Global IV Equipment Market: Overview
The demand within the global market for IV equipment has been increasing on account of the rising incidence of chronic diseases that necessitate intravenous therapy. The field of medical sciences has been undergoing key advancements in recent times, and this has led to the induction of new healthcare devices and systems in mainstream medicine. Intravenous therapy refers to the use of infusions to deliver desired liquid medications to the veins.
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In common terms, intravenous infusions are known as drips and are extensively used across hospitals and healthcare centers. The need to administer timely medications to patients suffering from severe diseases has been driving demand within the global market for IV devices. Although drips are an easy way of administering the desired liquids into the body, several new IV devices have also come to the fore in recent times. Moreover, correction of electrolyte imbalances and fluid replacement therapies are also carried out with the help of IV therapy.
The global IV equipment market is segmented on the basis of product type, end-user, and region. All of these segments play a pivotal role in categorizing various growth parameters of the global IV equipment market.
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A report added by Transparency Market Research (TMR) on the global IV equipment market sheds light on several key drivers of market demand. The primary intent behind the report is to offer a scale of judgement for market growth in the forthcoming years.
Global IV Equipment Market: Trends and Opportunities
Blood transfusions have become common across the medical and healthcare industry, majorly due to the rising incidence of diseases that result in blood loss. Since intravenous therapies largely help in performing blood transfusion treatments, the demand within the global market for IV equipment is projected to reach new heights. Furthermore, patients suffering from severe diseases and disorders often struggle in oral intake of food, medication, or liquids. In such cases, IV equipment helps in administering the right doses of medication to the patients. This factor, coupled with the rising incidence of cancers, cardiovascular illnesses, and tumours, has created tremendous demand within the global market for IV equipment in recent times.
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In recent times, various types of IV equipment with enhanced quality and performance have become available in the market. As these devices and equipments prove to be effective in carrying out blood transfusions and other intravenous procedures, more number of healthcare units and hospitals are projected to buy them. Despite these favourable factors for market growth, the high costs and risks associated with the use of IV equipment could hamper market growth.
Global IV Equipment Market: Regional Analysis
The demand for IV equipment market has risen by leaps and bounds in North America, majorly due to the wellness of the healthcare sector in the US and Canada. Furthermore, the proficiency and skill of doctors and medical professionals in these countries has helped in easy administration of intravenous therapies. It is projected that the market for IV equipment in Asia Pacific would expand due to growth of medical tourism to countries such as China, Indonesia, and India.
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Global IV Equipment Market: Competitive Landscape
Some of the key players in the global IV equipment market are Baxter International Inc., ICU Medical, Smiths Group, C. R. Bard, Moog Inc., and Terumo Corporation.
Global IV Equipment Market: Segmentation
By Product Type
- IV Catheters
- Infusion Pumps
- Securement Devices
- Drip Chambers
- Other IV Equipment
- Stopcocks & Check Valves
- Administration Sets
- Needleless Connectors
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