Albany, NY -- (SBWIRE) -- 08/10/2018 -- A new Transparency Market Research report states that the global intravenous access devices market stood at US$27.2 bn in 2012 and is predicted to reach US$46.5 bn by 2019. It is predicted to expand at a CAGR of 7.80% from 2013 to 2019. The title of the report is "Intravenous Access Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019."
As per the report, the increasing occurrence of targeted diseases such as viral infections and cancers and technological developments in products are amongst the chief factors stimulating the market for intravenous access devices. In addition, factors such as the rising global aging population and rising advancements in vaccines will further augment the growth of the market for intravenous access devices.
Furthermore, the increasing disposable incomes of consumers in developing countries and the increasing patient pool have emerged as key opportunities in the market. On the other hand, factors such as the absence of regulatory approvals for intravenous insulin infusion pumps within the key markets such as the U.S. market may impede the growth of the overall market. In addition, the risks involved in the usage of needles may also have a negative impact on the growth of the market.
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On the basis of product type, the market is segmented into intravenous catheters, intravenous needles, and intravenous infusion pumps. Amongst these, the segment of intravenous catheters is further segmented into midline peripheral catheters and central catheters. The segment of intravenous infusion pumps is further segmented into insulin fusion pumps, patient controlled analgesia (PCA) infusion pumps, parenteral feeding infusion pumps, and syringe infusion pumps.
Amongst these, in 2012, on the basis of revenue, intravenous catheters held the largest share in the market and is predicted to expand at the greatest CAGR in the forecast horizon. This is due to their extensive utilization along with a number of other access devices such as needles and infusion pumps. In addition, the economical prices of intravenous catheters as compared to infusion pumps will further augment their demand.
In terms of geography, the report segments the market into North America, Europe, the Middle East and Africa (EMEA), Asia Pacific, and Rest of the World (RoW). Amongst these, North America held the largest share in the market on the basis of revenue in 2012 due to the growing aging population and the increasing prevalence of viral infections and cancers. On the other hand, Asia Pacific is predicted to exhibit the greatest CAGR of 9.40% between 2013 and 2019. This is due to the improved healthcare infrastructure and the rising healthcare expenditure in this region.
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As stated in the report, the prominent players dominant in the market are Becton, Dickinson and Company, Hospira, Inc., CareFusion Corporation, B. Braun Melsungen AG, Smiths Medical, and Baxter International, among others.
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