Intravenous Access Devices are a prominent sector of the Healthcare industry. These devices are used by physicians for treating patients as well as testing blood after withdrawing it via intravenous route. Intravenous access devices are used for administering all the classes of drugs like antibiotics, antipyretics and analgesics. Rising incidences of different diseases such as tuberculosis, cancer and others are the key drivers of this market. Moreover, urbanization and growing geriatric population all over the world boost the growth of the Intravenous (IV) Access Devices market.
Growing development of new vaccines and use of advanced technology to design new products are another driver for the market. However, lenient government regulations for approving Intravenous (IV) insulin infusion pumps and risks associated with using needles are the major restraints of this market. Furthermore, rise in the number of patients and increased disposable incomes among emerging countries are the key opportunities for this market.
Global Intravenous Access Devices Market Analysis by Product
On the basis of its types, an intravenous access devices market is segmented into Intravenous Catheters, Intravenous Infusion Pumps and Intravenous Needles. It is further subcategorized by the type of products. Intravenous catheters are one of the promising segments of Global Intravenous access devices market and it is expected to grow at healthy CAGR due to the rising incidences of diseases such as tuberculosis and cancer and the growing geriatric population worldwide.
Global Intravenous Access Devices Market Analysis by Geography
The intravenous access devices market is segmented according to geography into North America, Europe, Asia-Pacific and LAMEA. The North American region holds the dominant share in this market due to growing geriatric population and patient pool. However, the Asia-pacific region would have a high growth rate due to rise in target diseases, growing geriatric population, significant healthcare expenditure, and improving healthcare infrastructure.
The key companies profiled in this report are Becton, Dickinson & Company, B. Braun Melsungen AG, Teleflex Incorporated, Medtronic, Inc., Smiths Medical, Hospira, Inc., Covidien Plc, Fresenius Medical Care AG & Co., CareFusion Corporation and Baxter International. The key developmental strategies for these companies are improving medication management, lowering the cost of their products, lowering the risk of infection and partnering with their customers in healthcare industries.
HIGH LEVEL ANALYSIS
Analysis of the market based on Porter’s Five Force model suggests that the bargaining power of the supplier is high as the patient pool is growing and these devices are used for many treatments and for diagnosis purposes. Threat of new entrants is low as the capital investment required for this market is high. Growth in the IV access device market and rise in target diseases has increased the demand for these devices for consistent disease monitoring. This has shaped the platform for leading companies to gain more competencies in the market.
The market is segmented into products and geographies as follows: