Number of pages: 100 | Report Format: PDF | Published date: February 03, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Market Size Value in 2021 |
US$ 25.02 billion |
Revenue Forecast in 2030 |
US$ 39.9 billion |
CAGR |
5.35% |
Base Year for Estimation |
2021 |
Forecast Period |
2022-2030 |
Historical Year |
2020 |
Segment Covered |
Type, Application, End-User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global IV therapy and vein access devices market was valued at US$ 25.02 billion in 2021 and and is expected to register a revenue CAGR of 5.35% to reach US$ 39.9 billion by 2030.
IV Therapy and Vein Access Devices Market Fundamentals
Intravenous therapy, or IV therapy, is administering nutrients and fluids directly into the bloodstream of a patient for quick assimilation and utilization by their body. IV therapy has a 90% – 100% absorption rate as it bypasses the digestive system and enters the organs directly, making it the most efficient means to deliver nutrients or drugs to the body. The purpose of IV therapy involves administering fluids, electrolytes, or medications through veins. Generally, this is used to rehydrate the body, provide essential nutrients, and administer medications.
Vein access devices (VADs) are specialized medical devices used to gain access to veins to deliver fluids, medications, or nutrition safely and reliably. VADs are used in IV therapy to provide a secure connection between the IV tubing and the vein. VADs are designed to minimize the risk of infection and tissue damage. They can also be used to facilitate the placement of IV catheters and for safe and secure administration of IV medications.
Intravenous access devices include peripheral IV and central venous access devices. Central venous access devices are commonly used IV devices. These devices commonly deliver medications, nutrition, and other treatments. Central access devices are mostly used for long-term access to the central vein, such as for those with cancer or chronic kidney disease. Central venous access devices are often inserted via a percutaneous or cut-down technique. These devices can be used for various medical treatments, including chemotherapy, antibiotics, nutrition, and other treatments. Using a central venous access device can reduce the risk of infection, improve patient comfort, and reduce the risk of complications.
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IV Therapy and Vein Access Devices Market Dynamics
The rising prevalence of chronic diseases primarily drives the global IV therapy and vein access devices market. IV therapy delivers various medications for chronic conditions, such as lupus, psoriasis, Crohn’s disease, and rheumatoid arthritis. It is an effective and safe treatment option for chronic diseases as it is a minimally invasive procedure, which means less risk of infection. Additionally, it is a highly efficient way of delivering medications, as the IV tubing allows for a more direct and targeted delivery of the drug to the patient.
The market revenue growth can be attributed to increase in the number of approvals of IV drugs and technological advances. For instance, Pulvicto, an intravenous drug by Novartis, was approved by FDA (Food and Drug Administration) in March 2022. The drug is the first targeted radioligand therapy for treating advanced, positive metastatic castration-resistant prostate cancer (PSMA). The market is anticipated to experience significant revenue growth in the post-pandemic phase due to continuous research and development efforts in IV therapies and the increased demand for medicine administration at home. For instance, according to a March 2022 update by the Allergy & Asthma Network, monoclonal antibodies are administered via intravenous (IV) or a single-dose injection to patients diagnosed with COVID-19. The therapy uses COVID-19 antibodies to help in fighting the infection.
Increasing expenditure on healthcare and growing number of specialized clinics are driving the demand for intravenous therapy and devices. As the healthcare industry continues to expand and the number of medical specialists grows, demand for intravenous devices is likely to increase. Intravenous devices are used to administer medications and fluids to patients and collect blood samples for diagnostic purposes. Additionally, intravenous devices are becoming more common in surgical procedures as they can safely deliver medications and fluids directly to the bloodstream. The increasing demand for these devices is expected to drive the revenue growth of the intravenous device market during the forecast period.
However, risks such as infections and other medical complications are likely to somewhat restrain the market revenue growth in the next few years. Moreover, in low-income countries, such as the Middle East and Africa, the market may show limited revenue growth due to the high prices of intravenous access devices.
