Standard Intravenous Administration Sets Market to Register Substantial Expansion by 2025
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.
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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.
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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.
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