New York, NY -- (SBWIRE) -- 12/08/2017 -- The global IV infusion pump accessories market, estimated to be worth US$ 1,981.8 Mn by 2017 end, and is expected to expand at a CAGR of 4.5% over the forecast period of 2017–2025. North America accounted for largest market share and was valued at US$ 739.6 Mn in 2016, and is expected to expand at a CAGR of 5.5% over the forecast period.
Global IV infusion pump accessories market is expected to witness robust growth during the forecast period. Growing demand for advanced healthcare services coupled with high purchasing power and lower pricing in the region is expected to drive the market for smart IV infusion pumps in the region. Also, surging opportunities for the development of medical and research infrastructure is driving the IV infusion pump accessories market growth. In March 2017, Becton, Dickinson and Company launched a new IV Medication safety solution - Alaris Plus pumps with Guardrails safety software to evaluate and reduce IV medication errors. With this launch, the revenue generation in MEA IV infusion pump accessories market is expected to increase over the forecast period.
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Moreover, improved healthcare infrastructure and services in economically developed region such Latin America or Asia Pacific is also attracting more market players towards investing in this region. Middle East & Africa is expected to register most rapid growth in healthcare spending as government and private players focus on providing world-class healthcare facilities to the patients in the region. With the developing medical infrastructure and growing healthcare facilities, the demand for better healthcare services and products is anticipated to boost in the region. This in turn, would increase the demand for IV infusion pump accessories in the region.
Also, Saudi Arabia in April 2016 revealed an ambitious plan "Saudi Vision 2030" along with approval of the National Transformation Program 2020 ("NTP") in June 2016 by the Saudi Cabinet to transform the country's economy. The development of the healthcare industry is expected to propel due to the "Vision 2030" plan with a definite move towards privatization and increased healthcare expenditure from a current 25% to 35% of the total expenditure by 2020.
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Geographically, North America is leading the IV infusion pump accessories market. There are major market players present in the North America region. These market players along with dominant market share in their home country are also expanding in other countries thereby increasing the revenue flow in this region. For instance, Spectranetics allocated its Quick-Cross distribution to Cardiva thereby expanding its product reach. The infusion catheter is specifically designed to be used in the coronary and peripheral vascular system where it allows exchange of guides and providing a means for infusion of saline and contrast agents.
Some of the players in the global IV infusion pump accessories market are B. Braun Melsungen AG., Becton, Dickinson Company, Fresenius Kabi AG, Terumo Corporation, Medtronic Plc., Baxter International Inc., Hospira, Inc., Zyno Medical, Nipro Corporation and Smiths Medical.
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