IV Therapy and Vein Access Devices Market Ecosystem
The global IV therapy and vein access devices market has been analyzed from four perspectives type, application, end-user, and region.
IV Therapy And Vein Access Devices Market by Type
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The global IV therapy and vein access devices market is segmented by type into infusion pumps, implantable ports, intravenous sets, central venous catheters, and other products.
The intravenous catheters segment dominates the global market. A catheter is a thin tube placed into the body's lumen or cavity. Intravenous catheters are widely used to inject drugs, fluids, or other treatments into the bloodstream. The demand for catheters is growing with the rise in the number of patients with chronic conditions who require continuous intravenous access.
The infusion pump segment is expected to grow with a high revenue CAGR during the forecast period. When compared to manually administering fluids, infusion pumps provide several benefits, such as the capacity to infuse fluids in extremely small amounts and at precisely programmed rates or automatic intervals.
IV Therapy And Vein Access Devices Market by Application
In terms of application, the global IV therapy and vein access devices market is segmented into volume expander, blood-based products, medication administration, and others.
The medication administration segment accounts for the leading market position. In IV therapy, medication is directly injected into a patient’s bloodstream, where it acts right away. It is the most effective method of delivering drugs in prolonged diseases and emergency circumstances.
IV Therapy And Vein Access Devices Market by End User
The global IV therapy and vein access devices market is segmented into hospitals, ambulatory surgical centers, and clinics based on the end user.
The hospitals segment accounts for the largest revenue share in 2021. This is due to increase in the number of surgical procedures performed in hospitals and the largest patient footfall in the hospitals. Moreover, increased procedures such as medication for unconscious patients, medications that cannot be given orally, interventional radiology, anti-cancer drugs, hemodialysis, repeated blood sample drawings, and blood transfusion in hospitals are supporting segment revenue growth. Also, technological developments and investments made by hospitals and healthcare centers are boosting revenue growth in the market for IV therapy and vein access devices.
IV Therapy And Vein Access Devices Market by Region
Regionally, the global IV therapy and vein access devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the market of IV therapy and vein access devices. Increasing number of patients, rising frequency of road accidents, trauma cases, and growing government spending to create improved healthcare facilities and R&D activities are expected to help in the revenue growth of the IV therapy and vein access devices market in North America.
The Europe IV therapy and vein access devices market is characterized by ongoing improvement in the healthcare and medical sector. Additionally, technological advancements are the introduction of new and innovative devices are likely to help in the regional market revenue growth. Moreover, the increase in homecare intravenous therapy in Europe is also increasing the market for IV therapy and vein access devices.
Asia Pacific has experienced an increase in the availability and utilization of IV therapy and IV devices due to technological advancements and rising demand for healthcare services. This has made IV therapy and IV devices more accessible to the general public and healthcare professionals. Additionally, with the increasing availability of these devices, the need for proper training and education in their use and maintenance is also rising. As such, the need for IV therapy and IV device manufacturers to provide comprehensive training and education on their products is becoming increasingly important.
IV Therapy and Vein Access Devices Market Strategic Developments
IV Therapy and Vein Access Devices Market Competitive Landscape
The prominent players operating in the global IV therapy and vein access devices market are:
The rise in the prevalence of chronic diseases, increase in the approval of IV drugs and technological advances, improving expenditure in healthcare, and growing number of specialized clinics are driving the demand for IV therapy and vein access devices.
Poly Medicure Limited, Becton Dickinson, and Company, Vygon SAS, Terumo Medical Corporation, and Medtronic plc are among the prominent players operating in the global market.
Risks such as infections and other medical complications are likely to restrain the market revenue growth in the next few years. Moreover, the market may show limited revenue growth in low-income regions, such as the Middle East and Africa, due to the high prices of intravenous access devices.
The global IV therapy and vein access devices market is expected to register a revenue CAGR of 5.35% during the forecast period from 2022 to 2030.
In terms of the end user, the hospitals segment leads the IV therapy and vein access devices market.
*Insights on financial performance are subject to the availability of information in the public domain