According to a new report from MarketsandMarkets, the global IV equipment market is expected to reach $13.63 billion by 2022 from $10.07 billion in 2017, at a compound annual growth rate (CAGR) of 6.2% from 2017 to 2022.
The major factors driving the growth of this market include the increasing incidence of chronic diseases, rapid growth in the aging population, and growing number of surgical procedures. The high growth in developing countries across Asia-Pacific and Latin America are expected to provide significant growth opportunities in the coming years.
However, stringent regulatory requirements for new products and an increasing incidence of medication errors and lack of wireless connectivity in most hospitals pose challenges for the growth of this market.
Based on product, the report segments the market into IV catheters, administration sets, infusion pumps, securement devices, stopcocks and check valves, drip chambers, needleless connectors, and others. In 2016, IV catheters accounted for the largest share of the market. The increasing prevalence of chronic diseases and the growing number of surgical procedures are the key factors driving the market growth in this segment.
On the basis of end user, the market is classified into hospitals and clinics, home care, and ambulatory care centers. The home care segment is expected to grow at the highest CAGR during the forecast period. Factors propelling the growth of this segment include technological advancements and the increasing awareness and acceptance of home care devices.
In 2016, North America accounted for the largest share of the global market, followed by Europe, Asia-Pacific, and the rest of the world. This growth can be attributed to the rising geriatric population, increasing prevalence of chronic diseases, the presence of a well-established healthcare industry, growing demand for advanced medical treatments, the presence of major players, and increasing government healthcare expenditure.