Market Size of Global Intravenous (IV) Therapy And Vein Access Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Global Intravenous (IV) Therapy And Vein Access Market Analysis
The intravenous therapy (IV) and vein access market is expected to register a CAGR of 5.0% over the forecast period.
The COVID-19 pandemic significantly impacted the market studied. Due to the sudden onset of the pandemic, initially, a short-term negative impact was seen on the market owing to the decreased patient visits to hospitals and clinics. However, due to ongoing R&D activities in IV therapies and the rising demand for medication administration at home, the market witnessed considerable growth in the post-pandemic phase. As per a March 2022 update by the Allergy & Asthma Network, monoclonal antibodies were given by intravenous (IV) or a single-dose injection to people diagnosed with COVID-19. The administration of medication or therapy through IV in patients with severe COVID-19 infection improved the clinical outcome and aided in a significant reduction of the mortality rate. Thus, these instances during the pandemic created a demand for IV treatments, which ultimately generated opportunities for intravenous therapy (IV) and vein access products among end users and impacted the market positively. It is further expected to contribute to the market growth over the forecast period.
Factors such as the increasing incidences of chronic diseases, the growing number of surgeries worldwide, the rising number of intravenous (IV) drug approvals, and increasing technological advancements in intravenous therapy (IV) and vein access are anticipated to fuel the market growth during the forecast period.
Intravenous therapy is used to deliver various medications for chronic conditions such as rheumatoid arthritis, Crohn's disease, osteoporosis, systemic lupus, multiple sclerosis, psoriasis, and gout. The increasing number of incidences of such chronic diseases and the growing number of surgeries worldwide is predicted to generate demand for intravenous therapy and vein access devices. According to OECD data updated in August 2022, 0.10 million surgeries were conducted in Portugal, followed by 0.05 million in Denmark, 0.033 million in Ireland, and 0.023 million in Norway, among other European nations, demonstrating the high number of surgeries in developed European countries.
In addition, as per an article by the Thoracic and Cardiovascular Surgeon Journal in June 2021, a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340 in the previous year. Since IV therapies play a vital role in managing blood loss caused due to open-heart surgeries, and other surgeries, This is expected to lead to increased adoption of IV therapy and vein access procedures during and after surgeries. Hence, it is expected to accelerate the growth of the studied market.
Furthermore, the lunch of new products and activities by major players is predicted to fuel market growth. For instance, in April 2022, the FDA granted priority review to Genentech's Actemra (tocilizumab) intravenous (IV) for the treatment of COVID-19 in hospitalized adults who are receiving systemic corticosteroids and require supplemental oxygen, non-invasive or invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). In addition, in September 2021, B. Braun Medical Inc. launched its new CARESAFE IV Administration Sets with Optional AirStop. CARESAFE IV Sets are the first robust portfolio of IV administration sets in the United States market not made with polyvinyl chloride (PVC) and diethylhexyl phthalate (DEHP). Thus, such developments are expected to generate demand for IV poles for drug or therapy administration to patients and drive market growth over the forecast period.
However, complications associated with intravenous therapy and a lack of experienced healthcare professionals hinder the market's growth.
Global Intravenous (IV) Therapy And Vein Access Industry Segmentation
As per the scope of the report, intravenous (IV) therapy is a method to administer fluids into the body via the blood vessels. The venous access method is referred to as a method used to access the bloodstream through the veins to administer intravenous therapy, among other uses.
The Intravenous (IV) Therapy and Vein Access Market is Segmented by Type (Infusion Pumps, Intravenous Sets, Implantable Ports, Central Venous Catheters, and Other Products), Application (Volume Expander, Medication Administration, Blood-based Products, and Other Application Types), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Other Distribution Channels), Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments.
By Type | |
Infusion Pumps | |
Intravenous Sets | |
Implantable Ports | |
Central Venous Catheters | |
Other Products |
By Application | |
Volume Expander | |
Medication Administration | |
Blood-based Products | |
Other Application Types |
By Distribution Channel | |
Hospital Pharmacies | |
Retail Pharmacies | |
Other Distribution Channel |
Geography | ||||||||
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Global Intravenous (IV) Therapy And Vein Access Market Size Summary
The intravenous (IV) therapy and vein access market is poised for steady growth, driven by several key factors. The market experienced an initial downturn due to the COVID-19 pandemic, as reduced patient visits to healthcare facilities impacted demand. However, the post-pandemic period saw a resurgence in demand, fueled by ongoing research and development in IV therapies and the increasing need for home-based medication administration. The pandemic highlighted the critical role of IV treatments in managing severe COVID-19 cases, thereby creating new opportunities for market expansion. The rising prevalence of chronic diseases, a growing number of surgeries, and technological advancements in IV therapy are expected to further propel market growth. The introduction of innovative products and strategic initiatives by major players also contributes to the market's positive outlook.
North America is anticipated to maintain a significant share of the market, supported by increased healthcare expenditure and a high prevalence of chronic conditions. The region's market growth is further bolstered by technological advancements and a rising number of surgical procedures. The demand for IV therapy and vein access devices is expected to rise, driven by the need for effective treatment options in both hospital and home settings. Despite challenges such as complications associated with IV therapy and a shortage of skilled healthcare professionals, the market is set to expand. Key players in the industry are actively engaging in partnerships, product launches, and geographical expansions to enhance their market presence, ensuring a competitive landscape that fosters continued growth.
Global Intravenous (IV) Therapy And Vein Access Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidences of Chronic Diseases and Growing Number of Surgeries Worldwide
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1.2.2 Increasing Technological Advancements in IV Therapy Devices
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1.3 Market Restraints
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1.3.1 Complications Associated with Intravenous Therapy
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1.3.2 Lack of Experienced Healthcare Professionals
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Infusion Pumps
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2.1.2 Intravenous Sets
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2.1.3 Implantable Ports
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2.1.4 Central Venous Catheters
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2.1.5 Other Products
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2.2 By Application
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2.2.1 Volume Expander
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2.2.2 Medication Administration
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2.2.3 Blood-based Products
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2.2.4 Other Application Types
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2.3 By Distribution Channel
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2.3.1 Hospital Pharmacies
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2.3.2 Retail Pharmacies
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2.3.3 Other Distribution Channel
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Intravenous (IV) Therapy And Vein Access Market Size FAQs
What is the current Global Intravenous (IV) Therapy And Vein Access Market size?
The Global Intravenous (IV) Therapy And Vein Access Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Global Intravenous (IV) Therapy And Vein Access Market?
Becton, Dickinson and Company, Terumo Medical Corporation, Vygon SAS, Teleflex Incorporated and Fresenius Kabi are the major companies operating in the Global Intravenous (IV) Therapy And Vein Access Market.