Market Trends of Global Intravenous (IV) Therapy And Vein Access Industry
Implantable Ports Segment Expected to Hold a Major Market Share
The implantable ports segment is expected to hold a major share of the market. Implantable ports are devices that are inserted under the skin and into a vein. They usually go in about an inch below the collarbone in the upper right chest for the withdrawal of blood or administration of drugs.
The major factors fuelling the segment's growth are the increasing number of technological advancements and the increasing adoption of implantable ports. For instance, in March 2022, physicians at the Clinica Porto Azul in Barranquilla, Colombia, successfully implanted PAVmed Inc.'s PortIO Intraosseous Infusion System in three patients. PortIO is the first implantable intraosseous vascular access device designed for long-term use and to eliminate the shortcomings associated with existing vascular access devices.
In addition, the use of implantable ports is increasing owing to the rising awareness of these devices among the patient population. For instance, in February 2021, BD-India launched a special educational program on chemo ports called PortShala on World Cancer Day, February 4th. These ports are used to deliver chemotherapy to cancer patients. The initiative focuses on upgrading information levels on implanting, administration, and maintenance of chemo ports among all cancer stakeholders and caregivers. Thus, the availability of technologically advanced products and rising awareness among the population regarding the devices is predicted to accelerate segment growth.
North America Expected to Hold a Significant Market Share
North America is expected to hold a major share of the market and it is predicted to continue the same growth trend over the forecast period. The major factors fuelling the market growth in the country are the increasing prevalence of chronic diseases and the growing number of surgeries, improved healthcare expenditure, and the rising number of technological advancements.
The increasing trend for rising healthcare expenditure in the United States is also predicted to propel market growth. Every year, the United States government and population spend a significant amount on healthcare. For instance, the health spending statistics published by OECD in August 2022, reported that in the United States, voluntary healthcare spending per capita accounted for USD 1,807, and out-of-pocket spending on healthcare also increased which accounted for USD 1,225 per capita in the past year. This, high spending on healthcare is anticipated to increase hospital development activities and hospital admissions for various chronic diseases. Simultaneously, it will contribute to the demand generation of IV therapy and vein access devices used by the end users. Therefore, the studied market is expected to witness growth during the analysis period.
Furthermore, several market players are engaged in implementing strategic initiatives, thereby contributing to the market's growth. For instance, in October 2022, NXgenPort, a Minnesota-based startup reported that the company is building an implantable chemo port that features added sensors and remote connectivity functions. The port is being developed with the aim to alert physicians regarding signs of infection, reduce hospitalizations, and gather important physiological data to improve patient outcomes. Such instances will significantly contribute toward increasing patient awareness regarding IV therapies and systems, augmenting the demand for intravenous therapy (IV) and vein access devices within the region. Thus, the market is expected to witness significant growth during the forecast period due to the abovementioned factors.
