A/S
Intravenous Fluid Monitoring Devices Market 2024 Key Insights:
• The intravenous fluid monitoring devices market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Growth of Home Healthcare Driving Demand for Intravenous Fluid Monitoring Devices
• Strategic Partnerships Drive Innovation And Expansion In The Intravenous Fluid Monitoring Devices Market
• North America was the largest region in the intravenous fluid monitoring devices market in 2023
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