The global IV equipment market is expected to reach USD 13.63 Billion by 2022 from USD 10.07 Billion in 2017, at a CAGR of 6.2% from 2017 to 2022. The major factors driving the growth of this market include the increasing incidence of chronic diseases, rapid growth in the aging population, and growing number of surgical procedures.
While product launch and enhancements remain at the center of the strategic growth initiatives pursued by a majority of the key players in the global IV equipment market, players are also focusing on increasing their presence in the high-growth markets through agreements and collaborations, expansions, and acquisitions. Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Baxter International Inc. (U.S.), Smiths Medical (U.K.), Terumo Corporation (Japan.), and AngioDynamics, Inc. (U.S.) are focusing on new product launches and enhancements to enhance their market presence.
Becton, Dickinson and Company dominated the market due to its broad IV equipment product portfolio. The company’s BD Medical segment provides IV equipment products and accessories. It operates in North America, Europe, EMA (which includes the Commonwealth of the Independent States, the Middle East, and Africa), Asia-Pacific, and Latin America. During 2014 to 2017, the company focused on both organic as well as inorganic growth strategies to strengthen its market position. For instance, in March 2017, BD launched a new IV medication safety solution designed to prevent medication administration errors and to improve patient safety. Similarly, in November 2016, BD collaborated with the Juvenile Diabetes Research Foundation (JDRF, U.S.), a leading organization funding type 1 diabetes (T1D) research to focus on technology enhancements, in order to support the development of an extended wear insulin infusion set.
Baxter International Inc. is one of the prominent players in the market. The company is engaged in the development, manufacturing, and marketing of medical devices, pharmaceuticals, and biotechnology products. The company offers products for a range of acute and chronic diseases and operates through two segments, namely, Hospital Products and Renal Products. The company provides IV equipment and accessories through its Hospital Products segment. It has a global presence, with manufacturing sites in 25 countries and sales networks in more than 120 countries. The company mainly focused on organic growth strategies such as product launches and upgrades to strengthen its market position. For instance, in December 2016, the company launched the new Sigma Spectrum Safety Management System and upgraded the software which adds features designed to help minimize infusion programming risks. In May 2014, the company received 510 (k) approval from FDA for its upgraded SIGMA Spectrum Infusion Pump.
Some other leading players in the global IV equipment market include Smiths Medical (U.K.), Moog, Inc. (U.S.), Terumo Corporation (Japan.), C. R. Bard, Inc. (U.S.), and AngioDynamics, Inc. (U.S.). These companies have well-established sales and distribution networks. They also make significant investments in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of IV equipment products and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years as well.
elated Reports:IV Equipment Market by Product (Infusion Pump, Catheter, Solution and Blood Administration Set, Securement Device, Cannula, Stopcock, Needleless Connector), End User (Hospitals & Clinics, Homecare, Ambulatory Care Center) - Global Forecast to 2022
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